Ciena (NYSE:CIEN) Sets New 1-Year Low at $41.17

Ciena Co. (NYSE:CIENGet Rating) shares reached a new 52-week low during trading on Friday . The company traded as low as $41.17 and last traded at $41.42, with a volume of 3050 shares. The stock had previously closed at $42.20.

Analyst Ratings Changes

CIEN has been the subject of a number of research analyst reports. Cowen decreased their target price on Ciena from $82.00 to $71.00 and set an “outperform” rating for the company in a research report on Friday, September 2nd. Northland Securities decreased their price objective on Ciena from $53.00 to $45.00 and set a “market perform” rating for the company in a report on Friday, September 2nd. Loop Capital cut their target price on shares of Ciena from $92.00 to $84.00 and set a “buy” rating on the stock in a report on Monday, June 6th. UBS Group reduced their price target on shares of Ciena from $66.00 to $51.00 and set a “neutral” rating for the company in a research report on Friday, June 3rd. Finally, B. Riley lowered their price objective on shares of Ciena from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, September 6th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.32.

Ciena Price Performance

The company has a current ratio of 3.48, a quick ratio of 2.58 and a debt-to-equity ratio of 0.40. The stock has a fifty day simple moving average of $49.61 and a two-hundred day simple moving average of $52.00. The company has a market cap of $6.20 billion, a PE ratio of 32.95, a price-to-earnings-growth ratio of 2.97 and a beta of 0.91.

Ciena (NYSE:CIENGet Rating) last posted its quarterly earnings results on Thursday, September 1st. The communications equipment provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.01). Ciena had a net margin of 5.37% and a return on equity of 8.91%. The business had revenue of $867.30 million during the quarter, compared to analyst estimates of $903.95 million. During the same period in the prior year, the business earned $0.81 earnings per share. The firm’s quarterly revenue was down 12.2% compared to the same quarter last year. On average, equities analysts predict that Ciena Co. will post 0.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 3,542 shares of the company’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $44.68, for a total transaction of $158,256.56. Following the transaction, the chief executive officer now directly owns 427,879 shares in the company, valued at $19,117,633.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Rick Hamilton sold 2,600 shares of the business’s stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $44.06, for a total value of $114,556.00. Following the sale, the senior vice president now directly owns 68,257 shares in the company, valued at approximately $3,007,403.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gary B. Smith sold 3,542 shares of the firm’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $44.68, for a total transaction of $158,256.56. Following the transaction, the chief executive officer now owns 427,879 shares of the company’s stock, valued at $19,117,633.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,310 shares of company stock worth $1,290,914. Corporate insiders own 0.94% of the company’s stock.

Institutional Investors Weigh In On Ciena

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in shares of Ciena by 2.5% in the first quarter. BlackRock Inc. now owns 15,906,925 shares of the communications equipment provider’s stock valued at $964,436,000 after buying an additional 392,550 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Ciena by 38.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider’s stock worth $390,114,000 after purchasing an additional 1,409,823 shares during the last quarter. State Street Corp grew its position in shares of Ciena by 3.9% in the first quarter. State Street Corp now owns 4,218,280 shares of the communications equipment provider’s stock valued at $255,754,000 after purchasing an additional 160,100 shares during the period. Bank of America Corp DE increased its stake in Ciena by 1.0% in the first quarter. Bank of America Corp DE now owns 2,990,505 shares of the communications equipment provider’s stock valued at $181,314,000 after purchasing an additional 29,565 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Ciena by 21.7% during the fourth quarter. Nuveen Asset Management LLC now owns 2,768,937 shares of the communications equipment provider’s stock worth $213,125,000 after buying an additional 492,835 shares during the period. Institutional investors and hedge funds own 90.64% of the company’s stock.

About Ciena

(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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