The price of Ciena Corporation (NYSE:CIEN) shares last traded on Wall Street fell -2.46% to $43.24.
Based on available information, 19 analysts follow Ciena Corporation (NYSE:CIEN). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $71.00 and a low of $40.00, we find $57.00. Given the previous closing price of $44.33, this indicates a potential upside of 28.58 percent. CIEN stock price is now -0.41% away from the 50-day moving average and -13.76% away from the 200-day moving average. The market capitalization of the company currently stands at $6.39B.
Among analysts, 5 rate the stock a hold while 12 rate it a buy. Brokers who have rated the stock have averaged $57.58 as their price target over the next twelve months.
With the price target reduced from $56 to $46, Evercore ISI Downgraded its rating from Outperform to In-line for Ciena Corporation (NYSE: CIEN). On September 06, 2022, JP Morgan Downgraded its previous ‘Overweight’ rating to ‘Neutral’ on the stock reducing its target price from $62 to quote $45, while ‘Morgan Stanley’ rates the stock as ‘Overweight’.
In other news, MOYLAN JAMES E JR, SVP Finance, CFO sold 2,000 shares of the company’s stock on Dec 05. The stock was sold for $89,080 at an average price of $44.54. Upon completion of the transaction, the SVP Finance, CFO now directly owns 214,492 shares in the company, valued at $9.27 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 21, SVP Finance, CFO MOYLAN JAMES E JR sold 2,000 shares of the business’s stock. A total of $88,860 was realized by selling the stock at an average price of $44.43. This leaves the insider owning 216,492 shares of the company worth $9.36 million. Insiders disposed of 719,996 shares of company stock worth roughly $31.13 million over the past 1 year. A total of 0.70% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in CIEN stock. A new stake in Ciena Corporation shares was purchased by DIAMOND HILL CAPITAL MANAGEMENT INC during the first quarter worth $66,148,000. POINT72 ASSET MANAGEMENT, L.P. invested $37,044,000 in shares of CIEN during the first quarter. In the first quarter, BALYASNY ASSET MANAGEMENT LLC acquired a new stake in Ciena Corporation valued at approximately $8,496,000. FORCE HILL CAPITAL MANAGEMENT LP acquired a new stake in CIEN for approximately $5,643,000. AMALGAMATED FINANCIAL CORP. purchased a new stake in CIEN valued at around $4,630,000 in the second quarter. In total, there are 619 active investors with 99.90% ownership of the company’s stock.
A candlestick chart of Ciena Corporation (NYSE: CIEN) showed a price of $43.98 on Wednesday morning. During the past 12 months, Ciena Corporation has had a low of $38.33 and a high of $78.28. As of last week, the company has a debt-to-equity ratio of 0.40, a current ratio of 3.50, and a quick ratio of 2.60. The fifty day moving average price for CIEN is $43.48 and a two-hundred day moving average price translates $50.01 for the stock.
The latest earnings results from Ciena Corporation (NYSE: CIEN) was released for Jul, 2022. According to the Communication Equipment Company, earnings per share came in at $0.33, missing analysts’ expectations of $0.34 by -0.01. This compares to $1.52 EPS in the same period last year. The net profit margin was 5.40% and return on equity was 7.00% for CIEN. The company reported revenue of $867.98 million for the quarter, compared to $988.14 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -12.16 percent. For the current quarter, analysts expect CIEN to generate $846.95M in revenue.
Ciena Corporation(CIEN) Company Profile
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. Its products include 6500 Packet-Optical Platform, 5430 Reconfigurable Switching System, Waveserver stackable interconnect system, and the 6500 Reconfigurable line system, and the 5400 family of Packet-Optical platforms, as well as Z-Series Packet-Optical Platform; 3000 family of service delivery switches and service aggregation switches, and the 5000 family of service aggregation switches, as well as 8700 Packetwave Platform and the Ethernet packet configuration for the 5410 Service Aggregation Switch; and 6500 Packet Transport System. This segment also sells operating system software and enhanced software features embedded in each of its products. The company’s Blue Planet Automation Software and Services segment provides multi-domain service orchestration, inventory, route optimization and analysis, network function virtualization orchestration, analytics, and related services. Its Platform Software and Service segment offers OneControl unified management system and platform software services, as well as manage, control, and plan software. The company’s Global Services segment provides consulting and network design, installation and deployment, maintenance support, and training services. The company sells its products through direct and indirect sales channels to network operators. Ciena Corporation was founded in 1992 and is headquartered in Hanover, Maryland.