Ciena (NYSE:CIEN - Free Report) had its price objective upped by Rosenblatt Securities from $75.00 to $94.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a neutral rating on the communications equipment provider's stock.
Several other research analysts have also recently issued reports on CIEN. Evercore ISI cut Ciena from an "outperform" rating to an "in-line" rating and set a $65.00 target price on the stock. in a research report on Tuesday, October 15th. Northland Securities increased their price objective on shares of Ciena from $46.00 to $60.00 and gave the stock a "market perform" rating in a research note on Friday. Bank of America upgraded shares of Ciena from a "neutral" rating to a "buy" rating and boosted their target price for the company from $70.00 to $95.00 in a research report on Friday. JPMorgan Chase & Co. downgraded shares of Ciena from an "overweight" rating to a "neutral" rating and set a $65.00 price target on the stock. in a research report on Monday, October 7th. Finally, Barclays boosted their price objective on shares of Ciena from $67.00 to $97.00 and gave the company an "overweight" rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $77.00.
View Our Latest Report on Ciena
Ciena Stock Performance
Shares of CIEN traded up $5.20 during mid-day trading on Friday, hitting $89.72. 6,668,578 shares of the company traded hands, compared to its average volume of 1,848,684. The stock has a market cap of $12.96 billion, a price-to-earnings ratio of 157.40, a P/E/G ratio of 5.95 and a beta of 0.95. The stock has a 50-day moving average price of $68.91 and a two-hundred day moving average price of $57.81. Ciena has a 1 year low of $42.20 and a 1 year high of $91.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06.
Ciena (NYSE:CIEN - Get Free Report) last announced its earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 earnings per share for the quarter, missing analysts' consensus estimates of $0.66 by ($0.12). The company had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.10 billion. Ciena had a net margin of 3.44% and a return on equity of 5.98%. Ciena's quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.56 earnings per share. Equities analysts anticipate that Ciena will post 1.13 earnings per share for the current year.
Ciena declared that its board has authorized a share repurchase program on Wednesday, October 2nd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the communications equipment provider to reacquire up to 10.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.
Insider Buying and Selling
In other news, SVP Joseph Cumello sold 1,289 shares of the firm's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $68.99, for a total transaction of $88,928.11. Following the completion of the transaction, the senior vice president now owns 39,486 shares in the company, valued at $2,724,139.14. This trade represents a 3.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the business's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the sale, the senior vice president now owns 205,421 shares in the company, valued at $11,552,877.04. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,489 shares of company stock worth $657,051. 0.83% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Ciena
Large investors have recently bought and sold shares of the business. Hoese & Co LLP bought a new stake in shares of Ciena in the 3rd quarter valued at approximately $25,000. UMB Bank n.a. raised its holdings in Ciena by 424.4% during the 3rd quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider's stock valued at $28,000 after buying an additional 365 shares during the period. Canton Hathaway LLC bought a new stake in Ciena in the second quarter worth $40,000. First Horizon Advisors Inc. lifted its position in Ciena by 152.8% in the third quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider's stock worth $52,000 after buying an additional 512 shares during the last quarter. Finally, Quarry LP boosted its stake in Ciena by 118.9% during the second quarter. Quarry LP now owns 1,572 shares of the communications equipment provider's stock worth $76,000 after buying an additional 854 shares during the period. Institutional investors own 91.99% of the company's stock.
About Ciena
(
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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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