29 Dec Dr. Jon Cartu Publishes – Nomura Raises Ciena (NYSE:CIEN) Price Target to $47.00
Ciena (NYSE:CIEN) had its target price raised by analysts at Nomura from $43.00 to $47.00 in a research report issued on Friday, December 13th, BenzingaRatingsTable reports. The firm currently has a “buy” rating on the communications equipment provider’s stock. Nomura’s price objective indicates a potential upside of 10.15% from the company’s current price.
A number of other equities research analysts also recently weighed in on CIEN. Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 price objective on shares of Ciena in a report on Thursday, December 12th. B. Riley set a $56.00 price objective on Ciena and gave the company a “buy” rating in a report on Friday, October 25th. Cowen reaffirmed a “buy” rating and set a $54.00 price objective on shares of Ciena in a report on Monday, December 2nd. MKM Partners set a $51.00 price objective on Ciena and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Ciena in a report on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company. Ciena presently has a consensus rating of “Buy” and a consensus price target of $48.65.
CIEN stock traded down $0.05 during trading on Friday, reaching $42.67. 1,689,512 shares of the stock were exchanged, compared to its average volume of 4,810,526. Ciena has a twelve month low of $32.37 and a twelve month high of $46.78. The company has a market capitalization of $6.58 billion, a P/E ratio of 23.19, a price-to-earnings-growth ratio of 1.08 and a beta of 1.06. The stock has a 50 day simple moving average of $38.60 and a 200-day simple moving average of $40.37. The company has a current ratio of 2.82, a quick ratio of 2.41 and a debt-to-equity ratio of 0.31.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 12th. The communications equipment provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). Ciena had a return on equity of 13.67% and a net margin of 7.09%. The firm had revenue of $968.00 million for the quarter, compared to analyst estimates of $966.28 million. During the same period last year, the business earned $0.53 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. Equities analysts predict that Ciena will post 2.3 EPS for the current year.
In related news, VP David M. Rothenstein sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $37.73, for a total value of $75,460.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gary B. Smith sold 1,750 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $37.73, for a total transaction of $66,027.50. The disclosure for this sale can be found here. Insiders sold a total of 101,762 shares of company stock valued at $5,308,120 in the last 90 days. 1.20% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of CIEN. First Trust Advisors LP raised its position in shares of Ciena by 1,791.1% during the 3rd quarter. First Trust Advisors LP now owns 3,396,801 shares of the communications equipment provider’s stock valued at $133,257,000 after acquiring an additional 3,217,184 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Ciena in the 2nd quarter valued at $77,706,000. Holocene Advisors LP acquired a new position in shares of Ciena in the 2nd quarter valued at $53,362,000. FMR LLC grew its holdings in shares of Ciena by 605.3% in the 1st quarter. FMR LLC now owns 1,249,825 shares of the communications equipment provider’s stock valued at $46,669,000 after buying an additional 1,072,632 shares during the period. Finally, Menora Mivtachim Holdings LTD. acquired a new position in shares of Ciena in the 3rd quarter valued at $40,458,000. Institutional investors own 91.05% of the company’s stock.
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice 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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