Ciena (CIEN) Shares Gap Up to $37.99

Ciena Co. (NYSE:CIEN) shares gapped up before the market opened on Monday . The stock had previously closed at $37.19, but opened at $37.99. Ciena shares last traded at $38.40, with a volume of 3027005 shares traded.

Several research analysts recently commented on the stock. Zacks Investment Research cut shares of Ciena from a “buy” rating to a “hold” rating in a report on Wednesday, December 19th. Northland Securities set a $32.00 target price on shares of Ciena and gave the stock a “buy” rating in a report on Thursday, December 20th. JPMorgan Chase & Co. set a $45.00 target price on shares of Ciena and gave the stock a “buy” rating in a report on Friday, March 22nd. Dougherty & Co increased their target price on shares of Ciena from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Finally, Bank of America cut shares of Ciena from a “buy” rating to a “neutral” rating and set a $42.00 target price for the company. in a report on Wednesday, January 30th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Ciena presently has a consensus rating of “Buy” and a consensus price target of $42.30.

The company has a market cap of $6.04 billion, a P/E ratio of 34.54, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The company has a current ratio of 2.98, a quick ratio of 2.52 and a debt-to-equity ratio of 0.33.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Tuesday, March 5th. The communications equipment provider reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.06. The firm had revenue of $778.53 million during the quarter, compared to analysts’ expectations of $761.62 million. Ciena had a net margin of 5.03% and a return on equity of 10.73%. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.15 earnings per share. As a group, equities research analysts expect that Ciena Co. will post 1.54 earnings per share for the current fiscal year.

In other news, VP James Frodsham sold 2,000 shares of the firm’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $37.40, for a total transaction of $74,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stephen B. Alexander sold 2,500 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $39.36, for a total transaction of $98,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 196,322 shares of company stock valued at $7,782,170. 1.20% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CIEN. Mackenzie Financial Corp increased its position in Ciena by 187.6% during the fourth quarter. Mackenzie Financial Corp now owns 830,481 shares of the communications equipment provider’s stock worth $28,162,000 after acquiring an additional 541,711 shares during the period. Canada Pension Plan Investment Board increased its holdings in Ciena by 96.7% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,599,900 shares of the communications equipment provider’s stock valued at $54,248,000 after buying an additional 786,600 shares during the period. First Quadrant L P CA increased its holdings in Ciena by 124.3% in the 4th quarter. First Quadrant L P CA now owns 52,507 shares of the communications equipment provider’s stock valued at $1,781,000 after buying an additional 29,102 shares during the period. HL Financial Services LLC increased its holdings in Ciena by 10.0% in the 4th quarter. HL Financial Services LLC now owns 143,951 shares of the communications equipment provider’s stock valued at $4,881,000 after buying an additional 13,053 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in Ciena by 30.5% in the 3rd quarter. Janus Henderson Group PLC now owns 11,796 shares of the communications equipment provider’s stock valued at $369,000 after buying an additional 2,757 shares during the period. Institutional investors own 93.33% of the company’s stock.

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Ciena Company Profile (NYSE:CIEN)

Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Converged Packet Optical; Packet Networking; Optical Transport; and Software and Services. The Converged Packet Optical segment develops and sells optical processors, switching systems, and operating system software.

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