Ciena (NYSE:CIEN) had its price objective boosted by Argus to $38.00 in a report released on Wednesday, The Fly reports. The brokerage currently has an average rating on the communications equipment provider’s stock. The analysts noted that the move was a valuation call.

Several other research firms have also recently weighed in on CIEN. William Blair reaffirmed a buy rating on shares of Ciena in a research report on Friday, August 31st. MKM Partners upped their price objective on shares of Ciena to $36.00 and gave the stock a buy rating in a research report on Friday, August 31st. B. Riley upped their price objective on shares of Ciena from $31.50 to $36.00 and gave the stock a buy rating in a research report on Friday, August 31st. JPMorgan Chase & Co. reaffirmed a buy rating and set a $39.00 price objective on shares of Ciena in a research report on Friday, August 31st. Finally, Needham & Company LLC upped their price objective on shares of Ciena from $29.00 to $33.00 and gave the stock a buy rating in a research report on Friday, August 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating and nineteen have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $32.28.

CIEN opened at $30.90 on Wednesday. Ciena has a twelve month low of $19.40 and a twelve month high of $32.33. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.97 and a quick ratio of 1.77. The stock has a market cap of $4.41 billion, a P/E ratio of 29.48, a PEG ratio of 1.86 and a beta of 1.36.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, August 30th. The communications equipment provider reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.12. Ciena had a net margin of 25.56% and a return on equity of 8.56%. The business had revenue of $818.82 million during the quarter, compared to analysts’ expectations of $792.28 million. During the same quarter in the prior year, the business posted $0.51 earnings per share. Ciena’s revenue was up 12.4% compared to the same quarter last year. analysts anticipate that Ciena will post 1.09 EPS for the current fiscal year.

In related news, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $31.75, for a total value of $63,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gary B. Smith sold 9,600 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $27.17, for a total transaction of $260,832.00. The disclosure for this sale can be found here. Insiders sold 77,262 shares of company stock valued at $2,020,776 in the last three months. Company insiders own 1.38% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of CIEN. Alps Advisors Inc. bought a new position in Ciena in the 1st quarter valued at approximately $453,000. New York State Teachers Retirement System raised its holdings in Ciena by 21.8% in the 1st quarter. New York State Teachers Retirement System now owns 202,622 shares of the communications equipment provider’s stock valued at $5,248,000 after buying an additional 36,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Ciena by 121.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,588 shares of the communications equipment provider’s stock valued at $430,000 after buying an additional 9,100 shares during the last quarter. Trexquant Investment LP bought a new position in Ciena in the 1st quarter valued at approximately $1,818,000. Finally, American Century Companies Inc. raised its holdings in Ciena by 3.4% in the 1st quarter. American Century Companies Inc. now owns 473,123 shares of the communications equipment provider’s stock valued at $12,254,000 after buying an additional 15,578 shares during the last quarter.

About Ciena

Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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The Fly

Analyst Recommendations for Ciena (NYSE:CIEN)

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