Ciena Corporation (CIEN) Receives Consensus Recommendation of “Buy” from Brokerages
Ciena Corporation (NYSE:CIEN) has been given a consensus rating of “Buy” by the twenty-seven ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, eighteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $30.16.
CIEN has been the subject of a number of research reports. BMO Capital Markets restated a “buy” rating and set a $30.00 target price on shares of Ciena Corporation in a report on Thursday, April 27th. Stifel Nicolaus upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating and raised their target price for the stock from $24.00 to $28.00 in a report on Monday, May 22nd. Deutsche Bank AG cut shares of Ciena Corporation from a “buy” rating to a “hold” rating and reduced their target price for the stock from $24.35 to $23.00 in a report on Wednesday, May 24th. B. Riley restated a “buy” rating and set a $34.25 target price on shares of Ciena Corporation in a report on Tuesday, May 30th. Finally, Cowen and Company restated an “outperform” rating and set a $35.00 target price on shares of Ciena Corporation in a report on Tuesday, May 30th.
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In other news, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $26.24, for a total transaction of $52,480.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 4,000 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $26.25, for a total transaction of $105,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,689 shares of company stock valued at $1,753,805. Insiders own 1.45% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIEN. Prudential Financial Inc. increased its position in Ciena Corporation by 1.4% in the second quarter. Prudential Financial Inc. now owns 94,559 shares of the communications equipment provider’s stock worth $2,366,000 after buying an additional 1,320 shares in the last quarter. Royce & Associates LP increased its position in Ciena Corporation by 15.9% in the second quarter. Royce & Associates LP now owns 844,917 shares of the communications equipment provider’s stock worth $21,140,000 after buying an additional 115,717 shares in the last quarter. Zweig DiMenna Associates LLC increased its position in Ciena Corporation by 326.3% in the second quarter. Zweig DiMenna Associates LLC now owns 767,296 shares of the communications equipment provider’s stock worth $19,198,000 after buying an additional 587,296 shares in the last quarter. RFG Advisory Group LLC acquired a new position in Ciena Corporation during the second quarter worth $397,000. Finally, Cadence Capital Management LLC acquired a new position in Ciena Corporation during the second quarter worth $358,000.
Ciena Corporation (CIEN) opened at 25.18 on Tuesday. The firm has a market capitalization of $3.57 billion, a P/E ratio of 33.26 and a beta of 1.61. Ciena Corporation has a 12 month low of $18.86 and a 12 month high of $27.98. The company’s 50 day moving average price is $25.72 and its 200 day moving average price is $24.46.
Ciena Corporation (NYSE:CIEN) last issued its earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.08. The firm had revenue of $707.02 million during the quarter, compared to analysts’ expectations of $694.84 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period last year, the firm posted $0.34 earnings per share. Analysts anticipate that Ciena Corporation will post $1.77 EPS for the current year.
Ciena Corporation Company Profile
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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