Ciena’s (CIEN) “Hold” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their hold rating on shares of Ciena (NYSE:CIEN) in a report released on Sunday morning. Rosenblatt Securities currently has a $33.00 target price on the communications equipment provider’s stock.

A number of other research analysts have also recently commented on CIEN. BMO Capital Markets restated a buy rating and issued a $28.00 price target on shares of Ciena in a research report on Wednesday, August 29th. Loop Capital restated a buy rating and issued a $36.00 price target on shares of Ciena in a research report on Thursday, August 30th. Raymond James raised their price target on Ciena from $30.00 to $36.00 and gave the stock an outperform rating in a research report on Friday, August 31st. JPMorgan Chase & Co. restated a buy rating and issued a $39.00 price target on shares of Ciena in a research report on Friday, August 31st. Finally, Needham & Company LLC raised their price target on Ciena from $29.00 to $33.00 and gave the stock a buy rating in a research report on Friday, August 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the stock. Ciena currently has an average rating of Buy and an average target price of $35.48.

CIEN stock opened at $33.18 on Friday. The company has a current ratio of 2.22, a quick ratio of 1.95 and a debt-to-equity ratio of 0.36. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 1.49 and a beta of 1.24. Ciena has a fifty-two week low of $20.70 and a fifty-two week high of $36.55.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 13th. The communications equipment provider reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.05. Ciena had a positive return on equity of 9.31% and a negative net margin of 11.14%. The company had revenue of $889.40 million for the quarter, compared to analysts’ expectations of $862.54 million. During the same quarter last year, the business earned $0.46 earnings per share. Ciena’s revenue was up 19.5% on a year-over-year basis. As a group, equities analysts expect that Ciena will post 1.49 EPS for the current fiscal year.

In other news, SVP James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction dated Friday, December 14th. The stock was sold at an average price of $34.68, for a total transaction of $69,360.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Stephen B. Alexander sold 2,500 shares of Ciena stock in a transaction dated Monday, December 17th. The shares were sold at an average price of $34.30, for a total value of $85,750.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,675 shares of company stock worth $2,179,356. Company insiders own 1.38% of the company’s stock.

Several hedge funds have recently made changes to their positions in CIEN. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Ciena during the second quarter valued at about $326,000. First Trust Advisors LP boosted its stake in shares of Ciena by 610.6% during the second quarter. First Trust Advisors LP now owns 154,508 shares of the communications equipment provider’s stock valued at $4,096,000 after purchasing an additional 132,765 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Ciena during the second quarter valued at about $1,026,000. Rhumbline Advisers boosted its stake in shares of Ciena by 6.3% during the second quarter. Rhumbline Advisers now owns 268,444 shares of the communications equipment provider’s stock valued at $7,116,000 after purchasing an additional 15,794 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Ciena by 2.0% during the second quarter. Arizona State Retirement System now owns 99,579 shares of the communications equipment provider’s stock valued at $2,640,000 after purchasing an additional 1,971 shares in the last quarter.

About Ciena

Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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