Today: Needham & Company LLC Reaffirmed Buy Rating for Ciena Corp. (CIEN)

Today: Needham & Company LLC Reaffirmed Buy Rating for Ciena Corp. (CIEN)

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

A number of other equities analysts have also recently issued reports on CIEN. B. Riley reiterated a “buy” rating and issued a $28.50 price target on shares of Ciena Corp. in a research note on Sunday, September 4th. Argus restated a “buy” rating and set a $30.00 target price on shares of Ciena Corp. in a research note on Friday, September 2nd. BMO Capital Markets upped their target price on shares of Ciena Corp. to $27.00 and gave the company an “outperform” rating in a research note on Friday, September 2nd. Morgan Stanley cut shares of Ciena Corp. from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $23.17 to $23.00 in a research note on Friday, September 2nd. They noted that the move was a valuation call. Finally, Dougherty & Co upped their target price on shares of Ciena Corp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, September 2nd. Five analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $25.60.

Ciena Corp. (NYSE:CIEN) traded down 4.031% during trading on Monday, hitting $21.545. 2,154,646 shares of the stock traded hands. The firm has a 50-day moving average price of $20.88 and a 200 day moving average price of $20.31. The company has a market cap of $3.00 billion, a P/E ratio of 132.994 and a beta of 1.72. Ciena Corp. has a 52-week low of $15.62 and a 52-week high of $25.46.

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

In related news, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction on Friday, November 18th. The stock was sold at an average price of $21.94, for a total value of $175,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Marcus H. Starke sold 3,164 shares of the firm’s 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. Insiders own 1.72% of the company’s stock.

A number of hedge funds have recently modified their holdings of the company. American Century Companies Inc. increased its stake in shares of Ciena Corp. by 73.4% in the second quarter. American Century Companies Inc. now owns 1,318,831 shares of the company’s stock worth $24,728,000 after buying an additional 558,245 shares in the last quarter. Strs Ohio increased its stake in shares of Ciena Corp. by 57.5% in the second quarter. Strs Ohio now owns 18,900 shares of the company’s stock worth $354,000 after buying an additional 6,900 shares in the last quarter. E&G Advisors LP bought a new stake in shares of Ciena Corp. during the second quarter worth about $339,000. John G Ullman & Associates Inc. increased its stake in shares of Ciena Corp. by 114.5% in the second quarter. John G Ullman & Associates Inc. now owns 170,500 shares of the company’s stock worth $3,197,000 after buying an additional 91,000 shares in the last quarter. Finally, Oakbrook Investments LLC bought a new stake in shares of Ciena Corp. during the second quarter worth about $199,000. Institutional investors own 96.91% of the company’s stock.

Ciena Corp. Company Profile

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