Ciena Corp. (CIEN) Stock Rating Reaffirmed by Needham & Company LLC
Ciena Corp. (NYSE:CIEN)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report issued on Monday. They presently have a $30.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 38.50% from the company’s previous close.
Other equities research analysts have also recently issued reports about the company. B. Riley restated a “buy” rating and set a $28.50 target price on shares of Ciena Corp. in a research note on Sunday, September 4th. Dougherty & Co upped their price target on shares of Ciena Corp. from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, September 2nd. Argus reiterated a “buy” rating and set a $30.00 price target on shares of Ciena Corp. in a report on Friday, September 2nd. Jefferies Group upped their price target on shares of Ciena Corp. from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, September 2nd. Finally, MKM Partners reiterated a “buy” rating and set a $26.00 price target on shares of Ciena Corp. in a report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $25.60.
Ciena Corp. (NYSE:CIEN) opened at 21.66 on Monday. The firm’s 50-day moving average price is $20.85 and its 200 day moving average price is $20.41. Ciena Corp. has a 12-month low of $15.62 and a 12-month high of $25.31. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 133.70 and a beta of 1.72.
Ciena Corp. (NYSE:CIEN) last released its earnings results on Thursday, September 1st. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. Ciena Corp. had a return on equity of 22.41% and a net margin of 0.86%. The firm earned $670.60 million during the quarter, compared to analysts’ expectations of $672.23 million. During the same period in the prior year, the company earned $0.37 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. On average, analysts expect that Ciena Corp. will post $1.43 earnings per share for the current year.
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In related news, SVP Marcus H. Starke sold 3,164 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $23.01, for a total value of $72,803.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $22.10, for a total transaction of $176,800.00. The disclosure for this sale can be found here. 1.72% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its position in shares of Ciena Corp. by 6.9% in the first quarter. Geode Capital Management LLC now owns 814,749 shares of the company’s stock valued at $15,495,000 after buying an additional 52,291 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Ciena Corp. by 16.2% in the first quarter. Envestnet Asset Management Inc. now owns 42,226 shares of the company’s stock valued at $803,000 after buying an additional 5,883 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its position in Ciena Corp. by 4.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 202,292 shares of the company’s stock valued at $3,848,000 after buying an additional 8,928 shares in the last quarter. Boothbay Fund Management LLC boosted its position in Ciena Corp. by 0.4% in the first quarter. Boothbay Fund Management LLC now owns 41,636 shares of the company’s stock valued at $792,000 after buying an additional 183 shares in the last quarter. Finally, Gateway Investment Advisers LLC purchased a new position in Ciena Corp. during the second quarter valued at approximately $466,000. 96.91% of the stock is currently owned by institutional investors and hedge funds.
Ciena Corp. Company Profile
Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.
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