Northland Securities set a $32.00 price target on Ciena Corporation (NYSE:CIEN) in a research note released on Monday. The firm currently has a buy rating on the communications equipment provider’s stock.
Several other research firms have also recently commented on CIEN. William Blair reiterated a buy rating on shares of Ciena Corporation in a research note on Thursday, August 3rd. Zacks Investment Research cut Ciena Corporation from a buy rating to a hold rating in a research note on Wednesday, August 2nd. BidaskClub cut Ciena Corporation from a hold rating to a sell rating in a research note on Monday, July 24th. Stifel Nicolaus reiterated a buy rating and set a $32.00 target price on shares of Ciena Corporation in a research note on Friday, July 21st. Finally, ValuEngine upgraded Ciena Corporation from a hold rating to a buy rating in a research note on Thursday, July 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Ciena Corporation presently has an average rating of Buy and an average price target of $30.19.
Ciena Corporation (CIEN) opened at 24.94 on Monday. Ciena Corporation has a 52 week low of $18.94 and a 52 week high of $27.98. The stock has a market cap of $3.54 billion, a P/E ratio of 32.95 and a beta of 1.61. The company has a 50-day moving average of $25.67 and a 200-day moving average of $24.51.
Ciena Corporation (NYSE:CIEN) last released its quarterly 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 return on equity of 25.56% and a net margin of 4.13%. Ciena Corporation’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 EPS. On average, analysts predict that Ciena Corporation will post $1.77 EPS for the current fiscal year.
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In related news, VP Andrew C. Petrik sold 1,839 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $23.70, for a total transaction of $43,584.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary B. Smith sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $26.25, for a total value of $105,000.00. The disclosure for this sale can be found here. Insiders have sold 68,689 shares of company stock worth $1,753,805 over the last three months. Corporate insiders own 1.45% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning boosted its position in shares of Ciena Corporation by 10.3% in the first quarter. Creative Planning now owns 28,620 shares of the communications equipment provider’s stock valued at $676,000 after buying an additional 2,668 shares in the last quarter. Capstone Asset Management Co. boosted its position in shares of Ciena Corporation by 5.1% in the first quarter. Capstone Asset Management Co. now owns 10,360 shares of the communications equipment provider’s stock valued at $245,000 after buying an additional 500 shares in the last quarter. Cornerstone Financial Partners LLC purchased a new position in shares of Ciena Corporation during the first quarter valued at $541,000. Louisiana State Employees Retirement System boosted its position in shares of Ciena Corporation by 3.5% in the first quarter. Louisiana State Employees Retirement System now owns 35,700 shares of the communications equipment provider’s stock valued at $843,000 after buying an additional 1,200 shares in the last quarter. Finally, Regent Investment Management LLC boosted its position in shares of Ciena Corporation by 12.1% in the first quarter. Regent Investment Management LLC now owns 32,482 shares of the communications equipment provider’s stock valued at $767,000 after buying an additional 3,500 shares in the last quarter.
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.
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