Ciena Corporation (NYSE:CIEN) Receives $237.50 Average PT from Brokerages

Ciena Corporation (NYSE:CIEN) has been assigned a consensus recommendation of “Moderate Buy” from the twenty research firms that are presently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $237.50.

Several equities research analysts have commented on the company. Barclays upped their price objective on Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. BNP Paribas Exane upgraded shares of Ciena from a “neutral” rating to an “outperform” rating and set a $185.00 price target for the company in a research report on Monday, October 13th. Argus increased their price objective on Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Needham & Company LLC lifted their target price on shares of Ciena to $280.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Finally, JPMorgan Chase & Co. upped their target price on shares of Ciena from $215.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 12th.

Insider Buying and Selling

In related news, Director Thomas Michael Nevens sold 8,554 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $224.66, for a total value of $1,921,741.64. Following the completion of the sale, the director owned 9,422 shares of the company’s stock, valued at approximately $2,116,746.52. This trade represents a 47.59% 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 this link. Also, SVP Brodie Gage sold 550 shares of Ciena stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $220.84, for a total value of $121,462.00. Following the transaction, the senior vice president owned 39,992 shares in the company, valued at approximately $8,831,833.28. The trade was a 1.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 143,514 shares of company stock worth $32,235,186 in the last 90 days. Corporate insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CIEN. MassMutual Private Wealth & Trust FSB increased its position in Ciena by 9.7% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider’s stock worth $166,000 after purchasing an additional 63 shares during the last quarter. Assetmark Inc. grew its stake in shares of Ciena by 50.4% in the 3rd 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 period. Global Retirement Partners LLC increased its holdings in shares of Ciena by 11.1% during the 3rd quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock worth $102,000 after buying an additional 70 shares during the last quarter. Coldstream Capital Management Inc. increased its holdings in shares of Ciena by 1.7% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider’s stock worth $695,000 after buying an additional 79 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Ciena by 1.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider’s stock valued at $943,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Stock Down 0.0%

NYSE:CIEN opened at $243.78 on Thursday. 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 company’s fifty day moving average price is $218.67 and its 200-day moving average price is $158.02. Ciena has a 1-year low of $49.21 and a 1-year high of $261.13. The firm has a market capitalization of $34.34 billion, a P/E ratio of 286.80, a PEG ratio of 1.35 and a beta of 1.13.

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

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.