Ciena Corp (CIEN) has recently received various reports and recommendations from equities research analysts, shedding light on the stock’s potential performance in the market. On June 7th, Raymond James issued a research report highlighting a “strong-buy” rating on CIEN and lowered its target price from $70.00 to $63.00. Similarly, Bank of America reduced its target price from $62.00 to $59.00 in a report released on June 16th.
Evercore ISI, on the other hand, raised their target price on Ciena from $47.00 to $52.00 and provided an “in-line” rating in their research report published on September 1st. Barclays also made adjustments to CIEN’s price target, lowering it from $66.00 to $59.00 while reaffirming an “overweight” rating in their September 1st report. Lastly, Rosenblatt Securities increased their target price from $57.00 to $65.00 on the same day.
Overall, four investment analysts have rated CIEN as a hold, eight analysts have assigned a buy rating, and one analyst issued a strong buy rating for the company’s stock performance. Bloomberg.com suggests that CIEN exhibits an average rating of “Moderate Buy” with an average price target of $61.35.
In terms of ownership changes among large investors, several noteworthy transactions have taken place recently pertaining to Ciena stock positions. Orion Capital Management LLC acquired shares during the first quarter of this year with an estimated value of about $26,000. BOKF NA purchased shares during the same period valued at approximately $30,000.
During the fourth quarter of last year, Belpointe Asset Management LLC bought shares worth around $33,000 while BerganKDV Wealth Management LLC acquired shares during the second quarter worth approximately $32,000.
Lastly, Farther Finance Advisors LLC significantly increased its position in CIEN, owning 849 shares after purchasing an additional 331 shares during the second quarter. Institutional investors and hedge funds collectively own around 90.02% of the company’s stock.
On September 18, 2023, Ciena commenced trading on the New York Stock Exchange (NYSE) at $48.81 per share. The company currently boasts a market capitalization of $7.22 billion, with a price-to-earnings (P/E) ratio of 32.98 and a P/E to growth (PEG) ratio of 1.67. Its beta value stands at 0.91.
Ciena’s financial health appears to be sound, with a debt-to-equity ratio of 0.52, indicating that it has effectively managed its debt level relative to shareholders’ equity. The firm also demonstrates strong liquidity ratios, as evidenced by a current ratio of 3.95 and quick ratio of 2.71.
Looking at its stock performance over time, Ciena has exhibited a 50-day moving average of $43.64 and a 200-day moving average of $45.52. Over the past year, CIEN’s stock price has fluctuated between a low of $38.33 and a high of $54.25.
Investors and analysts will continue to closely monitor Ciena’s progress in the industry based on these various reports and ownership changes as they shape their decisions regarding the stock’s future performance in the market.
Ciena Corporation
CIEN
Strong Buy
Updated on: 29/11/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Ciena Co. Receives Updated Earnings Forecast and Shows Strong Investor Activity
Ciena Co. (NYSE:CIEN) has received an updated earnings per share (EPS) forecast for FY2023 from equities research analysts at Zacks Research. The report, released on September 14th, reveals that Zacks Research analyst H. Sadavartia now expects Ciena to achieve earnings per share of $1.92 for the year, up from their previous forecast of $1.83. The consensus estimate for Ciena’s current full-year earnings is $1.95 per share.
Notably, Zacks Research also provided estimates for Ciena’s future quarterly earnings in 2024 and beyond. These include Q1 2024 earnings at $0.30 EPS, Q2 2024 earnings at $0.50 EPS, Q3 2024 earnings at $0.53 EPS, Q4 2024 earnings at $0.61 EPS, FY2024 earnings at $1.94 EPS, Q2 2025 earnings at $0.76 EPS, Q3 2025 earnings at $0.76 EPS and FY2025 earnings at $2.88 EPS.
In terms of investor activity surrounding Ciena Co., large investors have made recent changes to their positions in the company as well. Orion Capital Management LLC acquired a new position in shares of Ciena during the first quarter with a value estimated around $26,000 USD; BOKF NA purchased a new stake in Ciena during the same period for approximately $30,000 USD; Belpointe Asset Management LLC acquired a new position in shares of Ciena worth roughly $33,000 USD during the fourth quarter; BerganKDV Wealth Management LLC made a similar move during the second quarter with a purchase worth about$32,000 USD; and finally Farther Finance Advisors LLC increased its position by nearly 64% during the second quarter to now own around 849 shares of Ciena stock, valued at $36,000 USD.
Moving on to recent financial data, Ciena released its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported EPS of $0.59 for the quarter, surpassing analyst estimates of $0.51 by $0.08. Furthermore, the company recorded revenue of $1.07 billion for the quarter, which exceeded analyst projections of $1.04 billion. It is important to note that Ciena also showed a significant increase in revenue of 23% compared to the same quarter last year.
Looking at insider trading activities related to Ciena Co., SVP Jason Phipps sold 3,833 shares of the firm’s stock on Monday, July 3rd at an average price of $42.59 per share, amounting to a total value of $163,247.47. Following this transaction, Phipps now directly owns 88,104 shares of the company’s stock with an estimated value of approximately $3,752,349.36. Another SVP within the company named Scott Mcfeely also sold 2,000 shares of Ciena stock on Monday, July 17th at an average price of $41.20 per share totaling $82,400 in value. Following this sale, Mcfeely now possesses 92,892 shares valued at around $3,827,150.40.
In summary of recent insider trading activity pertaining to Ciena Co., insiders have collectively sold a total of 34,207 shares over the past three months with an aggregate value amounting to approximately $1,470,999. Notably though these trades represent just under one percent (0.99%) ownership stake held by insiders in the company.
This comprehensive overview outlined above provides investors and industry professionals with key insights and updates regarding Ciena Co.’s fiscal performance and recent market activity. As investors evaluate their portfolios, the projections and financial updates outlined here will likely inform their decisions moving forward.
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