Ciena Corporation (CIEN) Downgraded to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of Ciena Corporation (NYSE:CIEN) from a sell rating to a strong sell rating in a research report report published on Saturday, November 4th.

A number of other research analysts also recently commented on the company. Stifel Nicolaus reaffirmed a buy rating and set a $32.00 target price on shares of Ciena Corporation in a report on Friday, July 21st. B. Riley reaffirmed a buy rating and set a $34.25 target price on shares of Ciena Corporation in a report on Tuesday, August 29th. Nomura reaffirmed a buy rating and set a $28.00 target price on shares of Ciena Corporation in a report on Wednesday, September 20th. Needham & Company LLC reaffirmed a buy rating and set a $28.00 target price (down previously from $31.00) on shares of Ciena Corporation in a report on Monday, September 25th. Finally, ValuEngine cut Ciena Corporation from a buy rating to a hold rating in a research report on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $29.53.

Shares of Ciena Corporation (CIEN) traded up $0.32 during midday trading on Friday, hitting $20.84. The stock had a trading volume of 1,602,200 shares, compared to its average volume of 3,087,240. Ciena Corporation has a 52 week low of $19.40 and a 52 week high of $27.98. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.92 and a quick ratio of 2.50. The stock has a market capitalization of $3,020.00, a P/E ratio of 14.87, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64.

Ciena Corporation (NYSE:CIEN) last issued its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. The firm had revenue of $728.70 million during the quarter, compared to the consensus estimate of $726.81 million. Ciena Corporation had a return on equity of 25.53% and a net margin of 4.99%. Ciena Corporation’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. sell-side analysts expect that Ciena Corporation will post 1.51 earnings per share for the current fiscal year.

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In other news, CEO Gary B. Smith sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $20.55, for a total transaction of $205,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $21.78, for a total value of $43,560.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 89,052 shares of company stock valued at $1,899,418. 1.45% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Ciena Corporation by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock worth $311,906,000 after buying an additional 203,112 shares during the period. State Street Corp boosted its position in shares of Ciena Corporation by 3.9% in the second quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock worth $116,319,000 after buying an additional 172,876 shares during the period. Neuberger Berman Group LLC boosted its position in shares of Ciena Corporation by 169.5% in the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after buying an additional 2,652,791 shares during the period. Schroder Investment Management Group boosted its position in shares of Ciena Corporation by 7.2% in the third quarter. Schroder Investment Management Group now owns 2,982,417 shares of the communications equipment provider’s stock worth $65,822,000 after buying an additional 200,907 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Ciena Corporation by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,821,175 shares of the communications equipment provider’s stock worth $70,588,000 after buying an additional 34,088 shares during the period.

Ciena Corporation Company Profile

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

Analyst Recommendations for Ciena Corporation (NYSE:CIEN)

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