Ciena Co. (NYSE:CIEN) Receives $81.23 Consensus Target Price from Brokerages

Shares of Ciena Co. (NYSE:CIEN) have been given an average rating of “Moderate Buy” by the fourteen ratings firms that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $83.15.

A number of brokerages recently weighed in on CIEN. B. Riley reaffirmed a “buy” rating and issued a $90.00 target price (up from $89.00) on shares of Ciena in a research note on Friday. Wall Street Zen downgraded shares of Ciena from a “buy” rating to a “hold” rating in a research note on Saturday. Barclays set a $100.00 target price on shares of Ciena and gave the company an “overweight” rating in a research note on Wednesday, March 12th. JPMorgan Chase & Co. increased their price target on shares of Ciena from $76.00 to $86.00 and gave the company an “overweight” rating in a research report on Tuesday, May 27th. Finally, Northland Securities set a $85.00 price target on shares of Ciena in a research report on Friday.

Ciena Trading Down 0.2%

Shares of Ciena stock opened at $72.88 on Wednesday. Ciena has a 12-month low of $44.69 and a 12-month high of $101.44. The company has a market cap of $10.36 billion, a price-to-earnings ratio of 127.86, a PEG ratio of 1.54 and a beta of 1.12. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The company’s 50-day moving average price is $70.07 and its 200-day moving average price is $75.96.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.08). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Ciena had a net margin of 2.09% and a return on equity of 4.72%. The company’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 earnings per share. On average, equities analysts expect that Ciena will post 1.6 earnings per share for the current fiscal year.

Insider Transactions at Ciena

In related news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $78.67, for a total value of $27,534.50. Following the sale, the senior vice president now owns 46,233 shares in the company, valued at $3,637,150.11. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $59.54, for a total transaction of $404,872.00. Following the completion of the sale, the chief executive officer now owns 375,680 shares in the company, valued at approximately $22,367,987.20. This trade represents a 1.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,788 shares of company stock worth $3,431,319. Insiders own 0.93% of the company’s stock.

Institutional Trading of Ciena

Large investors have recently added to or reduced their stakes in the stock. Inspire Investing LLC increased its stake in shares of Ciena by 516.6% during the first quarter. Inspire Investing LLC now owns 18,719 shares of the communications equipment provider’s stock valued at $1,131,000 after purchasing an additional 15,683 shares in the last quarter. Modern Wealth Management LLC increased its stake in shares of Ciena by 25.7% during the first quarter. Modern Wealth Management LLC now owns 3,335 shares of the communications equipment provider’s stock valued at $202,000 after purchasing an additional 682 shares in the last quarter. Strs Ohio bought a new position in shares of Ciena during the first quarter valued at approximately $1,227,000. Acadian Asset Management LLC purchased a new position in shares of Ciena in the 1st quarter worth about $3,705,000. Finally, Intech Investment Management LLC boosted its stake in Ciena by 106.8% in the 1st quarter. Intech Investment Management LLC now owns 135,574 shares of the communications equipment provider’s stock worth $8,193,000 after purchasing an additional 70,027 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

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.