Ciena (NYSE:CIEN) was upgraded by equities researchers at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued on Monday, Marketbeat.com reports. The firm currently has a $27.00 price target on the communications equipment provider’s stock. Goldman Sachs Group’s price objective points to a potential upside of 19.68% from the company’s previous close.

A number of other equities analysts have also weighed in on CIEN. Nomura reaffirmed a “buy” rating and issued a $28.00 target price on shares of Ciena in a research note on Wednesday, September 20th. Needham & Company LLC restated a “buy” rating and set a $28.00 price objective (down from $31.00) on shares of Ciena in a research note on Monday, September 25th. Stifel Nicolaus restated a “buy” rating and set a $30.00 price objective on shares of Ciena in a research note on Tuesday, September 26th. MKM Partners restated a “buy” rating and set a $30.00 price objective on shares of Ciena in a research note on Tuesday, September 26th. Finally, Piper Jaffray Companies restated a “buy” rating on shares of Ciena in a research note on Thursday, October 12th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $28.48.

Ciena (NYSE CIEN) opened at $22.56 on Monday. The firm has a market cap of $3,152.33, a price-to-earnings ratio of 2.82, a P/E/G ratio of 1.40 and a beta of 1.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.68. Ciena has a one year low of $19.40 and a one year high of $27.98.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). The company had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. Ciena had a return on equity of 18.32% and a net margin of 45.04%. Ciena’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. analysts predict that Ciena will post 1 earnings per share for the current year.

Ciena announced that its Board of Directors has initiated a share buyback plan on Thursday, December 7th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

In other news, CFO James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $21.10, for a total value of $42,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Rick Hamilton sold 3,398 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $21.22, for a total transaction of $72,105.56. Following the completion of the sale, the senior vice president now directly owns 51,019 shares in the company, valued at $1,082,623.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 217,217 shares of company stock worth $4,609,965. 1.45% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Parametric Portfolio Associates LLC raised its holdings in Ciena by 15.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock valued at $4,686,000 after acquiring an additional 25,663 shares during the period. Westfield Capital Management Co. LP raised its holdings in Ciena by 21.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock valued at $56,996,000 after acquiring an additional 459,190 shares during the period. Stifel Financial Corp raised its holdings in Ciena by 15.5% in the 3rd quarter. Stifel Financial Corp now owns 70,070 shares of the communications equipment provider’s stock valued at $1,538,000 after acquiring an additional 9,389 shares during the period. Vanguard Group Inc. raised its holdings in Ciena by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock valued at $311,906,000 after acquiring an additional 203,112 shares during the period. Finally, Swiss National Bank raised its holdings in Ciena by 2.4% in the 2nd quarter. Swiss National Bank now owns 235,300 shares of the communications equipment provider’s stock valued at $5,887,000 after acquiring an additional 5,600 shares during the period.

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About Ciena

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

Analyst Recommendations for Ciena (NYSE:CIEN)

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