Ciena (CIEN) Shares Gap Up to $22.29

Shares of Ciena Co. (NYSE:CIEN) gapped up before the market opened on Thursday . The stock had previously closed at $21.75, but opened at $22.29. Ciena shares last traded at $22.34, with a volume of 4025291 shares changing hands.

Several analysts have issued reports on the company. BidaskClub raised Ciena from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 25th. Goldman Sachs Group raised Ciena from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Monday, January 15th. B. Riley dropped their target price on Ciena from $30.50 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, December 5th. Cowen reaffirmed a “buy” rating and set a $33.00 target price on shares of Ciena in a research report on Wednesday, December 6th. Finally, Bank of America raised Ciena from a “neutral” rating to a “buy” rating and increased their target price for the company from $20.98 to $28.00 in a research report on Monday, November 27th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twenty have assigned a buy rating to the company. Ciena presently has a consensus rating of “Buy” and an average target price of $28.48.

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.68 and a current ratio of 1.93. The firm has a market cap of $3,180.00, a price-to-earnings ratio of 3.22, a P/E/G ratio of 1.42 and a beta of 1.67.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). Ciena had a net margin of 45.04% and a return on equity of 18.32%. The business had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $736.91 million. During the same quarter in the prior year, the company posted $0.44 EPS. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. equities research analysts predict that Ciena Co. will post 1 earnings per share for the current year.

Ciena announced that its Board of Directors has approved a stock repurchase plan on Thursday, December 7th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the communications equipment provider to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

In related news, CEO Gary B. Smith sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $20.55, for a total value of $205,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David M. Rothenstein sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $19.50, for a total value of $39,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 212,743 shares of company stock valued at $4,526,441. Company insiders own 1.45% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Advisor Group Inc. raised its stake in Ciena by 6.4% in the 2nd quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock worth $151,000 after acquiring an additional 604 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in Ciena by 2.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 54,813 shares of the communications equipment provider’s stock worth $1,371,000 after acquiring an additional 1,328 shares during the last quarter. TCW Group Inc. grew its position in Ciena by 0.4% during the 4th quarter. TCW Group Inc. now owns 639,066 shares of the communications equipment provider’s stock worth $13,376,000 after purchasing an additional 2,270 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ciena by 47.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after purchasing an additional 2,403 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its position in Ciena by 11.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 26,091 shares of the communications equipment provider’s stock worth $653,000 after purchasing an additional 2,628 shares during the period.

COPYRIGHT VIOLATION NOTICE: This report was published by Community Financial News and is the sole property of of Community Financial News. If you are accessing this report on another site, it was copied illegally and reposted in violation of United States & international copyright law. The correct version of this report can be viewed at https://www.com-unik.info/2018/02/10/ciena-cien-shares-gap-up-to-22-29.html.

About Ciena

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.

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.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit