Ciena (NYSE:CIEN) was upgraded by Northland Securities from a “market perform” rating to an “outperform” rating in a note issued to investors on Monday, The Fly reports. The brokerage presently has a $42.00 target price on the communications equipment provider’s stock. Northland Securities’ price target would suggest a potential upside of 8.75% from the stock’s previous close.
The analysts wrote, “We are upgrading CIEN shares to OP from MP and increasing our PT from $34 to $42, based on both a recent deep dive into emerging 600G/800G coherent optical technology, discussed further in an associated industry note, that included a discussion with CIEN management last week in addition to multiple competitors as well as the recent and fairly dramatic underperformance of CIEN shares relative to ACIA and the broader 100G+ optical group, bringing valuation into a more attractive range.””
Other equities research analysts have also recently issued research reports about the stock. Argus restated an “average” rating and issued a $53.00 price objective on shares of Ciena in a report on Wednesday, March 6th. Dougherty & Co raised their price objective on shares of Ciena from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. B. Riley lifted their price target on shares of Ciena from $42.20 to $48.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Nomura lifted their price target on shares of Ciena from $40.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Finally, Citigroup lifted their price target on shares of Ciena to $50.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Nine analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Ciena has an average rating of “Buy” and a consensus price target of $42.30.
Ciena (NYSE:CIEN) last issued its earnings results on Tuesday, March 5th. The communications equipment provider reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.06. Ciena had a return on equity of 10.73% and a net margin of 5.03%. The firm had revenue of $778.53 million for the quarter, compared to the consensus estimate of $761.62 million. During the same quarter last year, the business posted $0.15 EPS. The company’s revenue was up 20.5% compared to the same quarter last year. On average, equities analysts predict that Ciena will post 1.54 EPS for the current fiscal year.
In other news, VP James Frodsham sold 41,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $39.69, for a total value of $1,627,290.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP David M. Rothenstein sold 2,000 shares of the firm’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $39.97, for a total value of $79,940.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 196,822 shares of company stock worth $7,799,345. 1.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Csenge Advisory Group purchased a new stake in Ciena in the 3rd quarter worth about $29,000. Huntington National Bank acquired a new position in Ciena in the fourth quarter valued at about $29,000. PRW Wealth Management LLC acquired a new position in shares of Ciena during the fourth quarter worth about $38,000. Ffcm LLC boosted its position in shares of Ciena by 355.7% during the fourth quarter. Ffcm LLC now owns 1,276 shares of the communications equipment provider’s stock worth $43,000 after buying an additional 996 shares during the period. Finally, First Hawaiian Bank boosted its position in shares of Ciena by 393.0% during the fourth quarter. First Hawaiian Bank now owns 1,474 shares of the communications equipment provider’s stock worth $50,000 after buying an additional 1,175 shares during the period. 93.44% of the stock is owned by institutional investors.
Ciena Company Profile
Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Converged Packet Optical; Packet Networking; Optical Transport; and Software and Services. The Converged Packet Optical segment develops and sells optical processors, switching systems, and operating system software.
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