Ciena Corporation (NYSE:CIEN) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Friday.

Several other equities research analysts have also recently commented on the stock. ValuEngine cut shares of Ciena Corporation from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Northland Securities set a $32.00 price objective on shares of Ciena Corporation and gave the company a “buy” rating in a research report on Monday, August 7th. William Blair reaffirmed a “buy” rating on shares of Ciena Corporation in a research report on Thursday, August 3rd. Zacks Investment Research cut shares of Ciena Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Ciena Corporation in a research report on Friday, July 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $30.19.

Ciena Corporation (NYSE CIEN) traded down 0.60% during mid-day trading on Friday, hitting $23.37. The stock had a trading volume of 1,884,343 shares. The company has a 50-day moving average price of $25.29 and a 200 day moving average price of $24.48. The company has a market cap of $3.31 billion, a P/E ratio of 30.87 and a beta of 1.61. Ciena Corporation has a 1-year low of $18.94 and a 1-year high of $27.98.

Ciena Corporation (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 1st. The communications equipment provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.37 by $0.08. The business had revenue of $707.02 million for 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 was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS. Equities research analysts forecast that Ciena Corporation will post $1.77 EPS for the current fiscal year.

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In related news, Director Patrick Gallagher sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $26.29, for a total value of $78,870.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $26.29, for a total transaction of $52,580.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,108 shares of company stock worth $1,890,727. 1.45% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. 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 worth $371,979,000 after buying an additional 15,622,062 shares during the period. Vanguard Group Inc. raised its position in shares of Ciena Corporation by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock worth $311,906,000 after buying an additional 203,112 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 worth $201,957,000 after buying an additional 2,283,352 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 worth $115,690,000 after buying an additional 853,793 shares during the period. Finally, State Street Corp raised its position in shares of Ciena Corporation by 3.9% in the second quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock worth $116,319,000 after buying an additional 172,876 shares during the period.

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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