Ciena Corporation (NYSE:CIEN) Receives $241.67 Consensus Price Target from Brokerages

Ciena Corporation (NYSE:CIEN) has been given a consensus rating of “Moderate Buy” by the eighteen ratings firms that are currently covering the stock, MarketBeat reports. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $241.6667.

A number of research analysts have weighed in on the stock. Needham & Company LLC lifted their price target on shares of Ciena to $280.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Bank of America reiterated a “neutral” rating and set a $260.00 price objective on shares of Ciena in a report on Tuesday, January 20th. JPMorgan Chase & Co. increased their target price on Ciena from $215.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Ciena in a report on Wednesday, January 21st. Finally, UBS Group increased their target price on Ciena from $120.00 to $230.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th.

Ciena Price Performance

CIEN opened at $297.41 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. The firm’s fifty day moving average price is $239.91 and its two-hundred day moving average price is $178.27. The company has a market capitalization of $41.89 billion, a price-to-earnings ratio of 349.90, a P/E/G ratio of 1.68 and a beta of 1.13. Ciena has a 1 year low of $49.21 and a 1 year high of $308.81.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.76 by $0.15. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.Ciena’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. As a group, analysts anticipate that Ciena will post 1.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Joseph Cumello sold 11,929 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $229.82, for a total transaction of $2,741,522.78. Following the completion of the transaction, 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 83,552 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $229.44, for a total transaction of $19,170,170.88. Following the transaction, the chief executive officer directly owned 307,885 shares in the company, valued at $70,641,134.40. This trade represents a 21.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 157,242 shares of company stock worth $36,341,766. 0.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ciena

Hedge funds have recently added to or reduced their stakes in the stock. Community Bank N.A. purchased a new position in shares of Ciena in the 3rd quarter worth $25,000. Mather Group LLC. bought a new stake in Ciena in the third quarter valued at approximately $28,000. Assetmark Inc. lifted its position in shares of Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after buying an additional 67 shares during the last quarter. Ameritas Advisory Services LLC raised its holdings in Ciena by 104.0% in the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 104 shares during the last quarter. Finally, Salomon & Ludwin LLC purchased a new position in Ciena in the third quarter worth $31,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Company Profile

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.