Ciena Corporation (CIEN) is Downgraded by Drexel Hamilton to Hold

Ciena Corporation (CIEN) was Downgraded by Drexel Hamilton to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Drexel Hamilton advised their investors in a research report released on Sep 2, 2016.

Many Wall Street Analysts have commented on Ciena Corporation. Company shares were Reiterated by Dougherty & Company on Sep 2, 2016 to “Buy”, Firm has raised the Price Target to $ 26 from a previous price target of $25 .Ciena Corporation was Downgraded by Morgan Stanley to ” Equal-Weight” on Sep 2, 2016. Company shares were Reiterated by Deutsche Bank on Aug 29, 2016 to “Hold”, Firm has raised the Price Target to $ 18.50 from a previous price target of $17 .

On the company’s financial health, Ciena Corporation reported $0.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Sep 1, 2016. Analyst had a consensus of $0.38. The company had revenue of $670.60 million for the quarter, compared to analysts expectations of $672.23 million. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 EPS.

Ciena Corporation opened for trading at $22.32 and hit $23.6 on the upside on Thursday, eventually ending the session at $23.17, with a gain of 8.02% or 1.72 points. The heightened volatility saw the trading volume jump to 1,22,56,635 shares. Company has a market cap of $3,200 M.

In a different news, on Aug 23, 2016, Judith M Obrien (director) sold 5,000 shares at $21.55 per share price. According to the SEC, on Aug 18, 2016, Francois Locoh-donou (Chief Operating Officer) sold 10,424 shares at $22.00 per share price. On Aug 16, 2016, David M Rothenstein (Sr. VP, General Counsel) sold 2,000 shares at $20.84 per share price, according to the Form-4 filing with the securities and exchange commission.

Ciena Corporation (Ciena) is a provider of communications networking equipment software and services that support the transport switching aggregation and management of voice video and data traffic. The Company operates in four segments: converged packet optical packet networking optical transport and software and services. Its service provider customers include regional national and international wire line and wireless carriers. Its cable operator customers include cable and multiservice operators in the United States and internationally. Its Blue Planet Division provides multi-vendor network management software and service orchestration solutions. Its Blue Planet product portfolio includes software applications including Planet Orchestrate and Planet Operate as well as its software-defined networking (SDN) multilayer wide area network (WAN) controller and its applications V-WAN Agility Matrix and network management solutions.

Ciena Corporation

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