Ciena Corporation (NYSE:CIEN) Receives $241.67 Average Price Target from Analysts

by · The Markets Daily

Ciena Corporation (NYSE:CIEN – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the eighteen analysts that are currently covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $241.6667.

CIEN has been the subject of a number of research reports. B. Riley Financial reiterated a “neutral” rating on shares of Ciena in a research note on Friday, December 12th. Barclays upped their price target on shares of Ciena from $138.00 to $279.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Stifel Nicolaus raised their price objective on shares of Ciena to $280.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Wall Street Zen lowered shares of Ciena from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 21st. Finally, Morgan Stanley set a $213.00 target price on shares of Ciena in a research note on Wednesday, December 17th.

Check Out Our Latest Stock Report on Ciena

Insider Activity at Ciena

In other news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $265.60, for a total value of $784,051.20. Following the transaction, the chief executive officer owned 301,940 shares of the company’s stock, valued at approximately $80,195,264. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Joseph Cumello sold 11,929 shares of the stock in a transaction on Monday, January 12th. The stock was sold at an average price of $229.82, for a total value of $2,741,522.78. Following the sale, the senior vice president directly owned 49,475 shares of the company’s stock, valued at approximately $11,370,344.50. This represents a 19.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 157,242 shares of company stock worth $36,341,766 in the last ninety days. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CIEN. Lecap Asset Management Ltd. acquired a new stake in Ciena during the 3rd quarter worth approximately $1,993,000. World Investment Advisors purchased a new stake in Ciena during the second quarter worth approximately $253,000. Convergence Investment Partners LLC acquired a new stake in shares of Ciena in the third quarter worth $1,726,000. JPMorgan Chase & Co. raised its stake in shares of Ciena by 7.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,243,053 shares of the communications equipment provider’s stock valued at $426,420,000 after acquiring an additional 359,579 shares during the period. Finally, M & L Capital Management Ltd purchased a new position in shares of Ciena in the 3rd quarter valued at $714,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Price Performance

Shares of CIEN opened at $303.85 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.73 and a quick ratio of 2.09. Ciena has a 1-year low of $49.21 and a 1-year high of $308.81. The stock has a market cap of $42.80 billion, a PE ratio of 357.48, a price-to-earnings-growth ratio of 1.64 and a beta of 1.13. The firm has a fifty day moving average price of $243.93 and a 200 day moving average price of $180.56.

Ciena (NYSE:CIEN – Get Free Report) last posted its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The business’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 earnings per share. As a group, sell-side analysts anticipate that Ciena will post 1.6 EPS for the current year.

About Ciena

(Get Free Report)

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.

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