Shares of Ciena Co. (NYSE:CIEN – Get Free Report) fell 3.4% on Friday after Raymond James lowered their price target on the stock from $63.00 to $60.00. Raymond James currently has a strong-buy rating on the stock. Ciena traded as low as $44.61 and last traded at $44.72. 911,285 shares changed hands during trading, a decline of 45% from the average session volume of 1,659,835 shares. The stock had previously closed at $46.31.
A number of other research firms have also weighed in on CIEN. B. Riley raised their price objective on Ciena from $60.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, September 1st. UBS Group raised their price objective on Ciena from $48.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, September 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Ciena in a research report on Tuesday, November 28th. StockNews.com initiated coverage on Ciena in a report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, Stifel Nicolaus initiated coverage on Ciena in a report on Wednesday, September 27th. They issued a “buy” rating and a $62.00 target price for the company. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $61.89.
Insider Buying and Selling
In related news, SVP Joseph Cumello sold 1,212 shares of Ciena stock in a transaction on Monday, October 16th. The stock was sold at an average price of $42.45, for a total value of $51,449.40. Following the completion of the sale, the senior vice president now owns 38,163 shares of the company’s stock, valued at $1,620,019.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Joseph Cumello sold 1,212 shares of Ciena stock in a transaction on Monday, October 16th. The stock was sold at an average price of $42.45, for a total transaction of $51,449.40. Following the transaction, the senior vice president now directly owns 38,163 shares in the company, valued at $1,620,019.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Scott Mcfeely sold 2,000 shares of Ciena stock in a transaction on Friday, September 15th. The shares were sold at an average price of $48.90, for a total value of $97,800.00. Following the transaction, the senior vice president now owns 88,392 shares in the company, valued at $4,322,368.80. The disclosure for this sale can be found here. Insiders sold 29,087 shares of company stock valued at $1,336,852 over the last 90 days. Company insiders own 0.99% of the company’s stock.
Hedge Funds Weigh In On Ciena
Several institutional investors and hedge funds have recently bought and sold shares of CIEN. DigitalBridge Group Inc. lifted its position in shares of Ciena by 34.4% in the third quarter. DigitalBridge Group Inc. now owns 352,727 shares of the communications equipment provider’s stock valued at $16,670,000 after acquiring an additional 90,206 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Ciena by 21.0% in the third quarter. Deutsche Bank AG now owns 490,177 shares of the communications equipment provider’s stock valued at $23,166,000 after acquiring an additional 85,080 shares in the last quarter. Graham Capital Management L.P. lifted its position in shares of Ciena by 80.9% in the third quarter. Graham Capital Management L.P. now owns 15,888 shares of the communications equipment provider’s stock valued at $751,000 after acquiring an additional 7,105 shares in the last quarter. Comerica Bank purchased a new position in shares of Ciena in the third quarter valued at about $4,644,000. Finally, Diversified Trust Co lifted its position in shares of Ciena by 24.1% in the third quarter. Diversified Trust Co now owns 6,146 shares of the communications equipment provider’s stock valued at $290,000 after acquiring an additional 1,192 shares in the last quarter. 90.02% of the stock is currently owned by hedge funds and other institutional investors.
Ciena Stock Down 3.9 %
The company has a 50-day moving average price of $44.17 and a 200 day moving average price of $44.10. The firm has a market capitalization of $6.58 billion, a PE ratio of 30.16, a P/E/G ratio of 1.34 and a beta of 0.96. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.95 and a quick ratio of 2.71.
Ciena (NYSE:CIEN – Get Free Report) last announced its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.69 by $0.06. Ciena had a return on equity of 10.00% and a net margin of 5.23%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the business earned $0.49 earnings per share. The business’s revenue was up 16.4% on a year-over-year basis. Analysts forecast that Ciena Co. will post 1.97 earnings per share for the current year.
Ciena Company Profile
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, IP routing, and switching services.