Ciena’s (CIEN) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Ciena (NYSE:CIEN) in a research report sent to investors on Monday,Benzinga reports. They currently have a $720.00 price target on the communications equipment provider’s stock.

Several other brokerages have also weighed in on CIEN. Zacks Research lowered shares of Ciena from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Citigroup lifted their target price on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Barclays upped their price target on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Weiss Ratings raised shares of Ciena from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, UBS Group reissued a “buy” rating on shares of Ciena in a report on Tuesday, July 28th. Fourteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $527.78.

Ciena Stock Up 4.8%

CIEN opened at $406.20 on Monday. Ciena has a 1-year low of $90.00 and a 1-year high of $637.51. The stock’s fifty day simple moving average is $417.43 and its 200 day simple moving average is $435.04. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The stock has a market cap of $57.50 billion, a PE ratio of 135.40 and a beta of 1.30.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm posted $0.42 EPS. The company’s quarterly revenue was up 39.5% on a year-over-year basis. As a group, research analysts expect that Ciena will post 5.4 earnings per share for the current year.

Insider Transactions at Ciena

In other news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $457.02, for a total value of $1,349,123.04. Following the completion of the transaction, the chief executive officer directly owned 266,605 shares in the company, valued at approximately $121,843,817.10. The trade was a 1.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $466.10, for a total transaction of $559,320.00. Following the sale, the senior vice president directly owned 42,741 shares of the company’s stock, valued at approximately $19,921,580.10. This trade represents a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 25,422 shares of company stock worth $11,638,117. Corporate insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Ciena

Several hedge funds and other institutional investors have recently modified their holdings of the business. Markowski Investments bought a new stake in shares of Ciena during the 2nd quarter worth $28,000. Carolina Wealth Advisors LLC raised its stake in Ciena by 57.8% during the second quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock worth $35,000 after acquiring an additional 26 shares in the last quarter. Asset Dedication LLC raised its stake in Ciena by 2,100.0% during the first quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 84 shares in the last quarter. Bogart Wealth LLC lifted its holdings in shares of Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after acquiring an additional 89 shares during the last quarter. Finally, Transamerica Financial Advisors LLC lifted its holdings in shares of Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after acquiring an additional 44 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.