Ciena (NYSE:CIEN) Price Target Raised to $67.00 at Barclays

Ciena (NYSE:CIEN) had its target price boosted by Barclays from $55.00 to $67.00 in a report published on Thursday, Benzinga reports. They currently have an overweight rating on the communications equipment provider’s stock.

Several other brokerages also recently weighed in on CIEN. B. Riley decreased their target price on Ciena from $68.00 to $66.00 and set a buy rating for the company in a research report on Friday, June 7th. Northland Securities reiterated a market perform rating and issued a $46.00 price target on shares of Ciena in a research note on Tuesday. Morgan Stanley boosted their price target on Ciena from $55.00 to $60.00 and gave the stock an overweight rating in a research note on Wednesday. Needham & Company LLC reiterated a buy rating and issued a $65.00 price target on shares of Ciena in a research note on Thursday. Finally, Stifel Nicolaus boosted their price target on Ciena from $62.00 to $68.00 and gave the stock a buy rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Ciena currently has an average rating of Moderate Buy and a consensus price target of $59.15.

Ciena Price Performance

Shares of NYSE CIEN opened at $52.43 on Thursday. Ciena has a 1-year low of $39.94 and a 1-year high of $63.24. The business has a 50-day moving average of $51.00 and a 200-day moving average of $49.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.88 and a quick ratio of 2.76. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 50.41, a PEG ratio of 6.02 and a beta of 0.94.

Ciena (NYSE:CIEN) last issued its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.09. Ciena had a return on equity of 7.16% and a net margin of 3.71%. The company had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. The company’s revenue was down 11.8% compared to the same quarter last year. On average, equities analysts anticipate that Ciena will post 1.15 EPS for the current fiscal year.

Insider Buying and Selling at Ciena

In other news, SVP Jason Phipps sold 2,712 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $48.29, for a total transaction of $130,962.48. Following the completion of the transaction, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at $4,635,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.81, for a total transaction of $170,835.00. Following the completion of the transaction, the senior vice president now directly owns 212,421 shares of the company’s stock, valued at $10,368,269.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jason Phipps sold 2,712 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $48.29, for a total value of $130,962.48. Following the transaction, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at $4,635,840. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ciena

Several institutional investors have recently made changes to their positions in CIEN. Kapitalo Investimentos Ltda bought a new position in Ciena in the 4th quarter worth approximately $30,000. Register Financial Advisors LLC bought a new position in Ciena in the 1st quarter worth approximately $33,000. Headlands Technologies LLC bought a new position in Ciena in the 1st quarter worth approximately $40,000. Canton Hathaway LLC bought a new position in Ciena in the 2nd quarter worth approximately $40,000. Finally, Covestor Ltd grew its holdings in Ciena by 339.5% in the 1st quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock worth $60,000 after buying an additional 937 shares in the last quarter. 91.99% of the stock is owned by 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, optical transport network switching, IP routing, and switching services.