Ciena (NYSE:CIEN)‘s stock had its “buy” rating reaffirmed by equities researchers at Rosenblatt Securities in a research report issued on Monday, TipRanks reports. They currently have a $64.00 price objective on the communications equipment provider’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 18.17% from the company’s current price.
A number of other brokerages have also recently issued reports on CIEN. Morgan Stanley lifted their target price on Ciena from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. MKM Partners lifted their target price on Ciena from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Needham & Company LLC assumed coverage on Ciena in a report on Tuesday, June 2nd. They set a “hold” rating on the stock. Stifel Nicolaus lifted their price target on Ciena from $54.00 to $61.00 and gave the company a “buy” rating in a report on Friday, June 5th. Finally, Barclays lifted their price target on Ciena from $48.00 to $67.00 and gave the company an “overweight” rating in a report on Friday, June 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $56.30.
Shares of NYSE CIEN opened at $54.16 on Monday. The company has a quick ratio of 2.83, a current ratio of 3.28 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 1.29 and a beta of 0.89. The stock’s fifty day simple moving average is $53.03 and its 200 day simple moving average is $44.94. Ciena has a 52-week low of $30.58 and a 52-week high of $57.19.
Ciena (NYSE:CIEN) last issued its earnings results on Thursday, June 4th. The communications equipment provider reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.27. The business had revenue of $894.00 million for the quarter, compared to analysts’ expectations of $889.42 million. Ciena had a return on equity of 16.18% and a net margin of 8.78%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.48 EPS. As a group, analysts anticipate that Ciena will post 2.6 earnings per share for the current year.
In related news, CEO Gary B. Smith sold 8,500 shares of Ciena stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $52.76, for a total transaction of $448,460.00. Also, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction on Monday, June 29th. The shares were sold at an average price of $53.69, for a total value of $107,380.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,150 shares of company stock valued at $1,813,765. Insiders own 0.95% of the company’s stock.
Several large investors have recently made changes to their positions in the business. State Street Corp lifted its position in shares of Ciena by 2.6% in the first quarter. State Street Corp now owns 3,783,454 shares of the communications equipment provider’s stock worth $150,619,000 after buying an additional 96,321 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Ciena by 13.5% in the first quarter. Royal Bank of Canada now owns 389,487 shares of the communications equipment provider’s stock worth $15,506,000 after buying an additional 46,415 shares during the last quarter. New Mexico Educational Retirement Board lifted its position in shares of Ciena by 37.3% in the first quarter. New Mexico Educational Retirement Board now owns 36,800 shares of the communications equipment provider’s stock worth $1,465,000 after buying an additional 10,000 shares during the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Ciena in the first quarter worth about $3,778,000. Finally, State of Tennessee Treasury Department lifted its position in shares of Ciena by 26.0% in the first quarter. State of Tennessee Treasury Department now owns 192,453 shares of the communications equipment provider’s stock worth $7,662,000 after buying an additional 39,727 shares during the last quarter. 88.43% of the stock is owned by institutional investors.
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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