Ciena (CIEN) Shares Gap Up to $21.94

Ciena Corporation (NYSE:CIEN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $21.22, but opened at $21.94. Ciena shares last traded at $22.56, with a volume of 3737538 shares changing hands.

Several research firms have weighed in on CIEN. MKM Partners reaffirmed a “buy” rating and set a $30.00 target price on shares of Ciena in a research note on Tuesday, September 26th. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price target (down previously from $31.00) on shares of Ciena in a research note on Monday, September 25th. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 price target on shares of Ciena in a research note on Tuesday, September 26th. Goldman Sachs Group raised Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Monday. Finally, Nomura reissued a “buy” rating and issued a $28.00 price target on shares of Ciena in a research note on Wednesday, September 20th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty have assigned a buy rating to the company. Ciena presently has a consensus rating of “Buy” and a consensus price target of $28.48.

The company has a market capitalization of $3,240.00, a PE ratio of 3.26, a PEG ratio of 1.40 and a beta of 1.67. The company has a quick ratio of 1.68, a current ratio of 1.93 and a debt-to-equity ratio of 0.27.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The company had revenue of $744.40 million for the quarter, compared to the consensus estimate of $736.91 million. Ciena had a return on equity of 18.32% and a net margin of 45.04%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 EPS. sell-side analysts anticipate that Ciena Corporation will post 1 EPS for the current year.

Ciena announced that its Board of Directors has initiated a share repurchase program on Thursday, December 7th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, CEO Gary B. Smith sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, December 27th. The stock was sold at an average price of $21.66, for a total transaction of $86,640.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $21.10, for a total value of $42,200.00. The disclosure for this sale can be found here. Insiders have sold 217,217 shares of company stock valued at $4,609,965 in the last ninety days. Company insiders own 1.45% of the company’s stock.

Several hedge funds have recently modified their holdings of CIEN. Schwab Charles Investment Management Inc. raised its stake in shares of Ciena by 8.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 847,006 shares of the communications equipment provider’s stock valued at $21,193,000 after purchasing an additional 63,846 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Ciena in the second quarter valued at $1,219,000. Legal & General Group Plc raised its stake in shares of Ciena by 23.0% in the second quarter. Legal & General Group Plc now owns 112,414 shares of the communications equipment provider’s stock valued at $2,818,000 after purchasing an additional 21,028 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Ciena by 1.4% in the second quarter. Prudential Financial Inc. now owns 94,559 shares of the communications equipment provider’s stock valued at $2,366,000 after purchasing an additional 1,320 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Ciena by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock valued at $127,000 after purchasing an additional 517 shares in the last quarter.

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Ciena Company Profile

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.

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