Cowen Reaffirms Buy Rating for Ciena (NYSE:CIEN)

Ciena (NYSE:CIEN)‘s stock had its “buy” rating reiterated by stock analysts at Cowen in a report issued on Monday, TipRanks reports. They currently have a $54.00 price objective on the communications equipment provider’s stock. Cowen’s target price indicates a potential upside of 47.02% from the stock’s current price.

Several other equities analysts also recently commented on CIEN. Morgan Stanley boosted their price target on shares of Ciena from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Friday, September 6th. B. Riley set a $56.00 price target on shares of Ciena and gave the stock a “buy” rating in a research note on Friday, October 25th. Stifel Nicolaus set a $54.00 price target on shares of Ciena and gave the stock a “buy” rating in a research note on Friday, September 6th. Barclays boosted their price target on shares of Ciena from $50.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Piper Jaffray Companies set a $46.00 price target on shares of Ciena and gave the stock a “hold” rating in a research note on Friday, September 6th. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $48.48.

Ciena stock traded down $1.23 during trading on Monday, hitting $36.73. The company had a trading volume of 2,397,302 shares, compared to its average volume of 2,642,347. Ciena has a 1-year low of $30.67 and a 1-year high of $46.78. The company has a current ratio of 2.90, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The company’s 50 day simple moving average is $37.43 and its 200-day simple moving average is $39.88. The stock has a market cap of $5.87 billion, a price-to-earnings ratio of 32.79, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06.

Ciena (NYSE:CIEN) last posted its earnings results 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 firm had revenue of $960.60 million during the quarter, compared to the consensus estimate of $930.64 million. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. As a group, analysts forecast that Ciena will post 1.88 earnings per share for the current fiscal year.

In related news, CFO James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $36.96, for a total transaction of $73,920.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary B. Smith sold 3,750 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $37.65, for a total transaction of $141,187.50. In the last quarter, insiders have sold 53,313 shares of company stock valued at $2,058,305. Insiders own 1.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Flagship Harbor Advisors LLC lifted its position 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 last quarter. Tobam purchased a new stake in Ciena in the second quarter valued at $33,000. CENTRAL TRUST Co purchased a new stake in Ciena in the third quarter valued at $39,000. Coastal Capital Group Inc. purchased a new stake in Ciena in the second quarter valued at $41,000. Finally, MUFG Americas Holdings Corp purchased a new stake in Ciena in the third quarter valued at $55,000. 91.13% of the stock is owned by hedge funds and other institutional investors.

Ciena Company Profile

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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Analyst Recommendations for Ciena (NYSE:CIEN)

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