Ciena (NYSE:CIEN)‘s stock had its “buy” rating reiterated by analysts at Northland Securities in a note issued to investors on Monday. They currently have a $34.00 target price on the communications equipment provider’s stock. Northland Securities’ price objective would indicate a potential upside of 27.15% from the stock’s previous close.
CIEN has been the subject of several other research reports. Needham & Company LLC cut their price target on shares of Ciena from $26.00 to $24.00 and set a “buy” rating for the company in a report on Friday, December 8th. Zacks Investment Research lowered shares of Ciena from a “hold” rating to a “sell” rating in a report on Monday, March 5th. BMO Capital Markets cut their price target on shares of Ciena to $25.00 and set an “outperform” rating for the company in a report on Friday, December 8th. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.98 to $28.00 in a report on Monday, November 27th. Finally, B. Riley boosted their price target on shares of Ciena from $27.50 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $29.81.
Ciena stock traded down $0.46 during trading hours on Monday, hitting $26.74. 2,381,511 shares of the stock traded hands, compared to its average volume of 3,458,958. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.79 and a current ratio of 2.06. The stock has a market cap of $3,925.49, a price-to-earnings ratio of 5.72, a price-to-earnings-growth ratio of 1.63 and a beta of 1.51. Ciena has a 52-week low of $19.40 and a 52-week high of $27.98.
Ciena (NYSE:CIEN) last posted its earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.08. The firm had revenue of $646.14 million during the quarter, compared to analyst estimates of $641.77 million. Ciena had a net margin of 27.76% and a return on equity of 14.10%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS. equities research analysts forecast that Ciena will post 1.08 EPS for the current year.
Ciena announced that its board has initiated a share buyback program on Thursday, December 7th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, VP David M. Rothenstein sold 2,000 shares of the business’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $26.95, for a total transaction of $53,900.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Scott Mcfeely sold 1,000 shares of the business’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $26.95, for a total transaction of $26,950.00. The disclosure for this sale can be found here. Insiders have sold 229,743 shares of company stock valued at $5,018,761 in the last ninety days. Insiders own 1.38% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Ciena by 47.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock valued at $157,000 after acquiring an additional 2,403 shares during the last quarter. Stone Ridge Asset Management LLC acquired a new position in shares of Ciena during the 4th quarter valued at about $225,000. Corient Capital Partners LLC acquired a new position in shares of Ciena during the 4th quarter valued at about $230,000. Crossmark Global Holdings Inc. acquired a new position in shares of Ciena during the 3rd quarter valued at about $246,000. Finally, Aristotle Atlantic Partners LLC acquired a new position in shares of Ciena during the 4th quarter valued at about $244,000.
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.
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