Ciena (NYSE:CIEN) Stock Rating Lowered by Zacks Research

Ciena (NYSE:CIEN) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

CIEN has been the topic of a number of other reports. Citigroup lifted their target price on shares of Ciena to $280.00 and gave the company a “buy” rating in a report on Friday, December 12th. Barclays increased their price target on Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Raymond James Financial set a $240.00 price objective on Ciena in a research note on Thursday, December 11th. Bank of America reaffirmed a “neutral” rating and set a $260.00 price target on shares of Ciena in a research report on Tuesday, January 20th. Finally, Argus upped their price target on shares of Ciena from $135.00 to $280.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and an average price target of $241.67.

Ciena Stock Up 2.8%

Shares of NYSE:CIEN opened at $297.93 on Monday. Ciena has a 1 year low of $49.21 and a 1 year high of $298.99. The firm’s 50-day moving average is $237.84 and its two-hundred day moving average is $177.44. The firm has a market capitalization of $41.96 billion, a PE ratio of 350.51, a price-to-earnings-growth ratio of 1.63 and a beta of 1.13. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.73 and a quick ratio of 2.09.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the business earned $0.54 EPS. Ciena’s revenue was up 20.1% on a year-over-year basis. Analysts predict that Ciena will post 1.6 EPS for the current year.

Insider Activity

In related news, Director Patrick Gallagher sold 11,618 shares of Ciena stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the sale, the director directly owned 50,184 shares of the company’s stock, valued at $11,414,350.80. This trade represents a 18.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Michael Nevens sold 8,554 shares of Ciena stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $224.66, for a total value of $1,921,741.64. Following the sale, the director directly owned 9,422 shares in the company, valued at $2,116,746.52. The trade was a 47.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 157,242 shares of company stock valued at $36,341,766. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its stake in Ciena by 0.8% in the fourth quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock valued at $1,194,000 after acquiring an additional 43 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Ciena by 9.7% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider’s stock worth $166,000 after acquiring an additional 63 shares in the last quarter. Assetmark Inc. lifted its stake in shares of Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after acquiring an additional 67 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Ciena by 6.9% during the fourth quarter. IFP Advisors Inc now owns 1,055 shares of the communications equipment provider’s stock valued at $247,000 after acquiring an additional 68 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its position in Ciena by 11.1% during the third quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock valued at $102,000 after acquiring an additional 70 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.