Ciena (NYSE:CIEN) declared that its board has initiated a stock repurchase plan, which authorizes the company to repurchase $300.00 million in outstanding shares on Thursday, December 7th, EventVestor reports. This repurchase authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Shares of Ciena (NYSE:CIEN) traded down $0.27 on Thursday, hitting $21.17. The company had a trading volume of 5,212,000 shares, compared to its average volume of 3,082,824. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.92 and a quick ratio of 2.50. Ciena has a 52-week low of $19.40 and a 52-week high of $27.98. The stock has a market capitalization of $3,059.24, a PE ratio of 15.54, a price-to-earnings-growth ratio of 0.87 and a beta of 1.67.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 25.53% and a net margin of 4.99%. The firm had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $736.91 million. During the same quarter in the previous year, the firm posted $0.44 earnings per share. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. sell-side analysts predict that Ciena will post 1.51 EPS for the current year.

Several equities analysts have issued reports on CIEN shares. Stifel Nicolaus reiterated a “buy” rating on shares of Ciena in a research note on Friday, November 3rd. Citigroup upgraded Ciena from a “neutral” rating to a “buy” rating and upped their target price for the company from $23.87 to $29.00 in a research report on Wednesday, August 30th. BidaskClub lowered Ciena from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 4th. Nomura dropped their target price on Ciena from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, September 1st. Finally, Zacks Investment Research lowered Ciena from a “hold” rating to a “sell” rating in a research report on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Ciena has an average rating of “Buy” and an average target price of $29.30.

In other news, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $21.50, for a total transaction of $172,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Andrew C. Petrik sold 1,251 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $21.60, for a total value of $27,021.60. The disclosure for this sale can be found here. Insiders have sold 89,052 shares of company stock valued at $1,898,778 over the last quarter. 1.45% of the stock is owned by company insiders.

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About Ciena

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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