Shares of Ciena Co. (NYSE:CIEN – Get Free Report) have been assigned a consensus rating of “Moderate Buy” from the thirteen analysts that are presently covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $63.08.
CIEN has been the subject of several research reports. Rosenblatt Securities upped their price objective on shares of Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. BNP Paribas lowered Ciena from an “outperform” rating to a “neutral” rating and upped their price target for the company from $59.00 to $67.00 in a research report on Wednesday, October 9th. Stifel Nicolaus lifted their price objective on Ciena from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Morgan Stanley upped their target price on Ciena from $60.00 to $63.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lowered Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 price target on the stock. in a report on Monday, October 7th.
View Our Latest Stock Report on CIEN
Ciena Trading Down 0.3 %
Ciena (NYSE:CIEN – Get Free Report) last issued its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The firm had revenue of $942.30 million for the quarter, compared to analyst estimates of $928.31 million. During the same period in the previous year, the company posted $0.36 earnings per share. The business’s revenue was down 11.8% on a year-over-year basis. On average, sell-side analysts predict that Ciena will post 1.13 EPS for the current fiscal year.
Ciena declared that its Board of Directors has approved a stock repurchase program on Wednesday, October 2nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the communications equipment provider to repurchase up to 10.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Insider Transactions at Ciena
In related news, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $67.43, for a total value of $236,005.00. Following the sale, the senior vice president now owns 199,997 shares in the company, valued at approximately $13,485,797.71. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $67.43, for a total value of $236,005.00. Following the completion of the transaction, the senior vice president now owns 199,997 shares in the company, valued at approximately $13,485,797.71. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jason Phipps sold 2,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total transaction of $135,278.00. Following the sale, the senior vice president now directly owns 91,149 shares in the company, valued at approximately $5,604,752.01. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,200 shares of company stock worth $568,123 over the last ninety days. Company insiders own 0.83% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of CIEN. SG Americas Securities LLC boosted its stake in shares of Ciena by 1,171.4% in the 2nd quarter. SG Americas Securities LLC now owns 44,854 shares of the communications equipment provider’s stock valued at $2,161,000 after buying an additional 41,326 shares during the period. First Hawaiian Bank purchased a new position in Ciena in the second quarter worth approximately $661,000. Susquehanna Fundamental Investments LLC acquired a new position in Ciena during the 2nd quarter worth approximately $5,039,000. Bank of New York Mellon Corp increased its position in shares of Ciena by 13.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,499,035 shares of the communications equipment provider’s stock valued at $72,223,000 after purchasing an additional 181,358 shares during the last quarter. Finally, Deepwater Asset Management LLC acquired a new stake in shares of Ciena in the 1st quarter valued at $1,587,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.
About Ciena
Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.
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