Ciena Corporation (CIEN) Lowered to Strong Sell at BidaskClub
Ciena Corporation (NYSE:CIEN) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Saturday.
A number of other brokerages also recently issued reports on CIEN. Zacks Investment Research downgraded Ciena Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus restated a “buy” rating and issued a $32.00 price target on shares of Ciena Corporation in a research report on Friday, July 21st. William Blair restated a “buy” rating on shares of Ciena Corporation in a research report on Thursday, August 3rd. Northland Securities set a $32.00 price target on Ciena Corporation and gave the stock a “buy” rating in a research report on Monday, August 7th. Finally, ValuEngine downgraded Ciena Corporation from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $29.53.
Shares of Ciena Corporation (NYSE:CIEN) traded down $0.74 on Friday, hitting $20.14. The company’s stock had a trading volume of 2,852,303 shares, compared to its average volume of 2,870,000. Ciena Corporation has a 12 month low of $19.04 and a 12 month high of $27.98. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.50 and a current ratio of 2.92. The firm has a market capitalization of $2.87 billion, a PE ratio of 14.32, a PEG ratio of 0.73 and a beta of 1.64.
Ciena Corporation (NYSE:CIEN) last posted its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. Ciena Corporation had a net margin of 4.99% and a return on equity of 25.53%. The firm had revenue of $728.70 million during the quarter, compared to analyst estimates of $726.81 million. During the same period last year, the firm posted $0.42 earnings per share. Ciena Corporation’s revenue for the quarter was up 8.7% compared to the same quarter last year. analysts predict that Ciena Corporation will post 1.51 EPS for the current year.
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In other Ciena Corporation news, VP Andrew C. Petrik sold 1,251 shares of Ciena Corporation stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $21.60, for a total value of $27,021.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gary B. Smith sold 12,634 shares of Ciena Corporation stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $21.25, for a total value of $268,472.50. The disclosure for this sale can be found here. Insiders sold 88,310 shares of company stock valued at $1,958,204 over the last 90 days. 1.45% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Parametric Portfolio Associates LLC grew its stake in Ciena Corporation by 15.9% in the second quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock valued at $4,686,000 after purchasing an additional 25,663 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in Ciena Corporation in the second quarter valued at about $2,679,000. Vanguard Group Inc. grew its stake in 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 purchasing an additional 1,235,744 shares during the last quarter. Legal & General Group Plc grew its stake in Ciena Corporation by 31.4% in the first quarter. Legal & General Group Plc now owns 91,386 shares of the communications equipment provider’s stock valued at $2,159,000 after purchasing an additional 21,834 shares during the last quarter. Finally, Dupont Capital Management Corp grew its stake in Ciena Corporation by 150.1% in the second quarter. Dupont Capital Management Corp now owns 72,528 shares of the communications equipment provider’s stock valued at $1,815,000 after purchasing an additional 43,528 shares during the last quarter.
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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