Ciena (NYSE:CIEN) had its price objective boosted by equities researchers at B. Riley from $27.50 to $31.00 in a research report issued on Wednesday. The firm currently has a “buy” rating on the communications equipment provider’s stock. B. Riley’s price objective would suggest a potential upside of 20.58% from the company’s previous close. B. Riley also issued estimates for Ciena’s Q2 2018 earnings at $0.16 EPS, Q3 2018 earnings at $0.27 EPS, Q4 2018 earnings at $0.34 EPS and FY2018 earnings at $0.84 EPS.
A number of other research analysts have also recently weighed in on CIEN. Zacks Investment Research upgraded shares of Ciena from a “sell” rating to a “hold” rating in a research note on Tuesday, November 7th. William Blair restated a “buy” rating on shares of Ciena in a research note on Monday, November 13th. Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and lifted their target price for the company from $20.98 to $28.00 in a research note on Monday, November 27th. Cowen restated a “buy” rating and set a $33.00 target price on shares of Ciena in a research note on Wednesday, December 6th. Finally, Piper Jaffray Companies cut shares of Ciena from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $20.76 to $22.00 in a research note on Friday, December 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twenty have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.93.
Ciena (NYSE:CIEN) opened at $25.71 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.68 and a current ratio of 1.93. Ciena has a one year low of $19.40 and a one year high of $27.98. The firm has a market cap of $3,371.30, a price-to-earnings ratio of 3.22, a P/E/G ratio of 1.50 and a beta of 1.51.
Ciena (NYSE:CIEN) last released its earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Ciena had a net margin of 45.04% and a return on equity of 18.32%. The company had revenue of $646.14 million for the quarter, compared to analysts’ expectations of $641.77 million. During the same quarter in the previous year, the company earned $0.17 EPS. Ciena’s revenue for the quarter was up 4.0% on a year-over-year basis. research analysts expect that Ciena will post 1 earnings per share for the current year.
Ciena announced that its Board of Directors has initiated a share repurchase plan on Thursday, December 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $23.23, for a total value of $185,840.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Andrew C. Petrik sold 3,800 shares of the business’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $21.22, for a total transaction of $80,636.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 226,743 shares of company stock worth $4,882,491. 1.38% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Xact Kapitalforvaltning AB bought a new stake in shares of Ciena in the 4th quarter worth about $278,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Ciena in the 4th quarter worth about $871,000. MetLife Investment Advisors LLC bought a new stake in shares of Ciena in the 4th quarter worth about $3,284,000. Gotham Asset Management LLC increased its holdings in shares of Ciena by 1,777.6% in the 4th quarter. Gotham Asset Management LLC now owns 719,652 shares of the communications equipment provider’s stock worth $15,062,000 after buying an additional 681,324 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its holdings in shares of Ciena by 18.2% in the 4th quarter. Glenmede Trust Co. NA now owns 15,794 shares of the communications equipment provider’s stock worth $330,000 after buying an additional 2,430 shares during the last quarter.
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.