Ciena Co. (CIEN) Stock Rating Lowered by Deutsche Bank AG
Ciena Co. (NYSE:CIEN) was downgraded by equities researchers at Deutsche Bank AG from a “buy” rating to a “hold” rating in a report issued on Wednesday. They currently have a $23.00 price target on the communications equipment provider’s stock, down from their prior price target of $24.35. Deutsche Bank AG’s target price indicates a potential downside of 5.54% from the company’s previous close.
CIEN has been the subject of several other reports. Instinet restated a “buy” rating and set a $27.00 price objective on shares of Ciena in a research report on Saturday, March 11th. Cowen and Company restated an “outperform” rating and set a $35.00 price objective on shares of Ciena in a research report on Monday, March 6th. MKM Partners restated a “buy” rating and set a $30.00 price objective on shares of Ciena in a research report on Wednesday, February 22nd. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Ciena in a research report on Saturday, March 11th. Finally, William Blair restated a “buy” rating on shares of Ciena in a research report on Sunday, March 12th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $28.13.
Ciena (NYSE:CIEN) traded down 4.990% during midday trading on Wednesday, hitting $23.135. The company had a trading volume of 3,065,377 shares. The stock has a market cap of $3.27 billion, a PE ratio of 37.989 and a beta of 1.66. Ciena has a 52-week low of $16.66 and a 52-week high of $26.84. The stock’s 50-day moving average price is $22.78 and its 200-day moving average price is $23.56.
Ciena (NYSE:CIEN) last issued its quarterly earnings data on Wednesday, March 8th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.03. Ciena had a return on equity of 23.37% and a net margin of 2.79%. The company had revenue of $621.50 million for the quarter, compared to analyst estimates of $632.29 million. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities research analysts expect that Ciena will post $1.69 EPS for the current fiscal year.
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In related news, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $25.67, for a total transaction of $205,360.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $22.75, for a total transaction of $45,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,841 shares of company stock valued at $1,766,848. Insiders own 1.45% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ciena by 187.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,568 shares of the communications equipment provider’s stock worth $252,000 after buying an additional 7,542 shares during the period. Marcus Capital LLC boosted its stake in shares of Ciena by 4.0% in the third quarter. Marcus Capital LLC now owns 135,050 shares of the communications equipment provider’s stock worth $2,944,000 after buying an additional 5,200 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Ciena during the fourth quarter worth $374,000. Capstone Investment Advisors LLC boosted its stake in shares of Ciena by 80.2% in the fourth quarter. Capstone Investment Advisors LLC now owns 32,358 shares of the communications equipment provider’s stock worth $789,000 after buying an additional 14,400 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Ciena by 11.1% in the third quarter. Principal Financial Group Inc. now owns 546,035 shares of the communications equipment provider’s stock worth $11,904,000 after buying an additional 54,410 shares during the period. 95.25% of the stock is owned by hedge funds and other institutional investors.
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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