Brokerages Set Ciena Co. (NYSE:CIEN) Price Target at $61.27

Ciena Co. (NYSE:CIEN) has been assigned a consensus recommendation of “Buy” from the twelve research firms that are covering the company, reports. Five research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $61.27.

A number of brokerages have recently commented on CIEN. Barclays reduced their target price on shares of Ciena from $68.00 to $66.00 and set an “overweight” rating on the stock in a research report on Friday, September 3rd. Colliers Securities restated a “buy” rating and set a $70.00 price objective on shares of Ciena in a report on Friday, September 3rd. Finally, B. Riley lowered their target price on Ciena from $53.00 to $51.00 and set a “neutral” rating for the company in a report on Friday, September 3rd. They noted that the move was a valuation call.

NYSE CIEN traded up $1.12 during trading on Monday, hitting $53.15. The stock had a trading volume of 3,565 shares, compared to its average volume of 1,290,103. Ciena has a one year low of $38.03 and a one year high of $61.09. The stock has a 50 day simple moving average of $54.40 and a 200 day simple moving average of $55.15. The stock has a market capitalization of $8.23 billion, a price-to-earnings ratio of 17.64, a P/E/G ratio of 1.35 and a beta of 0.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.16 and a current ratio of 3.61.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Wednesday, September 1st. The communications equipment provider reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.13. Ciena had a return on equity of 13.32% and a net margin of 13.55%. The company had revenue of $988.10 million for the quarter, compared to the consensus estimate of $969.41 million. During the same quarter in the prior year, the company posted $1.06 EPS. Ciena’s quarterly revenue was up 1.2% on a year-over-year basis. On average, sell-side analysts predict that Ciena will post 2.5 EPS for the current year.

In other Ciena news, CEO Gary B. Smith sold 6,550 shares of the firm’s stock in a transaction dated Thursday, September 2nd. The stock was sold at an average price of $57.60, for a total value of $377,280.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction that occurred on Thursday, July 22nd. The shares were sold at an average price of $55.54, for a total transaction of $111,080.00. The disclosure for this sale can be found here. Insiders have sold a total of 50,669 shares of company stock valued at $2,797,489 over the last 90 days. 0.96% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Eagle Bay Advisors LLC acquired a new position in shares of Ciena in the 2nd quarter valued at $30,000. Bbva USA acquired a new stake in shares of Ciena during the second quarter worth about $34,000. Eaton Vance Management purchased a new stake in Ciena in the first quarter valued at approximately $36,000. Berman Capital Advisors LLC boosted its position in Ciena by 83.8% in the third quarter. Berman Capital Advisors LLC now owns 735 shares of the communications equipment provider’s stock valued at $37,000 after buying an additional 335 shares during the last quarter. Finally, Arkadios Wealth Advisors acquired a new position in Ciena in the 2nd quarter worth approximately $42,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Ciena Company Profile

Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical and Packet Networking portfolios.

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Analyst Recommendations for Ciena (NYSE:CIEN)

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