27 Dec Esq. Jon Cartu Announces – Ciena (NYSE:CIEN) Earns Buy Rating from Cowen
Cowen reaffirmed their buy rating on shares of Ciena (NYSE:CIEN) in a research report released on Monday, December 2nd, Stock Target Advisor reports. Cowen currently has a $54.00 price target on the communications equipment provider’s stock.
Other research analysts have also recently issued reports about the company. Stifel Nicolaus set a $54.00 price target on Ciena and gave the company a buy rating in a report on Friday, September 6th. Piper Jaffray Companies set a $46.00 price objective on Ciena and gave the stock a hold rating in a report on Friday, September 6th. Morgan Stanley boosted their target price on Ciena from $41.00 to $43.00 and gave the stock an equal weight rating in a research report on Friday, September 6th. Rosenblatt Securities upgraded Ciena from a neutral rating to a buy rating and lifted their price objective for the stock from $45.00 to $47.00 in a research report on Thursday, August 29th. Finally, B. Riley set a $56.00 target price on shares of Ciena and gave the company a buy rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seventeen have given a buy rating to the company. Ciena has an average rating of Buy and an average target price of $48.65.
Shares of CIEN stock traded up $0.25 during trading hours on Monday, hitting $42.72. The company had a trading volume of 2,772,500 shares, compared to its average volume of 2,836,046. The firm’s fifty day moving average is $38.36 and its 200 day moving average is $40.39. Ciena has a 12 month low of $31.28 and a 12 month high of $46.78. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 23.22, a PEG ratio of 1.07 and a beta of 1.06. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.41 and a current ratio of 2.82.
Ciena (NYSE:CIEN) last posted its earnings results on Thursday, December 12th. The communications equipment provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.05). The firm had revenue of $968.00 million during the quarter, compared to the consensus estimate of $966.28 million. Ciena had a return on equity of 13.67% and a net margin of 7.09%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 EPS. On average, sell-side analysts expect that Ciena will post 2.3 EPS for the current fiscal year.
In related news, CFO James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $34.61, for a total value of $69,220.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Andrew C. Petrik sold 4,000 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $40.00, for a total transaction of $160,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 101,762 shares of company stock worth $5,308,120 over the last three months. Insiders own 1.20% of the company’s stock.
Several large investors have recently modified their holdings of CIEN. FMR LLC increased its position in 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 acquiring an additional 1,072,632 shares during the period. NEXT Financial Group Inc raised its holdings in Ciena by 708.0% during the 2nd quarter. NEXT Financial Group Inc now owns 3,232 shares of the communications equipment provider’s stock worth $133,000 after purchasing an additional 2,832 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Ciena by 39.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 33,748 shares of the communications equipment provider’s stock valued at $1,388,000 after purchasing an additional 9,500 shares during the last quarter. Flagship Harbor Advisors LLC raised its stake in Ciena by 98.5% during the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock worth $26,000 after buying an additional 320 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Ciena by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 103,874 shares of the communications equipment provider’s stock valued at $4,272,000 after purchasing an additional 596 shares during the period. 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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