Ciena Co. (NYSE:CIEN) Receives $57.25 Consensus Target Price from Brokerages

Shares of Ciena Co. (NYSE:CIEN) have received a consensus rating of “Moderate Buy” from the twelve research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $57.25.

Several equities research analysts recently weighed in on the stock. B. Riley dropped their price objective on shares of Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. BNP Paribas assumed coverage on shares of Ciena in a research note on Thursday, April 11th. They set an “outperform” rating and a $57.00 price objective on the stock. JPMorgan Chase & Co. dropped their price target on shares of Ciena from $67.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Raymond James lowered shares of Ciena from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $59.00 to $54.00 in a research note on Thursday, June 6th. Finally, StockNews.com upgraded shares of Ciena from a “sell” rating to a “hold” rating in a research note on Friday, March 8th.

Ciena Stock Up 3.2 %

Shares of NYSE CIEN opened at $48.44 on Wednesday. Ciena has a 52-week low of $39.94 and a 52-week high of $63.24. The firm has a fifty day moving average of $47.42 and a 200-day moving average of $49.37. The stock has a market capitalization of $6.96 billion, a PE ratio of 46.58, a P/E/G ratio of 4.57 and a beta of 0.99. The company has a quick ratio of 2.76, a current ratio of 3.88 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. The firm had revenue of $910.80 million during the quarter, compared to analysts’ expectations of $895.80 million. Ciena had a net margin of 3.71% and a return on equity of 7.16%. The firm’s revenue was down 19.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.59 EPS. On average, analysts anticipate that Ciena will post 1.22 EPS for the current year.

Insiders Place Their Bets

In other Ciena news, SVP Brodie Gage sold 533 shares of Ciena stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $49.61, for a total transaction of $26,442.13. Following the transaction, the senior vice president now directly owns 41,372 shares in the company, valued at approximately $2,052,464.92. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Ciena news, CEO Gary B. Smith sold 4,166 shares of Ciena stock in a transaction on Monday, April 1st. The shares were sold at an average price of $49.39, for a total transaction of $205,758.74. Following the completion of the sale, the chief executive officer now owns 389,275 shares of the company’s stock, valued at approximately $19,226,292.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Brodie Gage sold 533 shares of Ciena stock in a transaction on Monday, April 1st. The shares were sold at an average price of $49.61, for a total transaction of $26,442.13. Following the sale, the senior vice president now directly 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. In the last three months, insiders have sold 21,641 shares of company stock worth $1,031,032. Corporate insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On Ciena

Several institutional investors and hedge funds have recently modified their holdings of CIEN. Pathstone Family Office LLC lifted its stake in shares of Ciena by 43.7% in the 3rd quarter. Pathstone Family Office LLC now owns 7,431 shares of the communications equipment provider’s stock valued at $351,000 after purchasing an additional 2,261 shares during the last quarter. HighTower Advisors LLC lifted its position in Ciena by 2.2% during the 3rd quarter. HighTower Advisors LLC now owns 17,585 shares of the communications equipment provider’s stock worth $833,000 after acquiring an additional 376 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Ciena during the 3rd quarter worth $101,000. Rafferty Asset Management LLC lifted its position in Ciena by 11.4% during the 3rd quarter. Rafferty Asset Management LLC now owns 27,135 shares of the communications equipment provider’s stock worth $1,282,000 after acquiring an additional 2,773 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Ciena during the 3rd quarter worth $1,356,000. 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.