31 Dec Lawyer Jonathan Cartu Announced – UBS Group Downgrades Ciena (NYSE:CIEN) to Sell
UBS Group downgraded shares of Ciena (NYSE:CIEN) from a neutral rating to a sell rating in a research report sent to investors on Friday, December 6th, Benzinga reports. They currently have $31.00 price objective on the communications equipment provider’s stock, down from their prior price objective of $43.00.
Other research analysts 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. Evercore ISI initiated coverage on Ciena in a research note on Wednesday, September 11th. They set an outperform rating and a $48.00 target price on the stock. Needham & Company LLC reiterated a hold rating on shares of Ciena in a research note on Tuesday, September 3rd. Rosenblatt Securities raised Ciena from a neutral rating to a buy rating and boosted their price objective for the company from $45.00 to $47.00 in a report on Thursday, August 29th. Finally, Cowen reissued a buy rating and issued a $54.00 price objective on shares of Ciena in a report on Monday, December 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $48.65.
NYSE CIEN traded down $0.03 on Friday, reaching $42.64. 1,751,222 shares of the stock traded hands, compared to its average volume of 2,827,157. Ciena has a 12 month low of $32.76 and a 12 month high of $46.78. The company has a fifty day moving average price of $38.60 and a 200-day moving average price of $40.37. The company has a market cap of $6.57 billion, a price-to-earnings ratio of 23.17, 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 announced its quarterly earnings results on Thursday, December 12th. The communications equipment provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.05). Ciena had a net margin of 7.09% and a return on equity of 13.67%. The company had revenue of $968.00 million during the quarter, compared to analysts’ expectations of $966.28 million. During the same quarter in the prior year, the business posted $0.53 earnings per share. The company’s revenue was up 8.8% compared to the same quarter last year. As a group, research analysts anticipate that Ciena will post 2.3 earnings per share for the current fiscal year.
In other news, CEO Gary B. Smith sold 59,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $62.14, for a total value of $3,666,260.00. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $34.61, for a total value of $69,220.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,762 shares of company stock valued at $5,308,120. 1.20% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Tobam acquired a new position in Ciena during the second quarter worth $33,000. CENTRAL TRUST Co acquired a new position in Ciena during the third quarter worth $39,000. Coastal Capital Group Inc. acquired a new position in Ciena during the second quarter worth $41,000. MUFG Americas Holdings Corp acquired a new position in Ciena during the third quarter worth $55,000. Finally, Flagship Harbor Advisors LLC lifted its stake in Ciena by 134.0% during the third quarter. Flagship Harbor Advisors LLC now owns 1,509 shares of the communications equipment provider’s stock worth $59,000 after purchasing an additional 864 shares in the last quarter. 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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