In yesterday’s Wall Street session, Ciena Corporation (NYSE:CIEN) shares traded at $43.25, up 0.89% from the previous session.
As of this writing, 16 analysts cover 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 $70.00 and a low of $41.00, we find $58.00. Given the previous closing price of $42.87, this indicates a potential upside of 35.29 percent. CIEN stock price is now -0.64% away from the 50-day moving average and -7.22% away from the 200-day moving average. The market capitalization of the company currently stands at $6.44B.
There are 5 analysts who have given it a hold rating, whereas 9 have given it a buy rating. Brokers who have rated the stock have averaged $56.28 as their price target over the next twelve months.
With the price target reduced from $59 to $57, Morgan Stanley Downgraded its rating from Overweight to Equal-Weight for Ciena Corporation (NYSE: CIEN).
In other news, SMITH GARY B, President, CEO sold 4,166 shares of the company’s stock on Jul 17. The stock was sold for $173,621 at an average price of $41.68. Upon completion of the transaction, the President, CEO now directly owns 445,273 shares in the company, valued at $19.26 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 17, SVP, Networking Platforms McFeely Scott sold 2,000 shares of the business’s stock. A total of $82,400 was realized by selling the stock at an average price of $41.20. This leaves the insider owning 92,892 shares of the company worth $4.02 million. Insiders disposed of 375,834 shares of company stock worth roughly $16.25 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 LOS ANGELES CAPITAL MANAGEMENT LLC during the first quarter worth $26,820,000. BOSTON PARTNERS invested $11,592,000 in shares of CIEN during the first quarter. In the first quarter, CINCTIVE CAPITAL MANAGEMENT LP acquired a new stake in Ciena Corporation valued at approximately $7,814,000. QUBE RESEARCH & TECHNOLOGIES LTD acquired a new stake in CIEN for approximately $6,863,000. NEEDHAM INVESTMENT MANAGEMENT LLC purchased a new stake in CIEN valued at around $3,482,000 in the second quarter. In total, there are 628 active investors with 99.90% ownership of the company’s stock.
Thursday morning saw Ciena Corporation (NYSE: CIEN) opened at $43.22. During the past 12 months, Ciena Corporation has had a low of $38.33 and a high of $56.38. As of last week, the company has a debt-to-equity ratio of 0.54, a current ratio of 3.70, and a quick ratio of 2.60. According to the stock market information, the enterprise value for the company is $6.77B, which is based on a 32.04 price-to-earnings ratio, a 4.51 price-to-earnings-growth ratio, and a beta of 0.97. The fifty day moving average price for CIEN is $43.50 and a two-hundred day moving average price translates $46.63 for the stock.
The latest earnings results from Ciena Corporation (NYSE: CIEN) was released for Apr, 2023. According to the Communication Equipment Company, earnings per share came in at $0.74, beating analysts’ expectations of $0.61 by 0.13. This compares to $0.25 EPS in the same period last year. The net profit margin was 5.00% and return on equity was 7.30% for CIEN. The company reported revenue of $1.13 billion for the quarter, compared to $949.23 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 19.32 percent. For the current quarter, analysts expect CIEN to generate $1.04B in revenue.
Ciena Corporation(CIEN) Company Profile
Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, IP routing, and switching services. Its products include 6500 Packet-Optical Platform, 5400 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 the 5000 family of service aggregation switches, as well as 8700 Packetwave Platform 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 that support network solutions. The company’s Global Services segment provides consulting and network design, installation and deployment, maintenance support, and training services. Ciena Corporation was incorporated in 1992 and is headquartered in Hanover, Maryland.
