Ciena (CIEN) Rating Reiterated by Cowen
Ciena (NYSE:CIEN)‘s stock had its “buy” rating reissued by equities researchers at Cowen in a research note issued to investors on Wednesday. They presently have a $33.00 target price on the communications equipment provider’s stock. Cowen’s target price indicates a potential upside of 55.88% from the stock’s previous close.
A number of other analysts have also issued reports on the company. B. Riley cut their target price on Ciena from $30.50 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday. Bank of America raised Ciena from a “neutral” rating to a “buy” rating and boosted their target price for the company from $20.98 to $28.00 in a research report on Monday, November 27th. Zacks Investment Research lowered Ciena from a “hold” rating to a “sell” rating in a research report on Wednesday, November 15th. William Blair reissued a “buy” rating on shares of Ciena in a research report on Monday, November 13th. Finally, BidaskClub lowered Ciena from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 4th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Ciena has an average rating of “Buy” and an average price target of $29.20.
Ciena (CIEN) traded down $0.27 during mid-day trading on Wednesday, hitting $21.17. 5,212,000 shares of the stock traded hands, compared to its average volume of 3,082,824. The stock has a market cap of $3,059.24, a price-to-earnings ratio of 15.54, a PEG ratio of 0.87 and a beta of 1.67. The company has a current ratio of 2.92, a quick ratio of 2.50 and a debt-to-equity ratio of 0.99. Ciena has a 1 year low of $19.40 and a 1 year high of $27.98.
Ciena announced that its board has authorized a share repurchase program on Thursday, December 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
In related news, CEO Gary B. Smith sold 12,634 shares of the business’s stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $21.25, for a total transaction of $268,472.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $21.74, for a total transaction of $173,920.00. The disclosure for this sale can be found here. Insiders have sold 89,052 shares of company stock worth $1,898,778 in the last ninety days. Corporate insiders own 1.45% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Rubric Capital Management LP acquired a new position in shares of Ciena during the third quarter worth $33,373,000. Algert Global LLC grew its stake in shares of Ciena by 48.5% during the third quarter. Algert Global LLC now owns 128,474 shares of the communications equipment provider’s stock worth $2,823,000 after purchasing an additional 41,959 shares in the last quarter. Neuberger Berman Group LLC grew its stake in shares of Ciena by 169.5% during the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after purchasing an additional 2,652,791 shares in the last quarter. PVG Asset Management Corp acquired a new position in shares of Ciena during the third quarter worth $674,000. Finally, California Public Employees Retirement System grew its stake in shares of Ciena by 5.1% during the third quarter. California Public Employees Retirement System now owns 319,658 shares of the communications equipment provider’s stock worth $7,023,000 after purchasing an additional 15,588 shares in the last quarter.
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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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