BMO Capital Markets Lowers Ciena (CIEN) Price Target to $25.00
Ciena (NYSE:CIEN) had its target price dropped by equities researchers at BMO Capital Markets to $25.00 in a research note issued to investors on Friday. The firm currently has an “outperform” rating on the communications equipment provider’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 20.42% from the company’s previous close.
CIEN has been the subject of a number of other research reports. Stifel Nicolaus reiterated a “buy” rating on shares of Ciena in a research report on Friday, November 3rd. Citigroup raised Ciena from a “neutral” rating to a “buy” rating and raised their price target for the stock from $23.87 to $29.00 in a research note on Wednesday, August 30th. BidaskClub lowered Ciena from a “sell” rating to a “strong sell” rating in a research note on Saturday, November 4th. Nomura decreased their price target on Ciena from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, September 1st. Finally, Zacks Investment Research lowered Ciena from a “hold” rating to a “sell” rating in a research note on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $29.05.
Ciena (CIEN) traded down $0.41 during trading on Friday, reaching $20.76. The company had a trading volume of 15,390,700 shares, compared to its average volume of 3,134,981. The stock has a market cap of $3,020.71, a PE ratio of 15.34, a PEG ratio of 0.86 and a beta of 1.67. Ciena has a 1 year low of $19.40 and a 1 year high of $27.98. The company has a current ratio of 2.92, a quick ratio of 2.50 and a debt-to-equity ratio of 0.99.
Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The company had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $736.91 million. Ciena had a return on equity of 25.53% and a net margin of 4.99%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.44 EPS. equities research analysts predict that Ciena will post 1.51 EPS for the current fiscal year.
Ciena declared that its board has approved a stock repurchase program on Thursday, December 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
In other news, CFO James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $21.46, for a total value of $42,920.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $20.09, for a total value of $120,540.00. The disclosure for this sale can be found here. Insiders have sold a total of 89,052 shares of company stock worth $1,898,778 over the last three months. 1.45% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Parametric Portfolio Associates LLC boosted its position in Ciena by 15.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock worth $4,686,000 after acquiring an additional 25,663 shares during the period. Marshall Wace North America L.P. acquired a new position in Ciena during the 2nd quarter worth $2,679,000. Dupont Capital Management Corp lifted its holdings in shares of Ciena by 150.1% in the second quarter. Dupont Capital Management Corp now owns 72,528 shares of the communications equipment provider’s stock valued at $1,815,000 after buying an additional 43,528 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in shares of Ciena in the second quarter valued at $1,927,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Ciena by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock valued at $311,906,000 after buying an additional 203,112 shares during the period.
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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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