Ciena (NYSE:CIEN) Upgraded by B. Riley to Buy

Ciena (NYSE:CIENGet Rating) was upgraded by B. Riley from a “neutral” rating to a “buy” rating in a research report issued on Friday, The Fly reports.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley lowered their target price on shares of Ciena from $67.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 25th. StockNews.com initiated coverage on shares of Ciena in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. UBS Group began coverage on shares of Ciena in a research note on Tuesday, April 5th. They issued a “neutral” rating and a $66.00 target price on the stock. Loop Capital lifted their price target on shares of Ciena from $87.00 to $92.00 in a research note on Wednesday, February 16th. Finally, Rosenblatt Securities decreased their price target on shares of Ciena from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, May 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $75.31.

Shares of Ciena stock opened at $50.68 on Friday. Ciena has a 12-month low of $46.60 and a 12-month high of $78.28. The company has a market cap of $7.71 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 1.37 and a beta of 0.87. The company has a current ratio of 4.16, a quick ratio of 3.56 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $55.16 and its 200-day moving average price is $62.71.

Ciena (NYSE:CIENGet Rating) last announced its quarterly earnings results on Thursday, June 2nd. The communications equipment provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The firm had revenue of $949.20 million during the quarter, compared to analysts’ expectations of $950.86 million. Ciena had a return on equity of 13.17% and a net margin of 13.23%. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 earnings per share. On average, sell-side analysts predict that Ciena will post 2.49 earnings per share for the current year.

In related news, SVP Scott Mcfeely sold 5,000 shares of Ciena stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $54.20, for a total value of $271,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Gary B. Smith sold 3,542 shares of Ciena stock in a transaction on Monday, April 11th. The shares were sold at an average price of $57.65, for a total transaction of $204,196.30. Following the completion of the sale, the chief executive officer now owns 454,550 shares in the company, valued at approximately $26,204,807.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,828 shares of company stock worth $1,732,259. 0.94% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. First Horizon Advisors Inc. raised its position in shares of Ciena by 32.9% in the 4th quarter. First Horizon Advisors Inc. now owns 744 shares of the communications equipment provider’s stock worth $57,000 after purchasing an additional 184 shares during the last quarter. Aurora Investment Counsel raised its position in shares of Ciena by 0.6% in the 3rd quarter. Aurora Investment Counsel now owns 31,911 shares of the communications equipment provider’s stock worth $1,639,000 after purchasing an additional 195 shares during the last quarter. Synovus Financial Corp raised its position in shares of Ciena by 2.5% in the 4th quarter. Synovus Financial Corp now owns 7,960 shares of the communications equipment provider’s stock worth $613,000 after purchasing an additional 195 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Ciena by 3.3% in the 4th quarter. CIBC Asset Management Inc now owns 6,248 shares of the communications equipment provider’s stock worth $481,000 after purchasing an additional 202 shares during the last quarter. Finally, Lindenwold Advisors raised its position in shares of Ciena by 6.3% in the 1st quarter. Lindenwold Advisors now owns 3,650 shares of the communications equipment provider’s stock worth $221,000 after purchasing an additional 216 shares during the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

Ciena Company Profile (Get Rating)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, 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 products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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