Ciena (NYSE:CIEN – Get Free Report) posted its quarterly earnings data on Thursday. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18, FiscalAI reports. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion.
Ciena Price Performance
Shares of CIEN opened at $623.07 on Thursday. The company has a market cap of $88.10 billion, a price-to-earnings ratio of 396.86 and a beta of 1.24. Ciena has a 1-year low of $70.77 and a 1-year high of $637.51. The company’s fifty day simple moving average is $512.98 and its 200 day simple moving average is $351.19. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55.
Analysts Set New Price Targets
A number of research firms have recently issued reports on CIEN. Bank of America lifted their price objective on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings upgraded shares of Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 27th. TD Cowen lifted their price objective on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. Raymond James Financial reiterated an “outperform” rating and issued a $320.00 price objective on shares of Ciena in a report on Thursday, March 5th. Finally, Rosenblatt Securities lifted their price objective on shares of Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a report on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $420.39.
Insider Buying and Selling
In related news, SVP Jason Phipps sold 22,014 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the transaction, the senior vice president directly owned 68 shares in the company, valued at approximately $27,866.40. The trade was a 99.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $415.51, for a total transaction of $1,226,585.52. Following the transaction, the chief executive officer owned 281,365 shares in the company, valued at approximately $116,909,971.15. The trade was a 1.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 44,174 shares of company stock worth $19,502,359. Insiders own 0.58% of the company’s stock.
Institutional Investors Weigh In On Ciena
A number of large investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in Ciena by 17.2% in the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after acquiring an additional 750,128 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Ciena by 53.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after purchasing an additional 1,404,132 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Ciena by 10.4% in the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after purchasing an additional 329,821 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Ciena by 22.6% in the fourth quarter. Invesco Ltd. now owns 1,518,841 shares of the communications equipment provider’s stock valued at $355,211,000 after purchasing an additional 280,096 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Ciena by 23.1% in the third quarter. AQR Capital Management LLC now owns 1,502,468 shares of the communications equipment provider’s stock valued at $218,391,000 after purchasing an additional 281,541 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.
Ciena Company Profile
Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.
In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.
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