Ciena Co. (NYSE:CIEN) was the target of unusually large options trading activity on Tuesday. Stock investors acquired 11,851 put options on the company. This represents an increase of 920% compared to the typical daily volume of 1,162 put options.
Several equities analysts have commented on CIEN shares. Zacks Investment Research upgraded shares of Ciena from a “sell” rating to a “hold” rating in a report on Tuesday, November 7th. BMO Capital Markets reiterated a “buy” rating and issued a $25.00 price objective on shares of Ciena in a report on Monday. William Blair reiterated a “buy” rating on shares of Ciena in a report on Monday, November 13th. Goldman Sachs Group upgraded shares of Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price objective on the stock in a report on Monday, January 15th. Finally, Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and upped their price objective for the company from $20.98 to $28.00 in a report on Monday, November 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twenty have issued a buy rating to the company. Ciena currently has an average rating of “Buy” and a consensus price target of $28.78.
Shares of Ciena (NYSE:CIEN) opened at $25.71 on Wednesday. The stock has a market cap of $3,371.30, a PE ratio of 3.22, a PEG ratio of 1.50 and a beta of 1.51. Ciena has a 52-week low of $19.40 and a 52-week high of $27.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.68.
Ciena (NYSE:CIEN) last announced its earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.03. The company had revenue of $646.14 million during the quarter, compared to analysts’ expectations of $641.77 million. Ciena had a net margin of 45.04% and a return on equity of 18.32%. Ciena’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.17 earnings per share. sell-side analysts forecast that Ciena will post 1 EPS for the current year.
Ciena announced that its Board of Directors has initiated a share buyback plan on Thursday, December 7th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
In related news, SVP Rick Hamilton sold 3,398 shares of the business’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $21.22, for a total transaction of $72,105.56. Following the transaction, the senior vice president now directly owns 51,019 shares in the company, valued at $1,082,623.18. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Andrew C. Petrik sold 3,800 shares of the business’s stock in a transaction on 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 90 days, insiders have sold 226,743 shares of company stock worth $4,882,491. 1.38% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Neuberger Berman Group LLC lifted its position in Ciena by 169.5% during the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after purchasing an additional 2,652,791 shares during the period. Maverick Capital Ltd. bought a new stake in Ciena during the fourth quarter worth about $50,962,000. Millennium Management LLC lifted its position in Ciena by 431.6% during the fourth quarter. Millennium Management LLC now owns 2,477,957 shares of the communications equipment provider’s stock worth $51,864,000 after purchasing an additional 2,011,805 shares during the period. Renaissance Technologies LLC bought a new stake in Ciena during the fourth quarter worth about $40,110,000. Finally, Rubric Capital Management LP bought a new stake in Ciena during the third quarter worth about $33,373,000.
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.