Ciena Co. (NYSE:CIEN) Given Consensus Rating of “Buy” by Brokerages

Ciena Co. (NYSE:CIEN) has been assigned an average recommendation of “Buy” from the twenty-seven ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation, fourteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $46.95.

A number of research firms recently commented on CIEN. Stifel Nicolaus boosted their target price on shares of Vail Resorts from $219.00 to $230.00 and gave the stock a “hold” rating in a report on Friday, June 7th. Jefferies Financial Group boosted their target price on shares of Avid Technology from $6.50 to $8.50 and gave the stock a “hold” rating in a report on Friday, June 7th. B. Riley set a $2.00 target price on shares of Kirkland’s and gave the stock a “hold” rating in a report on Friday, June 7th. Citigroup began coverage on shares of UBISOFT ENTMT S/ADR in a report on Friday, June 7th. They issued a “buy” rating on the stock. Finally, TheStreet downgraded shares of Tilly’s from a “b-” rating to a “c+” rating in a report on Tuesday, June 25th.

Shares of CIEN stock traded up $0.17 during midday trading on Tuesday, reaching $44.36. 1,554,967 shares of the company were exchanged, compared to its average volume of 2,827,174. Ciena has a 12 month low of $25.18 and a 12 month high of $46.23. The stock has a market capitalization of $6.87 billion, a P/E ratio of 39.61, a P/E/G ratio of 1.47 and a beta of 1.13. The business has a 50 day simple moving average of $41.84. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.36 and a current ratio of 2.83.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.07. Ciena had a net margin of 5.98% and a return on equity of 12.37%. The company had revenue of $865.00 million for the quarter, compared to the consensus estimate of $818.23 million. During the same period in the previous year, the firm earned $0.23 EPS. Ciena’s revenue was up 18.5% on a year-over-year basis. Equities research analysts predict that Ciena will post 1.72 EPS for the current year.

In other Ciena news, SVP Rick Hamilton sold 1,951 shares of Ciena stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $44.05, for a total value of $85,941.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 9,600 shares of Ciena stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $44.38, for a total transaction of $426,048.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 94,133 shares of company stock worth $3,691,135. 1.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its stake in Ciena by 1.0% during the 1st quarter. BlackRock Inc. now owns 18,081,989 shares of the communications equipment provider’s stock valued at $675,180,000 after purchasing an additional 182,486 shares during the last quarter. Vanguard Group Inc raised its stake in Ciena by 1.9% during the 3rd quarter. Vanguard Group Inc now owns 12,969,428 shares of the communications equipment provider’s stock valued at $405,165,000 after purchasing an additional 240,201 shares during the last quarter. Northern Trust Corp raised its stake in Ciena by 1.3% during the 1st quarter. Northern Trust Corp now owns 3,124,045 shares of the communications equipment provider’s stock valued at $116,652,000 after purchasing an additional 41,253 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Ciena by 41.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,921,055 shares of the communications equipment provider’s stock valued at $109,071,000 after purchasing an additional 862,017 shares during the last quarter. Finally, Boston Partners raised its stake in Ciena by 2.3% during the 1st quarter. Boston Partners now owns 1,770,247 shares of the communications equipment provider’s stock valued at $66,101,000 after purchasing an additional 39,591 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

About Ciena

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.

Read More: What is included in the gross domestic product?

Analyst Recommendations for Ciena (NYSE:CIEN)

Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.