Ciena’s (NYSE:CIEN) “Buy” Rating Reiterated at Jefferies Group

Jefferies Group reiterated their buy rating on shares of Ciena (NYSE:CIEN) in a research note published on Wednesday, March 7th. Jefferies Group currently has a $31.00 price objective on the communications equipment provider’s stock.

A number of other equities analysts have also issued reports on CIEN. Zacks Investment Research raised Ciena from a sell rating to a hold rating in a report on Tuesday, November 7th. William Blair reaffirmed a buy rating on shares of Ciena in a report on Monday, November 13th. Bank of America raised Ciena from a neutral rating to a buy rating and lifted their price objective for the company from $20.98 to $28.00 in a report on Monday, November 27th. B. Riley reduced their price target on shares of Ciena from $30.50 to $28.00 and set a buy rating for the company in a research report on Tuesday, December 5th. Finally, Cowen reiterated a buy rating and set a $33.00 price target on shares of Ciena in a research report on Wednesday, December 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have given a buy rating to the company. Ciena presently has a consensus rating of Buy and an average target price of $29.81.

How to Become a New Pot Stock Millionaire

Ciena stock traded up $0.58 during midday trading on Wednesday, reaching $25.90. The company’s stock had a trading volume of 1,948,270 shares, compared to its average volume of 4,494,838. Ciena has a fifty-two week low of $19.40 and a fifty-two week high of $27.98. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.06 and a quick ratio of 1.79. The stock has a market cap of $3,737.89, a PE ratio of 17.38, a P/E/G ratio of 1.55 and a beta of 1.51.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.08. Ciena had a return on equity of 14.10% and a net margin of 27.76%. The company had revenue of $646.14 million for the quarter, compared to analyst estimates of $641.77 million. During the same quarter last year, the company posted $0.17 earnings per share. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. research analysts expect that Ciena will post 1.08 earnings per share for the current fiscal year.

Ciena announced that its Board of Directors has initiated a share repurchase plan on Thursday, December 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

In other news, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $21.86, for a total value of $174,880.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Scott Mcfeely sold 1,000 shares of the stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $26.95, for a total transaction of $26,950.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 93,531 shares of company stock worth $2,265,918. Company insiders own 1.38% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Ciena by 47.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after acquiring an additional 2,403 shares during the period. First Quadrant L P CA acquired a new stake in Ciena during the third quarter worth about $183,000. Stone Ridge Asset Management LLC bought a new position in Ciena in the 4th quarter worth about $225,000. Corient Capital Partners LLC bought a new position in Ciena in the 4th quarter worth about $230,000. Finally, Crossmark Global Holdings Inc. bought a new position in Ciena in the 3rd quarter worth about $246,000.

WARNING: “Ciena’s (NYSE:CIEN) “Buy” Rating Reiterated at Jefferies Group” was posted by BBNS and is the property of of BBNS. If you are reading this report on another domain, it was copied illegally and reposted in violation of United States & international copyright and trademark legislation. The original version of this report can be viewed at https://baseballnewssource.com/2018/04/01/cienas-cien-buy-rating-reiterated-at-jefferies-group/1999150.html.

About Ciena

Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data 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.

Analyst Recommendations for Ciena (NYSE:CIEN)

Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Almora Jr. and Baez Could Become Cubs new One-Two Tandem
Almora Jr. and Baez Could Become Cubs new One-Two Tandem
Red Sox Tie Record for Best Start After 17 Games
Red Sox Tie Record for Best Start After 17 Games
Bryce Harper Hits 406-Foot Home Run While Breaking His Bat
Bryce Harper Hits 406-Foot Home Run While Breaking His Bat
Rick Porcello’s Strong Start Gives Boost to Red Sox
Rick Porcello’s Strong Start Gives Boost to Red Sox
Two Bench Clearing Incidents Revive Red Sox-Yankees Rivalry
Two Bench Clearing Incidents Revive Red Sox-Yankees Rivalry
Xander Bogaerts Goes on Red Sox DL
Xander Bogaerts Goes on Red Sox DL


Leave a Reply

 
© 2006-2018 BBNS.