ValuEngine upgraded shares of Ciena (NYSE:CIEN) from a hold rating to a buy rating in a research report report published on Friday morning.
A number of other equities analysts have also recently commented on CIEN. William Blair reissued a buy rating on shares of Ciena in a report on Monday, November 13th. Zacks Investment Research cut Ciena from a hold rating to a sell rating in a report on Wednesday, November 15th. Bank of America raised Ciena from a neutral rating to a buy rating and boosted their price target for the stock from $20.98 to $28.00 in a report on Monday, November 27th. B. Riley lowered their price target on Ciena from $30.50 to $28.00 and set a buy rating for the company in a report on Tuesday, December 5th. Finally, Cowen reissued a buy rating and set a $33.00 price target on shares of Ciena in a report on Wednesday, December 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twenty-one have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $29.60.
Shares of Ciena (CIEN) opened at $27.13 on Friday. The firm has a market capitalization of $3,920.00, a price-to-earnings ratio of 4.11, a PEG ratio of 1.75 and a beta of 1.50. The company has a current ratio of 2.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.33. Ciena has a 1 year low of $19.40 and a 1 year high of $27.98.
Ciena announced that its board has approved a share repurchase plan on Thursday, December 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
In other Ciena news, SVP Rick Hamilton sold 3,398 shares of the company’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $21.22, for a total value of $72,105.56. Following the sale, the senior vice president now owns 51,019 shares in the company, valued at approximately $1,082,623.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $26.13, for a total value of $52,260.00. The disclosure for this sale can be found here. Insiders sold a total of 228,743 shares of company stock worth $4,934,751 in the last quarter. Corporate insiders own 1.38% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Ciena by 47.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock valued at $157,000 after purchasing an additional 2,403 shares in the last quarter. Stone Ridge Asset Management LLC bought a new stake in shares of Ciena during the 4th quarter valued at about $225,000. Corient Capital Partners LLC bought a new stake in shares of Ciena during the 4th quarter valued at about $230,000. Aristotle Atlantic Partners LLC bought a new stake in shares of Ciena during the 4th quarter valued at about $244,000. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of Ciena during the 3rd quarter valued at about $246,000.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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