Ciena Co. (NYSE:CIEN) – Analysts at Piper Jaffray Companies lowered their Q4 2020 EPS estimates for shares of Ciena in a research report issued to clients and investors on Monday, December 9th. Piper Jaffray Companies analyst T. Jensen now forecasts that the communications equipment provider will post earnings of $0.76 per share for the quarter, down from their prior estimate of $0.82. Piper Jaffray Companies currently has a “Buy” rating and a $50.00 price target on the stock.
Several other equities analysts have also recently commented on the stock. ValuEngine raised shares of Ciena from a “sell” rating to a “hold” rating in a research report on Thursday. Evercore ISI reissued a “buy” rating and set a $48.00 target price on shares of Ciena in a research report on Thursday. Nomura reissued a “buy” rating and set a $43.00 target price (down previously from $47.00) on shares of Ciena in a research report on Wednesday, October 2nd. MKM Partners set a $51.00 target price on shares of Ciena and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Rosenblatt Securities raised shares of Ciena from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $45.00 to $47.00 in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $48.13.
Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, December 12th. The communications equipment provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). Ciena had a net margin of 6.77% and a return on equity of 13.64%. The company had revenue of $968.00 million for the quarter, compared to analyst estimates of $966.28 million. During the same quarter last year, the firm posted $0.53 EPS. Ciena’s revenue for the quarter was up 8.8% on a year-over-year basis.
A number of institutional investors have recently bought and sold shares of the business. Tobam bought a new position in shares of Ciena during the second quarter valued at about $33,000. CENTRAL TRUST Co bought a new position in shares of Ciena during the third quarter valued at about $39,000. Coastal Capital Group Inc. bought a new position in shares of Ciena during the second quarter valued at about $41,000. MUFG Americas Holdings Corp bought a new position in shares of Ciena during the third quarter valued at about $55,000. Finally, Flagship Harbor Advisors LLC raised its stake in shares of Ciena by 134.0% during the third quarter. Flagship Harbor Advisors LLC now owns 1,509 shares of the communications equipment provider’s stock valued at $59,000 after acquiring an additional 864 shares during the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.
In other Ciena news, CEO Gary B. Smith sold 59,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $62.14, for a total value of $3,666,260.00. Also, Director Thomas Michael Nevens sold 2,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $37.75, for a total transaction of $75,500.00. The disclosure for this sale can be found here. Insiders sold a total of 93,242 shares of company stock worth $4,958,834 in the last ninety days. 1.20% of the stock is currently owned by insiders.
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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