Ciena (CIEN) Downgraded to “Buy” at ValuEngine

ValuEngine lowered shares of Ciena (NYSE:CIEN) from a strong-buy rating to a buy rating in a report released on Monday morning, ValuEngine reports.

Several other equities research analysts have also commented on CIEN. Zacks Investment Research lowered shares of Ciena from a buy rating to a hold rating in a research report on Tuesday, February 12th. B. Riley upped their target price on shares of Ciena from $42.20 to $48.00 and gave the company a buy rating in a report on Wednesday, March 6th. BMO Capital Markets upped their target price on shares of Ciena from $36.00 to $42.00 and gave the company an outperform rating in a report on Friday, December 14th. TheStreet lowered shares of Ciena from a b rating to a c+ rating in a report on Friday, December 14th. Finally, Northland Securities set a $32.00 target price on shares of Ciena and gave the company a buy rating in a report on Thursday, December 20th. Ten equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $41.96.

Ciena stock opened at $37.77 on Monday. Ciena has a 52 week low of $22.99 and a 52 week high of $45.70. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.52 and a current ratio of 2.98. The stock has a market capitalization of $5.82 billion, a P/E ratio of 33.72, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Tuesday, March 5th. The communications equipment provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.30 by $0.03. Ciena had a net margin of 5.03% and a return on equity of 10.73%. The business had revenue of $778.53 million for the quarter, compared to analyst estimates of $761.62 million. During the same period in the previous year, the firm earned $0.15 EPS. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. Analysts forecast that Ciena will post 1.53 EPS for the current fiscal year.

In other news, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $39.97, for a total transaction of $79,940.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Patrick H. Nettles sold 5,000 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $37.03, for a total transaction of $185,150.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 194,822 shares of company stock valued at $7,719,841. Corporate insiders own 1.20% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Csenge Advisory Group acquired a new stake in Ciena during the 3rd quarter worth approximately $29,000. Huntington National Bank acquired a new stake in Ciena during the 4th quarter worth approximately $29,000. PRW Wealth Management LLC acquired a new stake in Ciena in the fourth quarter valued at approximately $38,000. Ffcm LLC grew its position in Ciena by 355.7% in the fourth quarter. Ffcm LLC now owns 1,276 shares of the communications equipment provider’s stock valued at $43,000 after acquiring an additional 996 shares in the last quarter. Finally, First Hawaiian Bank grew its position in Ciena by 393.0% in the fourth quarter. First Hawaiian Bank now owns 1,474 shares of the communications equipment provider’s stock valued at $50,000 after acquiring an additional 1,175 shares in the last quarter. 93.41% of the stock is owned by hedge funds and other institutional investors.

About Ciena

Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Converged Packet Optical; Packet Networking; Optical Transport; and Software and Services. The Converged Packet Optical segment develops and sells optical processors, switching systems, and operating system software.

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Analyst Recommendations for Ciena (NYSE:CIEN)

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