Ciena (NYSE:CIEN) Downgraded to “Buy” at ValuEngine

Ciena (NYSE:CIEN) was downgraded by equities research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a report issued on Monday, April 1st, ValuEngine reports.

Other equities research analysts have also recently issued research reports about the stock. Argus reiterated an “average” rating and issued a $53.00 target price on shares of Ciena in a research note on Wednesday, March 6th. Dougherty & Co increased their price target on shares of Ciena from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, December 14th. B. Riley reissued a “buy” rating and issued a $42.50 price target (up previously from $36.00) on shares of Ciena in a research report on Friday, December 14th. MKM Partners increased their price target on shares of Ciena from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 14th. Finally, Nomura increased their price target on shares of Ciena from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, December 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $42.30.

CIEN stock traded down $0.84 during mid-day trading on Monday, reaching $38.22. 1,485,978 shares of the stock traded hands, compared to its average volume of 2,569,298. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.98 and a quick ratio of 2.52. Ciena has a 52 week low of $22.99 and a 52 week high of $45.70. The stock has a market capitalization of $6.22 billion, a price-to-earnings ratio of 34.13, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Ciena (NYSE:CIEN) last released its earnings results on Tuesday, March 5th. The communications equipment provider reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.06. Ciena had a net margin of 5.03% and a return on equity of 10.73%. The business had revenue of $778.53 million during the quarter, compared to analysts’ expectations of $761.62 million. During the same quarter last year, the company earned $0.15 earnings per share. The firm’s revenue was up 20.5% on a year-over-year basis. Equities analysts expect that Ciena will post 1.54 EPS for the current fiscal year.

In other Ciena news, VP James Frodsham sold 41,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $39.69, for a total value of $1,627,290.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP David M. Rothenstein sold 2,000 shares of Ciena stock in a transaction on Friday, February 15th. The stock was sold at an average price of $39.97, for a total transaction of $79,940.00. The disclosure for this sale can be found here. In the last three months, insiders sold 196,322 shares of company stock valued at $7,791,134. 1.20% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Csenge Advisory Group acquired a new stake in shares of Ciena during the third quarter worth $29,000. Huntington National Bank acquired a new stake in shares of Ciena during the fourth quarter worth $29,000. PRW Wealth Management LLC acquired a new stake in shares of Ciena during the fourth quarter worth $38,000. Investors Research Corp acquired a new stake in Ciena in the 1st quarter valued at $39,000. Finally, Ffcm LLC increased its stake in Ciena by 355.7% in the 4th quarter. Ffcm LLC now owns 1,276 shares of the communications equipment provider’s stock valued at $43,000 after buying an additional 996 shares during the last quarter. 93.34% of the stock is currently owned by institutional investors.

Ciena Company Profile

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice 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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Analyst Recommendations for Ciena (NYSE:CIEN)

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