Ciena Corporation (NYSE:CIEN) Given Consensus Rating of “Moderate Buy” by Analysts

Ciena Corporation (NYSE:CIEN) has been assigned an average rating of “Moderate Buy” from the twenty brokerages that are currently covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $530.5556.

A number of brokerages recently commented on CIEN. Northland Securities set a $450.00 target price on Ciena in a report on Friday, June 5th. Stifel Nicolaus set a $615.00 price target on Ciena in a report on Friday, May 29th. Argus set a $650.00 price objective on Ciena in a research note on Friday, June 5th. JPMorgan Chase & Co. lifted their price objective on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Finally, B. Riley Financial lifted their price objective on Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd.

Insider Activity at Ciena

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the transaction, the senior vice president directly owned 42,872 shares in the company, valued at $19,992,499.76. This represents a 3.57% 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 stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $379.81, for a total transaction of $1,121,199.12. Following the completion of the sale, the chief executive officer directly owned 248,982 shares of the company’s stock, valued at approximately $94,565,853.42. This trade represents a 1.17% 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. Insiders have sold 21,627 shares of company stock worth $10,508,776 in the last 90 days. Insiders own 0.58% of the company’s stock.

Institutional Trading of Ciena

Several institutional investors and hedge funds have recently modified their holdings of the company. Transamerica Financial Advisors LLC increased its stake in Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after buying an additional 44 shares in the last quarter. Asset Dedication LLC lifted its position in shares of Ciena by 2,100.0% in the first quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock valued at $34,000 after acquiring an additional 84 shares in the last quarter. Carolina Wealth Advisors LLC boosted its stake in shares of Ciena by 57.8% in the second quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock worth $35,000 after acquiring an additional 26 shares during the period. Truvestments Capital LLC boosted its stake in shares of Ciena by 45.3% in the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 48 shares during the period. Finally, Bogart Wealth LLC grew its position in shares of Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 89 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Ciena Stock Up 0.1%

Shares of CIEN stock opened at $412.82 on Monday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena has a 12 month low of $84.41 and a 12 month high of $637.51. The stock has a market cap of $58.43 billion, a P/E ratio of 137.61 and a beta of 1.30. The company has a 50 day simple moving average of $439.69 and a two-hundred day simple moving average of $420.50.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the company posted $0.42 EPS. The company’s revenue was up 39.5% compared to the same quarter last year. On average, research analysts expect that Ciena will post 5.4 earnings per share for the current year.

About Ciena

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.