Ciena’s (CIEN) “Buy” Rating Reiterated at Nomura
Ciena (NYSE:CIEN)‘s stock had its “buy” rating reissued by Nomura in a report released on Wednesday. They currently have a $50.00 price target on the communications equipment provider’s stock. Nomura’s price target points to a potential upside of 20.42% from the company’s current price.
A number of other research firms have also commented on CIEN. Jefferies Financial Group upped their price objective on Ciena from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Piper Jaffray Companies upped their price objective on Ciena from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, June 6th. Goldman Sachs Group upped their price objective on Ciena from $45.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Zacks Investment Research upgraded Ciena from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective for the company in a research note on Wednesday, May 8th. Finally, B. Riley upped their price objective on Ciena from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, June 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $46.71.
NYSE CIEN traded up $0.09 on Wednesday, reaching $41.52. The company had a trading volume of 1,139,788 shares, compared to its average volume of 2,663,574. The stock has a market capitalization of $6.47 billion, a P/E ratio of 37.07, a P/E/G ratio of 1.36 and a beta of 1.11. The company’s fifty day moving average is $43.42 and its 200 day moving average is $40.10. Ciena has a 52-week low of $27.04 and a 52-week high of $46.78. The company has a quick ratio of 2.36, a current ratio of 2.83 and a debt-to-equity ratio of 0.33.
In other Ciena news, VP Andrew C. Petrik sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $41.11, for a total value of $82,220.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott Mcfeely sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $41.11, for a total value of $41,110.00. The disclosure for this sale can be found here. Insiders have sold a total of 96,389 shares of company stock valued at $4,078,383 in the last quarter. 1.20% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CIEN. Nuveen Asset Management LLC bought a new position in Ciena in the 2nd quarter worth about $77,706,000. Ion Asset Management Ltd. purchased a new stake in shares of Ciena in the 2nd quarter valued at about $74,161,000. Holocene Advisors LP purchased a new stake in shares of Ciena in the 2nd quarter valued at about $53,362,000. FMR LLC raised its holdings in shares of Ciena by 605.3% in the 1st quarter. FMR LLC now owns 1,249,825 shares of the communications equipment provider’s stock valued at $46,669,000 after acquiring an additional 1,072,632 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Ciena by 4,444.8% in the 1st quarter. Wedge Capital Management L L P NC now owns 1,040,039 shares of the communications equipment provider’s stock valued at $38,835,000 after acquiring an additional 1,017,155 shares in the last quarter. Institutional investors and hedge funds own 88.05% of the company’s stock.
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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