Ciena (NYSE:CIEN) Price Target Raised to $67.00

Ciena (NYSE:CIEN) had its target price hoisted by Barclays from $55.00 to $67.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the communications equipment provider’s stock.

A number of other analysts also recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Ciena from $62.00 to $68.00 and gave the stock a buy rating in a report on Tuesday, September 3rd. Needham & Company LLC reiterated a buy rating and issued a $65.00 price objective on shares of Ciena in a report on Thursday. Northland Securities reissued a market perform rating and set a $46.00 price objective on shares of Ciena in a report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their target price on Ciena from $67.00 to $60.00 and set an overweight rating for the company in a research note on Thursday, May 30th. Finally, Rosenblatt Securities lifted their price target on shares of Ciena from $52.50 to $54.00 and gave the stock a neutral rating in a research note on Friday, June 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $59.15.

Ciena Price Performance

Ciena stock opened at $51.16 on Thursday. The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 49.19, a PEG ratio of 6.02 and a beta of 0.94. The company has a quick ratio of 2.76, a current ratio of 3.88 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $51.06 and a 200 day simple moving average of $49.92. Ciena has a 52 week low of $39.94 and a 52 week high of $63.24.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, topping the consensus estimate of $0.26 by $0.09. The company had revenue of $942.30 million during the quarter, compared to analyst estimates of $928.31 million. Ciena had a return on equity of 7.16% and a net margin of 3.71%. Ciena’s revenue was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. On average, research analysts forecast that Ciena will post 1.15 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.81, for a total value of $170,835.00. Following the sale, the senior vice president now directly owns 212,421 shares of the company’s stock, valued at $10,368,269.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.81, for a total value of $170,835.00. Following the sale, the senior vice president now owns 212,421 shares in the company, valued at $10,368,269.01. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jason Phipps sold 2,712 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $48.29, for a total transaction of $130,962.48. Following the transaction, the senior vice president now directly owns 96,000 shares in the company, valued at $4,635,840. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.

Institutional Trading of Ciena

Several large investors have recently bought and sold shares of CIEN. National Bank of Canada FI lifted its stake in shares of Ciena by 362.8% in the 4th quarter. National Bank of Canada FI now owns 111,507 shares of the communications equipment provider’s stock valued at $5,033,000 after purchasing an additional 87,412 shares during the period. Private Advisor Group LLC bought a new stake in shares of Ciena during the 4th quarter valued at $238,000. Charles Schwab Investment Management Inc. grew its position in shares of Ciena by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 949,476 shares of the communications equipment provider’s stock worth $42,736,000 after buying an additional 18,860 shares during the period. Principal Securities Inc. bought a new position in shares of Ciena in the 4th quarter worth about $329,000. Finally, Versor Investments LP purchased a new position in Ciena during the 4th quarter valued at about $349,000. 91.99% of the stock is owned by institutional investors.

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.