Ciena (NYSE:CIEN) PT Lowered to $51.00 at UBS Group

Ciena (NYSE:CIENGet Rating) had its price objective lowered by UBS Group from $66.00 to $51.00 in a report issued on Friday, The Fly reports. UBS Group’s price objective points to a potential upside of 1.61% from the company’s current price.

Several other brokerages have also issued reports on CIEN. Argus reduced their target price on shares of Ciena from $82.00 to $68.00 in a research note on Friday. B. Riley raised shares of Ciena from a “neutral” rating to a “buy” rating and raised their target price for the company from $65.00 to $67.00 in a research note on Friday. StockNews.com assumed coverage on shares of Ciena in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Citigroup cut their price target on shares of Ciena from $85.00 to $65.00 in a research report on Friday. Finally, Rosenblatt Securities cut their price target on shares of Ciena from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, May 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $74.24.

Shares of NYSE:CIEN opened at $50.19 on Friday. Ciena has a 12 month low of $46.60 and a 12 month high of $78.28. The company’s 50-day moving average price is $55.16 and its two-hundred day moving average price is $62.71. The company has a quick ratio of 3.56, a current ratio of 4.16 and a debt-to-equity ratio of 0.38. The firm has a market cap of $7.64 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.37 and a beta of 0.87.

Ciena (NYSE:CIENGet Rating) last issued its earnings results on Thursday, June 2nd. The communications equipment provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.04). The business had revenue of $949.20 million during the quarter, compared to the consensus estimate of $950.86 million. Ciena had a net margin of 13.23% and a return on equity of 13.17%. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the business posted $0.52 EPS. As a group, equities analysts predict that Ciena will post 2.49 earnings per share for the current fiscal year.

In other news, CEO Gary B. Smith sold 3,542 shares of Ciena stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $50.19, for a total value of $177,772.98. Following the sale, the chief executive officer now directly owns 443,924 shares in the company, valued at $22,280,545.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Scott Mcfeely sold 5,000 shares of Ciena stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $54.20, for a total transaction of $271,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 30,828 shares of company stock worth $1,732,259 over the last 90 days. Corporate insiders own 0.94% of the company’s stock.

Several large investors have recently added to or reduced their stakes in CIEN. IronBridge Private Wealth LLC bought a new position in shares of Ciena in the fourth quarter valued at $31,000. IndexIQ Advisors LLC bought a new position in shares of Ciena in the first quarter valued at $41,000. Allegheny Financial Group LTD bought a new position in shares of Ciena in the fourth quarter valued at $44,000. Whittier Trust Co. grew its stake in shares of Ciena by 46.8% in the first quarter. Whittier Trust Co. now owns 728 shares of the communications equipment provider’s stock valued at $44,000 after buying an additional 232 shares in the last quarter. Finally, Rosenberg Matthew Hamilton bought a new position in shares of Ciena in the first quarter valued at $47,000. 88.75% of the stock is owned by institutional investors and hedge funds.

Ciena Company Profile (Get Rating)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, 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 products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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