Wall Street Zen upgraded shares of Ciena (NYSE:CIEN – Free Report) from a hold rating to a buy rating in a report published on Sunday,Wall Street Zen reports.
CIEN has been the subject of several other research reports. Evercore raised Ciena from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $375.00 to $550.00 in a research note on Monday, September 21st. B. Riley Financial cut their target price on shares of Ciena from $516.00 to $413.00 and set a “neutral” rating on the stock in a research report on Monday, August 31st. Sanford C. Bernstein started coverage on shares of Ciena in a report on Wednesday, September 30th. They set an “outperform” rating and a $440.00 target price on the stock. Argus set a $550.00 price target on shares of Ciena and gave the company a “buy” rating in a research report on Thursday, September 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $520.00 price target on shares of Ciena in a research note on Thursday, September 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $485.93.
Read Our Latest Stock Report on Ciena
Ciena Stock Up 4.7%
NYSE CIEN opened at $351.74 on Friday. The company has a market cap of $49.88 billion, a price-to-earnings ratio of 78.51 and a beta of 1.28. Ciena has a twelve month low of $168.22 and a twelve month high of $637.51. The business’s fifty day moving average is $366.64 and its 200 day moving average is $400.23.
Ciena (NYSE:CIEN – Get Free Report) last issued its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.38. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. Ciena’s revenue for the quarter was up 37.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 EPS. On average, research analysts anticipate that Ciena will post 6.00 earnings per share for the current fiscal year.
Insider Buying and Selling at Ciena
In other Ciena news, EVP Jason Phipps sold 2,629 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $355.19, for a total transaction of $933,794.51. Following the completion of the transaction, the executive vice president owned 57,388 shares in the company, valued at approximately $20,383,643.72. This trade represents a 4.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc Graff sold 97 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $355.19, for a total transaction of $34,453.43. Following the completion of the transaction, the chief financial officer owned 107,136 shares in the company, valued at $38,053,635.84. This trade represents a 0.09% decrease in their position. 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. In the last three months, insiders have sold 36,014 shares of company stock worth $13,457,571. Company insiders own 0.58% of the company’s stock.
Hedge Funds Weigh In On Ciena
Several hedge funds and other institutional investors have recently bought and sold shares of CIEN. Bank of New York Mellon Corp bought a new position in shares of Ciena in the 2nd quarter worth about $404,948,000. Swiss National Bank grew its stake in Ciena by 7.0% during the first quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock worth $160,468,000 after purchasing an additional 26,900 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in Ciena by 10.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 321,825 shares of the communications equipment provider’s stock worth $124,942,000 after purchasing an additional 31,098 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in Ciena by 4.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 332,271 shares of the communications equipment provider’s stock worth $116,900,000 after purchasing an additional 12,986 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Ciena by 24.5% in the third quarter. Assenagon Asset Management S.A. now owns 266,384 shares of the communications equipment provider’s stock worth $93,719,000 after purchasing an additional 52,382 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.
About Ciena
Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.
The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.
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