Ciena (NYSE:CIEN) Price Target Lowered to $55.00 at MKM Partners

Ciena (NYSE:CIEN) had its target price reduced by MKM Partners from $62.00 to $55.00 in a research note released on Friday morning, The Fly reports. They currently have a buy rating on the communications equipment provider’s stock.

CIEN has been the topic of a number of other research reports. JPMorgan Chase & Co. reiterated a buy rating and set a $53.00 price objective on shares of Ciena in a research report on Friday. Evercore ISI restated a buy rating and issued a $62.00 price target on shares of Ciena in a report on Thursday, June 4th. Barclays dropped their target price on shares of Ciena from $67.00 to $54.00 and set an overweight rating on the stock in a report on Friday. Needham & Company LLC raised shares of Ciena from a hold rating to a buy rating and set a $65.00 price target for the company in a research report on Tuesday, July 21st. Finally, Nomura increased their price target on shares of Ciena from $46.00 to $63.00 and gave the company a buy rating in a research report on Friday, June 5th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eighteen have given a buy rating to the stock. Ciena currently has an average rating of Buy and an average target price of $54.24.

Shares of NYSE CIEN opened at $44.28 on Friday. The firm has a 50 day moving average of $58.01 and a 200 day moving average of $49.87. The company has a current ratio of 3.28, a quick ratio of 2.83 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 1.09 and a beta of 0.78. Ciena has a 12-month low of $30.58 and a 12-month high of $61.51.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.23. Ciena had a net margin of 10.26% and a return on equity of 18.39%. The business had revenue of $976.70 million for the quarter, compared to the consensus estimate of $974.49 million. During the same quarter in the previous year, the firm earned $0.71 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Sell-side analysts predict that Ciena will post 2.6 EPS for the current year.

In related news, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction on Monday, August 24th. The shares were sold at an average price of $60.44, for a total value of $120,880.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Stephen B. Alexander sold 2,500 shares of Ciena stock in a transaction on Monday, August 17th. The shares were sold at an average price of $60.00, for a total transaction of $150,000.00. The disclosure for this sale can be found here. Insiders sold a total of 174,350 shares of company stock worth $9,814,270 in the last three months. 1.20% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Keybank National Association OH lifted its holdings in Ciena by 1.8% in the 2nd quarter. Keybank National Association OH now owns 10,284 shares of the communications equipment provider’s stock valued at $557,000 after purchasing an additional 177 shares in the last quarter. Campbell Newman Asset Management Inc. lifted its holdings in Ciena by 0.9% in the 2nd quarter. Campbell Newman Asset Management Inc. now owns 21,350 shares of the communications equipment provider’s stock valued at $1,156,000 after purchasing an additional 198 shares in the last quarter. Mesirow Financial Investment Management Equity Management lifted its holdings in Ciena by 0.6% in the 2nd quarter. Mesirow Financial Investment Management Equity Management now owns 33,930 shares of the communications equipment provider’s stock valued at $1,838,000 after purchasing an additional 200 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in Ciena by 64.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 562 shares of the communications equipment provider’s stock valued at $30,000 after purchasing an additional 220 shares in the last quarter. Finally, CSat Investment Advisory L.P. lifted its holdings in Ciena by 47.0% in the 2nd quarter. CSat Investment Advisory L.P. now owns 744 shares of the communications equipment provider’s stock valued at $40,000 after purchasing an additional 238 shares in the last quarter. Institutional investors own 88.38% of the company’s stock.

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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