Ciena (CIEN) Downgraded to “Equal Weight” at Morgan Stanley

Morgan Stanley downgraded shares of Ciena (NYSE:CIEN) from an overweight rating to an equal weight rating in a report published on Thursday, September 13th, MarketBeat.com reports. They currently have $32.00 price objective on the communications equipment provider’s stock, up from their prior price objective of $30.00.

A number of other research analysts also recently weighed in on the company. Zacks Investment Research raised Ciena from a hold rating to a buy rating and set a $35.00 price objective on the stock in a research note on Wednesday, September 5th. Argus raised their price objective on Ciena to $38.00 and gave the company an average rating in a research note on Wednesday, September 5th. They noted that the move was a valuation call. MKM Partners raised their price objective on Ciena to $36.00 and gave the company a buy rating in a research note on Friday, August 31st. William Blair reaffirmed a buy rating on shares of Ciena in a research report on Friday, August 31st. Finally, B. Riley lifted their price target on Ciena from $31.50 to $36.00 and gave the stock a buy rating in a research report on Friday, August 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $32.57.

Shares of Ciena stock traded down $0.37 during trading on Thursday, hitting $29.22. 2,061,700 shares of the stock traded hands, compared to its average volume of 2,966,997. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.97 and a quick ratio of 1.76. Ciena has a twelve month low of $19.40 and a twelve month high of $32.33. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 19.70, a P/E/G ratio of 1.85 and a beta of 1.26.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, August 30th. The communications equipment provider reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.12. Ciena had a return on equity of 8.56% and a net margin of 25.56%. The business had revenue of $818.82 million for the quarter, compared to the consensus estimate of $792.28 million. During the same period last year, the business earned $0.51 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. As a group, equities research analysts predict that Ciena will post 1.09 earnings per share for the current year.

In other news, SVP Stephen B. Alexander sold 2,500 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $26.00, for a total transaction of $65,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David M. Rothenstein sold 2,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $26.00, for a total value of $52,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 78,912 shares of company stock worth $2,296,894. 1.38% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. United Services Automobile Association increased its holdings in Ciena by 288.6% in the second quarter. United Services Automobile Association now owns 211,407 shares of the communications equipment provider’s stock valued at $5,604,000 after purchasing an additional 157,011 shares during the last quarter. Northern Trust Corp increased its holdings in Ciena by 3.2% in the second quarter. Northern Trust Corp now owns 2,276,115 shares of the communications equipment provider’s stock valued at $60,341,000 after purchasing an additional 70,665 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Ciena by 35.8% in the second quarter. Advisors Asset Management Inc. now owns 52,204 shares of the communications equipment provider’s stock valued at $988,000 after purchasing an additional 13,767 shares during the last quarter. California Public Employees Retirement System increased its holdings in Ciena by 13.9% in the second quarter. California Public Employees Retirement System now owns 431,216 shares of the communications equipment provider’s stock valued at $11,432,000 after purchasing an additional 52,553 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC increased its holdings in Ciena by 102.0% in the second quarter. Moneta Group Investment Advisors LLC now owns 6,140 shares of the communications equipment provider’s stock valued at $163,000 after purchasing an additional 3,100 shares during the last quarter.

About Ciena

Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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Analyst Recommendations for Ciena (NYSE:CIEN)

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