Northland Securities Reiterates $32.00 Price Target for Ciena Corporation (NYSE:CIEN)
Ciena Corporation (NYSE:CIEN) has been assigned a $32.00 target price by Northland Securities in a research note issued to investors on Monday. The firm currently has a “buy” rating on the communications equipment provider’s stock. Northland Securities’ price objective points to a potential upside of 25.93% from the stock’s current price.
Other equities research analysts have also recently issued reports about the stock. B. Riley reiterated a “buy” rating and set a $34.25 price objective on shares of Ciena Corporation in a research report on Tuesday, May 30th. UBS AG reiterated a “buy” rating and set a $31.00 price objective (up from $29.00) on shares of Ciena Corporation in a research report on Monday, June 5th. ValuEngine upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Stifel Nicolaus restated a “buy” rating and issued a $32.00 price target on shares of Ciena Corporation in a report on Friday, July 21st. Finally, Jefferies Group LLC restated a “buy” rating and issued a $32.50 price target (up from $29.00) on shares of Ciena Corporation in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Ciena Corporation has a consensus rating of “Buy” and a consensus price target of $30.19.
Ciena Corporation (NYSE:CIEN) opened at 25.41 on Monday. Ciena Corporation has a 12 month low of $18.94 and a 12 month high of $27.98. The company has a market capitalization of $3.60 billion, a PE ratio of 33.57 and a beta of 1.61. The stock’s 50 day moving average is $25.71 and its 200-day moving average is $24.48.
Ciena Corporation (NYSE:CIEN) last posted its quarterly earnings data 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 Corporation had a net margin of 4.13% and a return on equity of 25.56%. The company had revenue of $707.02 million during the quarter, compared to analysts’ expectations of $694.84 million. During the same period in the prior year, the company posted $0.34 earnings per share. Ciena Corporation’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, analysts expect that Ciena Corporation will post $1.77 EPS for the current year.
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In related news, CEO Gary B. Smith sold 12,558 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $25.31, for a total transaction of $317,842.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $26.24, for a total transaction of $52,480.00. The disclosure for this sale can be found here. Insiders have sold 68,689 shares of company stock worth $1,753,805 over the last three months. 1.45% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thompson Davis & CO. Inc. purchased a new position in Ciena Corporation during the first quarter worth $106,000. Glen Harbor Capital Management LLC increased its stake in Ciena Corporation 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 period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Ciena Corporation by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock worth $127,000 after buying an additional 517 shares during the period. Fortaleza Asset Management Inc. bought a new stake in Ciena Corporation during the second quarter worth about $134,000. Finally, Elkfork Partners LLC increased its stake in Ciena Corporation by 12.1% in the first quarter. Elkfork Partners LLC now owns 6,720 shares of the communications equipment provider’s stock worth $159,000 after buying an additional 728 shares during the period.
Ciena Corporation 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.
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