Evercore ISI Raises Ciena (NYSE:CIEN) Price Target to $52.00

Ciena (NYSE:CIEN) had its target price increased by Evercore ISI from $47.00 to $52.00 in a research report report published on Friday morning, MarketBeat Ratings reports. The firm currently has an in-line rating on the communications equipment provider’s stock.

Several other research analysts also recently issued reports on the stock. Barclays dropped their target price on shares of Ciena from $66.00 to $59.00 and set an overweight rating on the stock in a research note on Friday. Jefferies Financial Group lowered their price objective on shares of Ciena from $65.00 to $60.00 in a research report on Wednesday, June 7th. Rosenblatt Securities restated a buy rating and set a $57.00 price objective on shares of Ciena in a research report on Wednesday, August 30th. Needham & Company LLC lowered their price objective on shares of Ciena from $60.00 to $50.00 and set a buy rating on the stock in a research report on Monday, August 28th. Finally, B. Riley increased their price objective on shares of Ciena from $60.00 to $67.00 and gave the company a buy rating in a research report on Friday. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ciena has a consensus rating of Moderate Buy and a consensus price target of $61.35.

Ciena Trading Down 3.0 %

Shares of NYSE CIEN opened at $48.47 on Friday. The firm’s 50 day moving average price is $42.39 and its 200-day moving average price is $45.45. The company has a market cap of $7.25 billion, a PE ratio of 32.75, a P/E/G ratio of 1.70 and a beta of 0.91. Ciena has a 52-week low of $38.33 and a 52-week high of $54.25. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.71 and a current ratio of 3.95.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, August 31st. The communications equipment provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.08. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.04 billion. Ciena had a net margin of 5.23% and a return on equity of 10.00%. The business’s revenue was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share. On average, equities research analysts expect that Ciena will post 1.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ciena news, SVP Scott Mcfeely sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $41.76, for a total value of $83,520.00. Following the transaction, the senior vice president now directly owns 90,892 shares in the company, valued at $3,795,649.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Scott Mcfeely sold 2,000 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $41.76, for a total value of $83,520.00. Following the completion of the sale, the senior vice president now directly owns 90,892 shares of the company’s stock, valued at $3,795,649.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gary B. Smith sold 4,174 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $42.48, for a total transaction of $177,311.52. Following the completion of the sale, the chief executive officer now directly owns 449,439 shares of the company’s stock, valued at $19,092,168.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,041 shares of company stock worth $1,400,010. Company insiders own 0.99% of the company’s stock.

Institutional Trading of Ciena

Hedge funds and other institutional investors have recently modified their holdings of the company. Orion Capital Management LLC purchased a new stake in shares of Ciena in the first quarter worth $26,000. BOKF NA purchased a new position in Ciena during the first quarter valued at $30,000. BerganKDV Wealth Management LLC purchased a new position in Ciena during the second quarter valued at $32,000. Belpointe Asset Management LLC purchased a new position in Ciena during the fourth quarter valued at $33,000. Finally, WealthPLAN Partners LLC purchased a new position in Ciena during the first quarter valued at $50,000. 90.02% of the stock is owned by hedge funds and other institutional investors.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, IP routing, and switching services.