Ciena (NYSE:CIEN) had its price target cut by B. Riley from $30.50 to $28.00 in a research report released on Tuesday. They currently have a buy rating on the communications equipment provider’s stock.
CIEN has been the subject of several other research reports. BMO Capital Markets reaffirmed a buy rating on shares of Ciena in a research note on Friday, October 27th. Stifel Nicolaus reaffirmed a buy rating on shares of Ciena in a research note on Friday, November 3rd. Nomura cut their target price on Ciena from $30.00 to $28.00 and set a buy rating for the company in a research note on Friday, September 1st. MKM Partners reaffirmed a buy rating on shares of Ciena in a research note on Thursday, August 31st. Finally, Bank of America upgraded Ciena from a neutral rating to a buy rating and boosted their price objective for the company from $20.98 to $28.00 in a research report on Monday, November 27th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $29.30.
Shares of Ciena (CIEN) traded down $0.16 on Tuesday, reaching $21.44. The company’s stock had a trading volume of 3,446,400 shares, compared to its average volume of 3,073,730. The stock has a market capitalization of $3,050.00, a price-to-earnings ratio of 15.65, a P/E/G ratio of 0.85 and a beta of 1.66. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.50 and a current ratio of 2.92. Ciena has a 1-year low of $19.40 and a 1-year high of $27.98.
Several institutional investors have recently added to or reduced their stakes in CIEN. Neuberger Berman Group LLC boosted its position in shares of Ciena by 169.5% during the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after buying an additional 2,652,791 shares during the last quarter. Rubric Capital Management LP purchased a new stake in shares of Ciena during the third quarter valued at $33,373,000. Becker Capital Management Inc. purchased a new stake in shares of Ciena during the third quarter valued at $27,188,000. Artemis Investment Management LLP purchased a new stake in shares of Ciena during the second quarter valued at $28,400,000. Finally, FIL Ltd purchased a new stake in shares of Ciena during the second quarter valued at $23,010,000.
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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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