Ciena Corporation (NYSE:CIEN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “Ciena competes against much larger players in the networking industry which is a major obstacle for the company. Customer concentration has also been a major factor for Ciena. Given the competitive nature of the industry, the loss of any one of its key customers would severely impact results, going forward. Uncertainty related to government business and macroeconomic volatility is a headwind. However, Ciena is likely to benefit from rising demand for its products like WaveServer, accretive acquisitions and expanding international presence. The stock has outperformed the industry to which it belongs to in the last one year. Estimates have been stable lately ahead of the company’s Q4 earnings release. The company has mixed record of earnings surprises in recent quarters.”

Several other research analysts have also recently weighed in on CIEN. Stifel Nicolaus reiterated a “buy” rating and set a $32.00 price target on shares of Ciena Corporation in a research note on Friday, July 21st. BidaskClub cut shares of Ciena Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. William Blair reiterated a “buy” rating on shares of Ciena Corporation in a research note on Thursday, August 3rd. Northland Securities set a $32.00 price target on shares of Ciena Corporation and gave the stock a “buy” rating in a research note on Monday, August 7th. Finally, ValuEngine cut shares of Ciena Corporation from a “buy” rating to a “hold” rating in a research note on Monday, August 14th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $29.53.

Shares of Ciena Corporation (CIEN) traded up $0.56 during mid-day trading on Wednesday, reaching $20.40. 2,973,800 shares of the company traded hands, compared to its average volume of 3,105,655. Ciena Corporation has a 52 week low of $19.40 and a 52 week high of $27.98. The company has a quick ratio of 2.50, a current ratio of 2.92 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $2,890.00, a PE ratio of 14.38, a P/E/G ratio of 0.78 and a beta of 1.64.

Ciena Corporation (NYSE:CIEN) last issued its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Ciena Corporation had a net margin of 4.99% and a return on equity of 25.53%. The company had revenue of $728.70 million for the quarter, compared to analysts’ expectations of $726.81 million. During the same quarter last year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. analysts predict that Ciena Corporation will post 1.51 EPS for the current year.

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In other news, CEO Gary B. Smith sold 12,634 shares of the business’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $21.25, for a total value of $268,472.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David M. Rothenstein sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $19.50, for a total transaction of $39,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,052 shares of company stock worth $1,880,078. Insiders own 1.45% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Ciena Corporation by 0.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,690 shares of the communications equipment provider’s stock worth $518,000 after purchasing an additional 58 shares during the period. Capstone Asset Management Co. boosted its stake in shares of Ciena Corporation by 1.3% during the 2nd quarter. Capstone Asset Management Co. now owns 10,490 shares of the communications equipment provider’s stock worth $262,000 after purchasing an additional 130 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Ciena Corporation by 1.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,740 shares of the communications equipment provider’s stock worth $269,000 after purchasing an additional 200 shares during the period. World Asset Management Inc boosted its stake in shares of Ciena Corporation by 2.8% during the 2nd quarter. World Asset Management Inc now owns 8,935 shares of the communications equipment provider’s stock worth $224,000 after purchasing an additional 243 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Ciena Corporation by 2.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 11,289 shares of the communications equipment provider’s stock worth $282,000 after purchasing an additional 300 shares during the period.

About Ciena Corporation

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.

Analyst Recommendations for Ciena Corporation (NYSE:CIEN)

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