Ciena (NYSE:CIEN) Price Target Lowered to $65.00 at Citigroup

Posted by on Jun 3rd, 2022

Ciena (NYSE:CIEN – Get Rating) had its price target dropped by equities research analysts at Citigroup from $85.00 to $65.00 in a research note issued on Friday, The Fly reports. Citigroup’s price objective would indicate a potential upside of 28.26% from the company’s current price.

Several other research firms have also issued reports on CIEN. Raymond James decreased their target price on Ciena from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 8th. StockNews.com assumed coverage on Ciena in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Morgan Stanley reduced their price target on Ciena from $67.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 25th. Barclays reduced their price target on Ciena from $84.00 to $70.00 in a research report on Friday. Finally, Loop Capital increased their price target on Ciena from $87.00 to $92.00 in a research report on Wednesday, February 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ciena presently has an average rating of “Buy” and a consensus price target of $75.31.

Shares of NYSE:CIEN opened at $50.68 on Friday. Ciena has a 52-week low of $46.60 and a 52-week high of $78.28. The business has a fifty day moving average of $55.16 and a two-hundred day moving average of $62.71. The stock has a market cap of $7.71 billion, a P/E ratio of 16.19, a PEG ratio of 1.37 and a beta of 0.87. The company has a quick ratio of 3.56, a current ratio of 4.16 and a debt-to-equity ratio of 0.38.

Ciena (NYSE:CIEN – Get Rating) last posted its earnings results on Thursday, June 2nd. The communications equipment provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.04). Ciena had a return on equity of 13.17% and a net margin of 13.23%. The firm had revenue of $949.20 million for the quarter, compared to analyst estimates of $950.86 million. During the same period in the previous year, the company posted $0.52 EPS. Ciena’s revenue was up 13.8% on a year-over-year basis. On average, equities analysts anticipate that Ciena will post 2.49 earnings per share for the current year.

In related news, CEO Gary B. Smith sold 3,542 shares of the firm’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $50.19, for a total transaction of $177,772.98. Following the transaction, the chief executive officer now owns 443,924 shares in the company, valued at approximately $22,280,545.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew C. Petrik sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 14th. The stock was sold at an average price of $57.29, for a total value of $57,290.00. Following the transaction, the vice president now owns 33,503 shares in the company, valued at approximately $1,919,386.87. The disclosure for this sale can be found here. Insiders have sold a total of 30,828 shares of company stock worth $1,732,259 in the last 90 days. 0.94% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. First Horizon Advisors Inc. lifted its position in Ciena by 32.9% during the 4th quarter. First Horizon Advisors Inc. now owns 744 shares of the communications equipment provider’s stock worth $57,000 after acquiring an additional 184 shares during the period. Aurora Investment Counsel lifted its position in Ciena by 0.6% during the 3rd quarter. Aurora Investment Counsel now owns 31,911 shares of the communications equipment provider’s stock worth $1,639,000 after acquiring an additional 195 shares during the period. Synovus Financial Corp lifted its position in Ciena by 2.5% during the 4th quarter. Synovus Financial Corp now owns 7,960 shares of the communications equipment provider’s stock worth $613,000 after acquiring an additional 195 shares during the period. CIBC Asset Management Inc lifted its position in Ciena by 3.3% during the 4th quarter. CIBC Asset Management Inc now owns 6,248 shares of the communications equipment provider’s stock worth $481,000 after acquiring an additional 202 shares during the period. Finally, Lindenwold Advisors lifted its position in Ciena by 6.3% during the 1st quarter. Lindenwold Advisors now owns 3,650 shares of the communications equipment provider’s stock worth $221,000 after acquiring an additional 216 shares during the period. 88.75% of the stock is owned by institutional investors.

About Ciena (Get Rating)

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

Further Reading

The Fly logo

Analyst Recommendations for Ciena (NYSE:CIEN)

Want More Great Investing Ideas?

Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.