Ciena Co. (NYSE:CIEN) Receives $60.17 Average Price Target from Analysts

Shares of Ciena Co. (NYSE:CIEN) have been given an average rating of “Buy” by the nine ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $60.17.

A number of equities analysts have recently commented on the company. Needham & Company LLC raised their price objective on Ciena from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, March 4th. StockNews.com upgraded Ciena from a “sell” rating to a “hold” rating in a report on Friday, March 8th. JPMorgan Chase & Co. raised their price objective on Ciena from $56.00 to $67.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. Finally, Evercore ISI raised their target price on Ciena from $57.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, February 23rd.

Ciena Stock Down 0.0 %

Shares of NYSE:CIEN opened at $47.59 on Friday. The stock’s 50-day moving average price is $53.58 and its two-hundred day moving average price is $48.27. The company has a current ratio of 4.29, a quick ratio of 3.12 and a debt-to-equity ratio of 0.53. Ciena has a 12-month low of $39.94 and a 12-month high of $63.24. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 30.90, a PEG ratio of 2.07 and a beta of 0.99.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, March 7th. The communications equipment provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.18. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Ciena had a return on equity of 9.92% and a net margin of 5.22%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company earned $0.48 EPS. On average, research analysts forecast that Ciena will post 1.53 EPS for the current year.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 533 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $49.61, for a total transaction of $26,442.13. Following the completion of the sale, the senior vice president now owns 41,372 shares in the company, valued at approximately $2,052,464.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $49.72, for a total value of $174,020.00. Following the completion of the transaction, the senior vice president now owns 237,001 shares in the company, valued at approximately $11,783,689.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Brodie Gage sold 533 shares of Ciena stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $49.61, for a total value of $26,442.13. Following the completion of the transaction, the senior vice president now owns 41,372 shares of the company’s stock, valued at approximately $2,052,464.92. The disclosure for this sale can be found here. Insiders sold a total of 107,533 shares of company stock worth $5,808,540 in the last 90 days. 0.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Kapitalo Investimentos Ltda acquired a new position in Ciena during the 4th quarter valued at approximately $30,000. Farther Finance Advisors LLC raised its stake in Ciena by 63.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 849 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 331 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Ciena during the 1st quarter valued at $59,000. Johnson Financial Group Inc. bought a new stake in Ciena during the 4th quarter valued at $61,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new stake in Ciena during the 3rd quarter valued at $101,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

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, optical transport network switching, IP routing, and switching services.