Ciena (NYSE:CIEN) Research Coverage Started at Sanford C. Bernstein

by · The Cerbat Gem

Sanford C. Bernstein started coverage on shares of Ciena (NYSE:CIEN – Free Report) in a report published on Wednesday morning, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $440.00 price target on the communications equipment provider’s stock.

Several other research firms have also weighed in on CIEN. Argus set a $550.00 price target on Ciena in a research report on Thursday, September 10th. Evercore raised Ciena from an “in-line” rating to an “outperform” rating and set a $550.00 price objective for the company in a report on Monday, September 21st. Needham & Company LLC reissued a “buy” rating and issued a $520.00 target price on shares of Ciena in a research note on Thursday, September 17th. Rosenblatt Securities reissued a “buy” rating and issued a $525.00 target price on shares of Ciena in a research note on Thursday, September 17th. Finally, Barclays boosted their target price on shares of Ciena from $475.00 to $548.00 and gave the stock an “overweight” rating in a report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and an average price target of $490.05.

View Our Latest Analysis on Ciena

Ciena Price Performance

NYSE CIEN opened at $391.81 on Wednesday. The firm’s 50 day moving average is $372.59 and its 200-day moving average is $440.11. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $55.56 billion, a PE ratio of 87.46, a price-to-earnings-growth ratio of 5.27 and a beta of 1.28. Ciena has a 12-month low of $147.36 and a 12-month high of $637.51.

Ciena (NYSE:CIEN – Get Free Report) last released its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.38. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter last year, the firm earned $0.35 earnings per share. The firm’s revenue for the quarter was up 37.0% compared to the same quarter last year. Equities research analysts anticipate that Ciena will post 6 earnings per share for the current fiscal year.

Insider Buying and Selling at Ciena

In other Ciena news, EVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $324.86, for a total transaction of $389,832.00. Following the completion of the transaction, the executive vice president directly owned 37,207 shares of the company’s stock, valued at $12,087,066.02. The trade was a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $330.18, for a total transaction of $974,691.36. Following the completion of the transaction, the chief executive officer owned 240,126 shares in the company, valued at approximately $79,284,802.68. This represents a 1.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 26,184 shares of company stock worth $9,957,835. 0.58% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Corient Private Wealth LLC grew its holdings in shares of Ciena by 30,114.5% during the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after purchasing an additional 2,861,176 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Ciena by 95.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,236,835 shares of the communications equipment provider’s stock valued at $523,129,000 after buying an additional 1,092,980 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Ciena during the 2nd quarter worth approximately $404,948,000. Norges Bank acquired a new stake in Ciena during the 4th quarter worth approximately $189,891,000. Finally, Amanah Holdings Trust acquired a new stake in Ciena during the 4th quarter worth approximately $46,774,000. 91.99% of the stock is owned by institutional investors.

Ciena Company Profile

(Get Free Report)

Ciena Corporation is a networking technology company that provides communications infrastructure, software and services for telecommunications providers, cloud operators, enterprises, governments and research institutions. Its solutions are designed to help organizations build, manage and automate high-capacity networks that support applications such as cloud computing, broadband connectivity, data center interconnection and 5G services.

The company’s portfolio includes optical networking systems and coherent optical technologies, routing and switching platforms, broadband access solutions, network management software and professional services.

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