MUFG Securities EMEA plc acquired a new position in shares of Ciena Co. (NYSE:CIEN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 194,100 shares of the communications equipment provider’s stock, valued at approximately $7,983,000.
A number of other institutional investors have also recently added to or reduced their stakes in CIEN. Flagship Harbor Advisors LLC grew its stake in Ciena by 98.5% in the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock valued at $26,000 after acquiring an additional 320 shares during the period. Tobam bought a new position in shares of Ciena during the 2nd quarter valued at about $33,000. Mizuho Securities Co. Ltd. bought a new position in shares of Ciena during the 1st quarter valued at about $37,000. Coastal Capital Group Inc. acquired a new position in shares of Ciena in the 2nd quarter valued at approximately $41,000. Finally, FinTrust Capital Advisors LLC acquired a new position in shares of Ciena in the 1st quarter valued at approximately $57,000. 88.39% of the stock is currently owned by institutional investors and hedge funds.
CIEN has been the topic of several research analyst reports. Rosenblatt Securities upgraded shares of Ciena from a “neutral” rating to a “buy” rating and raised their target price for the stock from $45.00 to $47.00 in a report on Thursday, August 29th. Evercore ISI initiated coverage on shares of Ciena in a report on Wednesday. They issued an “outperform” rating and a $48.00 price target for the company. Barclays upped their price target on shares of Ciena from $50.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Raymond James increased their price objective on shares of Ciena from $48.00 to $53.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Finally, MKM Partners dropped their price objective on shares of Ciena to $51.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $48.52.
CIEN stock traded up $0.64 during midday trading on Wednesday, hitting $40.29. The company’s stock had a trading volume of 1,741,799 shares, compared to its average volume of 2,690,529. The company’s fifty day moving average price is $42.12 and its 200 day moving average price is $40.20. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.90 and a quick ratio of 2.45. Ciena Co. has a twelve month low of $28.23 and a twelve month high of $46.78. The stock has a market capitalization of $6.20 billion, a P/E ratio of 35.97, a PEG ratio of 1.28 and a beta of 1.13.
Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.21. The company had revenue of $960.60 million during the quarter, compared to analysts’ expectations of $930.64 million. Ciena had a return on equity of 13.64% and a net margin of 6.77%. Ciena’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 EPS. Equities analysts expect that Ciena Co. will post 1.76 EPS for the current fiscal year.
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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