UBS Trims Ciena (CIEN) Target Price to $27.00
Ciena (NYSE:CIEN) had its target price reduced by UBS from $29.00 to $27.00 in a research report sent to investors on Friday, 99wallstreet.com reports. They currently have a buy rating on the communications equipment provider’s stock.
Several other analysts also recently weighed in on the company. BMO Capital Markets cut their target price on Ciena to $25.00 and set an outperform rating on the stock in a research note on Friday. Needham & Company LLC cut their target price on Ciena from $26.00 to $24.00 and set a buy rating on the stock in a research note on Friday. Raymond James Financial set a $33.00 price target on Ciena and gave the company a buy rating in a research report on Thursday. Piper Jaffray Companies cut Ciena from an overweight rating to a neutral rating and lifted their price target for the company from $20.76 to $22.00 in a research report on Friday. Finally, Cowen reiterated a buy rating and set a $33.00 price target on shares of Ciena in a research report on Wednesday, December 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $28.48.
Shares of Ciena (CIEN) opened at $20.93 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.68 and a current ratio of 1.93. The firm has a market capitalization of $2,993.89, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 0.86 and a beta of 1.67. Ciena has a 12 month low of $19.40 and a 12 month high of $27.98.
Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). The business had revenue of $744.40 million for the quarter, compared to the consensus estimate of $736.91 million. Ciena had a net margin of 45.04% and a return on equity of 18.32%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. equities research analysts expect that Ciena will post 1.65 earnings per share for the current fiscal year.
Ciena declared that its Board of Directors has initiated a share buyback program on Thursday, December 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
In related news, SVP James E. Moylan, Jr. sold 3,053 shares of Ciena stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $21.25, for a total value of $64,876.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP David M. Rothenstein sold 2,000 shares of Ciena stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $19.50, for a total value of $39,000.00. The disclosure for this sale can be found here. Insiders sold a total of 89,052 shares of company stock worth $1,898,778 over the last 90 days. Insiders own 1.45% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Rubric Capital Management LP acquired a new stake in shares of Ciena in the third quarter worth $33,373,000. Algert Global LLC boosted its position in shares of Ciena by 48.5% in the third quarter. Algert Global LLC now owns 128,474 shares of the communications equipment provider’s stock worth $2,823,000 after buying an additional 41,959 shares during the period. Neuberger Berman Group LLC boosted its position in shares of Ciena by 169.5% in 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 buying an additional 2,652,791 shares during the period. PVG Asset Management Corp acquired a new stake in shares of Ciena in the third quarter worth $674,000. Finally, California Public Employees Retirement System boosted its position in shares of Ciena by 5.1% in the third quarter. California Public Employees Retirement System now owns 319,658 shares of the communications equipment provider’s stock worth $7,023,000 after buying an additional 15,588 shares during the period.
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.
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