Today: Ciena Corp. (CIEN) Earns Buy Rating from Needham & Company LLC

Today: Ciena Corp. (CIEN) Earns Buy Rating from Needham & Company LLC

Ciena Corp. (NYSE:CIEN)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued on Monday. They currently have a $30.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 39.28% from the company’s current price.

Other analysts have also recently issued research reports about the company. B. Riley restated a “buy” rating and issued a $28.50 price target on shares of Ciena Corp. in a report on Sunday, September 4th. Dougherty & Co boosted their target price on Ciena Corp. from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, September 2nd. Argus reiterated a “buy” rating and set a $30.00 target price on shares of Ciena Corp. in a report on Friday, September 2nd. Jefferies Group boosted their target price on Ciena Corp. from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, September 2nd. Finally, MKM Partners reiterated a “buy” rating and set a $26.00 target price on shares of Ciena Corp. in a report on Tuesday, August 23rd. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $25.60.

Ciena Corp. (NYSE:CIEN) traded down 3.942% during mid-day trading on Monday, reaching $21.565. 2,092,092 shares of the company’s stock were exchanged. Ciena Corp. has a 52 week low of $15.62 and a 52 week high of $25.46. The company’s 50 day moving average price is $20.88 and its 200-day moving average price is $20.31. The company has a market capitalization of $3.00 billion, a P/E ratio of 133.117 and a beta of 1.72.

Ciena Corp. (NYSE:CIEN) last posted its quarterly earnings results on Thursday, September 1st. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The company earned $670.60 million during the quarter, compared to analysts’ expectations of $672.23 million. Ciena Corp. had a return on equity of 22.41% and a net margin of 0.86%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 EPS. On average, equities research analysts expect that Ciena Corp. will post $1.43 earnings per share for the current fiscal year.

In other news, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction on Friday, September 9th. The stock was sold at an average price of $22.10, for a total value of $176,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marcus H. Starke sold 3,164 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $23.01, for a total value of $72,803.64. The disclosure for this sale can be found here. Corporate insiders own 1.72% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in Ciena Corp. by 6.9% in the first quarter. Geode Capital Management LLC now owns 814,749 shares of the company’s stock valued at $15,495,000 after buying an additional 52,291 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Ciena Corp. by 16.2% in the first quarter. Envestnet Asset Management Inc. now owns 42,226 shares of the company’s stock valued at $803,000 after buying an additional 5,883 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in Ciena Corp. by 4.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 202,292 shares of the company’s stock valued at $3,848,000 after buying an additional 8,928 shares during the last quarter. Boothbay Fund Management LLC boosted its position in Ciena Corp. by 0.4% in the first quarter. Boothbay Fund Management LLC now owns 41,636 shares of the company’s stock valued at $792,000 after buying an additional 183 shares during the last quarter. Finally, Gateway Investment Advisers LLC acquired a new position in Ciena Corp. during the second quarter valued at about $466,000. 96.91% of the stock is owned by institutional investors.

About Ciena Corp.

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