Ciena (NYSE:CIEN) Price Target Increased to $74.00 by Analysts at Barclays

Ciena (NYSE:CIEN – Get Rating) had its price target raised by Barclays from $71.00 to $74.00 in a report issued on Tuesday, The Fly reports.

A number of other equities analysts have also weighed in on CIEN. Loop Capital upped their target price on shares of Ciena from $68.00 to $69.00 in a research note on Friday, December 9th. Cowen upped their target price on shares of Ciena from $71.00 to $76.00 in a research note on Friday, December 9th. Citigroup upped their target price on shares of Ciena from $55.00 to $65.00 in a research note on Friday, December 9th. Cowen upped their target price on shares of Ciena from $71.00 to $76.00 in a research note on Friday, December 9th. Finally, Evercore ISI increased their price objective on shares of Ciena to $55.00 in a research note on Monday, December 12th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Ciena has an average rating of Moderate Buy and a consensus price target of $63.81.

Ciena Price Performance

Shares of CIEN stock opened at $49.49 on Tuesday. Ciena has a 12-month low of $38.33 and a 12-month high of $61.97. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 49.49, a price-to-earnings-growth ratio of 1.63 and a beta of 0.97. The company has a quick ratio of 2.34, a current ratio of 3.25 and a debt-to-equity ratio of 0.39. The firm has a fifty day moving average of $49.84 and a 200-day moving average of $46.75.

Ciena (NYSE:CIEN – Get Rating) last announced its quarterly earnings results on Monday, March 6th. The communications equipment provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.28. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $959.04 million. Ciena had a net margin of 4.21% and a return on equity of 7.57%. The firm’s revenue was up 25.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 EPS. On average, equities research analysts forecast that Ciena will post 2 earnings per share for the current year.

Insider Activity

In other news, VP Andrew C. Petrik sold 1,000 shares of the company’s stock in a transaction dated Thursday, December 15th. The shares were sold at an average price of $49.87, for a total value of $49,870.00. Following the sale, the vice president now directly owns 35,099 shares of the company’s stock, valued at approximately $1,750,387.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Andrew C. Petrik sold 1,000 shares of the company’s stock in a transaction dated Thursday, December 15th. The shares were sold at an average price of $49.87, for a total value of $49,870.00. Following the sale, the vice president now directly owns 35,099 shares of the company’s stock, valued at approximately $1,750,387.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas Michael Nevens sold 21,737 shares of the company’s stock in a transaction dated Thursday, January 12th. The shares were sold at an average price of $74.31, for a total transaction of $1,615,276.47. Following the completion of the sale, the director now directly owns 12,732 shares in the company, valued at $946,114.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,943 shares of company stock valued at $3,918,806. 0.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Belpointe Asset Management LLC acquired a new position in shares of Ciena during the 4th quarter worth approximately $33,000. Ronald Blue Trust Inc. boosted its position in shares of Ciena by 165.2% during the 4th quarter. Ronald Blue Trust Inc. now owns 663 shares of the communications equipment provider’s stock worth $27,000 after acquiring an additional 413 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in shares of Ciena during the 2nd quarter worth approximately $32,000. Eagle Bay Advisors LLC boosted its position in shares of Ciena by 98.3% during the 2nd quarter. Eagle Bay Advisors LLC now owns 817 shares of the communications equipment provider’s stock worth $37,000 after acquiring an additional 405 shares in the last quarter. Finally, Private Trust Co. NA boosted its position in shares of Ciena by 115.1% during the 3rd quarter. Private Trust Co. NA now owns 884 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 473 shares in the last quarter. Institutional investors and hedge funds own 96.26% of the company’s stock.

Ciena Company Profile

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Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical and Packet Networking portfolios.