The Drexel Hamilton Upgrades Ciena Co. (CIEN) to Buy

The Drexel Hamilton Upgrades Ciena Co. (CIEN) to Buy

Other research analysts also recently issued reports about the company. B. Riley restated a “buy” rating and issued a $34.00 price target on shares of Ciena in a research note on Saturday, March 11th. Dougherty & Co reaffirmed a “buy” rating and set a $26.00 price objective on shares of Ciena in a report on Monday, March 6th. MKM Partners reaffirmed a “buy” rating and set a $30.00 price objective on shares of Ciena in a report on Monday, March 13th. William Blair reaffirmed a “buy” rating on shares of Ciena in a report on Sunday, March 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Ciena in a report on Saturday, March 11th. Six analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $29.68.

Ciena Co. (NYSE:CIEN) was upgraded by analysts at Drexel Hamilton from a “hold” rating to a “buy” rating in a report issued on Thursday.

Shares of Ciena (NYSE:CIEN) opened at 27.50 on Thursday. Ciena has a 52 week low of $17.59 and a 52 week high of $27.98. The company has a 50-day moving average of $23.34 and a 200-day moving average of $23.72. The stock has a market capitalization of $3.89 billion, a P/E ratio of 45.16 and a beta of 1.66.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Ciena had a return on equity of 23.37% and a net margin of 2.79%. The business had revenue of $707.02 million during the quarter, compared to the consensus estimate of $694.84 million. During the same period in the prior year, the company posted $0.34 EPS. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, analysts anticipate that Ciena will post $1.77 EPS for the current year.

In other news, SVP James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $22.75, for a total transaction of $45,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Stephen B. Alexander sold 2,500 shares of the stock in a transaction on Monday, April 17th. The stock was sold at an average price of $21.66, for a total value of $54,150.00. The disclosure for this sale can be found here. Insiders have sold a total of 65,841 shares of company stock worth $1,509,788 in the last three months. Corporate insiders own 1.45% of the company’s stock. Large investors have recently modified their holdings of the stock. Advisors Capital Management LLC bought a new stake in shares of Ciena during the first quarter worth $183,000. Thompson Davis & CO. Inc. bought a new stake in shares of Ciena during the first quarter worth $106,000. Glen Harbor Capital Management LLC increased its stake in shares of Ciena by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock worth $125,000 after buying an additional 572 shares during the last quarter. Elkfork Partners LLC bought a new stake in shares of Ciena during the fourth quarter worth $146,000. Finally, Fortaleza Asset Management Inc. bought a new stake in shares of Ciena during the fourth quarter worth $179,000. 95.25% of the stock is currently owned by institutional investors.

Ciena Company Profile Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CIEN”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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