Ciena Co. (NYSE:CIEN - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $65.53, but opened at $61.78. Ciena shares last traded at $60.81, with a volume of 1,055,753 shares changing hands.
Wall Street Analysts Forecast Growth
CIEN has been the subject of a number of recent analyst reports. Northland Securities boosted their price target on shares of Ciena from $46.00 to $60.00 and gave the company a "market perform" rating in a research report on Friday, December 13th. Rosenblatt Securities dropped their price target on Ciena from $94.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday. Barclays upped their price objective on shares of Ciena from $67.00 to $97.00 and gave the stock an "overweight" rating in a research report on Friday, December 13th. Stifel Nicolaus reiterated a "buy" rating and set a $82.00 target price (up from $75.00) on shares of Ciena in a research report on Tuesday, December 10th. Finally, Bank of America upgraded shares of Ciena from a "neutral" rating to a "buy" rating and raised their price objective for the company from $70.00 to $95.00 in a research report on Friday, December 13th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $77.62.
Read Our Latest Stock Report on CIEN
Ciena Stock Performance
The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The business has a 50 day moving average price of $83.90 and a two-hundred day moving average price of $73.22. The stock has a market cap of $9.36 billion, a PE ratio of 115.22, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91.
Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings data on Thursday, December 12th. The communications equipment provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.12). The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.10 billion. Ciena had a net margin of 2.09% and a return on equity of 4.72%. The business's revenue was down .5% on a year-over-year basis. During the same period last year, the company posted $0.56 earnings per share. As a group, equities research analysts forecast that Ciena Co. will post 1.6 EPS for the current fiscal year.
Insider Transactions at Ciena
In related news, Director Bruce L. Claflin sold 16,912 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $84.96, for a total value of $1,436,843.52. Following the completion of the transaction, the director now directly owns 59,347 shares of the company's stock, valued at $5,042,121.12. This represents a 22.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total value of $30,068.50. Following the sale, the senior vice president now directly owns 49,547 shares in the company, valued at approximately $4,256,582.77. The trade was a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,442 shares of company stock worth $5,337,764. 0.93% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in CIEN. Carolinas Wealth Consulting LLC purchased a new stake in Ciena in the fourth quarter worth $106,000. Forum Financial Management LP purchased a new stake in shares of Ciena in the 4th quarter worth about $259,000. Orion Capital Management LLC bought a new position in shares of Ciena in the 4th quarter worth about $42,000. Kolinsky Wealth Management LLC bought a new position in shares of Ciena in the 4th quarter worth about $216,000. Finally, Delta Investment Management LLC purchased a new position in Ciena during the 4th quarter valued at about $254,000. Institutional investors own 91.99% of the company's stock.
About Ciena
(
Get Free Report)
Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.
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