Ciena Corporation (NYSE:CIEN) received a $32.00 price target from equities research analysts at Northland Securities in a report released on Monday. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. Northland Securities’ price objective indicates a potential upside of 28.77% from the stock’s current price.

Several other equities analysts also recently weighed in on CIEN. BMO Capital Markets reiterated a “buy” rating and set a $30.00 target price on shares of Ciena Corporation in a research report on Thursday, April 27th. Stifel Nicolaus upgraded Ciena Corporation from a “hold” rating to a “buy” rating and boosted their price objective for the company from $24.00 to $28.00 in a research report on Monday, May 22nd. Deutsche Bank AG downgraded Ciena Corporation from a “buy” rating to a “hold” rating and lowered their price objective for the company from $24.35 to $23.00 in a research report on Wednesday, May 24th. B. Riley restated a “buy” rating and issued a $34.25 price objective on shares of Ciena Corporation in a research report on Tuesday, May 30th. Finally, Cowen and Company restated an “outperform” rating and issued a $35.00 price objective on shares of Ciena Corporation in a research report on Tuesday, May 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Ciena Corporation has a consensus rating of “Buy” and an average price target of $30.19.

Ciena Corporation (CIEN) traded up 0.64% during mid-day trading on Monday, hitting $25.01. The company had a trading volume of 380,487 shares. Ciena Corporation has a 52 week low of $18.86 and a 52 week high of $27.98. The firm’s 50 day moving average is $25.72 and its 200 day moving average is $24.46. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 33.04 and a beta of 1.61.

Ciena Corporation (NYSE:CIEN) last released its earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The company had revenue of $707.02 million for the quarter, compared to the consensus estimate of $694.84 million. Ciena Corporation had a return on equity of 25.56% and a net margin of 4.13%. Ciena Corporation’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.34 earnings per share. On average, equities research analysts predict that Ciena Corporation will post $1.77 EPS for the current year.

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In other Ciena Corporation news, SVP Scott Mcfeely sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $25.70, for a total transaction of $25,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gary B. Smith sold 12,558 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $25.31, for a total value of $317,842.98. The disclosure for this sale can be found here. Insiders have sold 68,689 shares of company stock worth $1,753,805 over the last three months. 1.45% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CIEN. BlackRock Inc. raised its position in shares of Ciena Corporation by 11,733.7% in the first quarter. BlackRock Inc. now owns 15,755,200 shares of the communications equipment provider’s stock valued at $371,979,000 after buying an additional 15,622,062 shares during the period. TIAA CREF Investment Management LLC raised its position in shares of Ciena Corporation by 36.4% in the first quarter. TIAA CREF Investment Management LLC now owns 8,553,894 shares of the communications equipment provider’s stock valued at $201,957,000 after buying an additional 2,283,352 shares during the period. Vanguard Group Inc. raised its position in shares of Ciena Corporation by 11.2% in the first quarter. Vanguard Group Inc. now owns 12,263,170 shares of the communications equipment provider’s stock valued at $289,534,000 after buying an additional 1,235,744 shares during the period. Teachers Advisors LLC raised its position in shares of Ciena Corporation by 21.1% in the first quarter. Teachers Advisors LLC now owns 4,900,040 shares of the communications equipment provider’s stock valued at $115,690,000 after buying an additional 853,793 shares during the period. Finally, AO Asset Management LLC acquired a new position in shares of Ciena Corporation during the first quarter valued at about $18,298,000.

About Ciena Corporation

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.

Analyst Recommendations for Ciena Corporation (NYSE:CIEN)

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