Ciena Co. (NYSE:CIEN) Receives $48.35 Average Price Target from Brokerages

Ciena Co. (NYSE:CIEN) has earned an average recommendation of “Buy” from the twenty-seven analysts that are currently covering the stock, Marketbeat Ratings reports. Nine investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $48.35.

A number of equities analysts have recently weighed in on the stock. Nomura reissued a “buy” rating and issued a $43.00 price objective (down previously from $47.00) on shares of Ciena in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. cut their price objective on shares of Ciena from $53.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. MKM Partners set a $51.00 target price on shares of Ciena and gave the company a “buy” rating in a report on Wednesday, September 18th. Rosenblatt Securities upgraded shares of Ciena from a “neutral” rating to a “buy” rating and boosted their target price for the company from $45.00 to $47.00 in a report on Thursday, August 29th. Finally, Stifel Nicolaus set a $54.00 target price on shares of Ciena and gave the company a “buy” rating in a report on Friday, September 6th.

Shares of NYSE:CIEN traded up $0.40 during trading on Thursday, reaching $38.45. The stock had a trading volume of 1,301,921 shares, compared to its average volume of 2,964,862. The business has a fifty day moving average price of $39.09 and a 200-day moving average price of $39.97. The company has a quick ratio of 2.45, a current ratio of 2.90 and a debt-to-equity ratio of 0.32. The stock has a market cap of $5.89 billion, a P/E ratio of 34.33, a PEG ratio of 1.17 and a beta of 1.06. Ciena has a fifty-two week low of $29.30 and a fifty-two week high of $46.78.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.21. The business had revenue of $960.60 million during the quarter, compared to analyst estimates of $930.64 million. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.48 earnings per share. As a group, equities analysts forecast that Ciena will post 1.88 EPS for the current year.

In other Ciena news, CEO Gary B. Smith sold 1,750 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $37.73, for a total transaction of $66,027.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $37.73, for a total transaction of $75,460.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 70,854 shares of company stock valued at $3,009,833. 1.20% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIEN. Clearbridge Investments LLC raised its holdings in Ciena by 83.9% in the 1st quarter. Clearbridge Investments LLC now owns 2,321 shares of the communications equipment provider’s stock worth $87,000 after purchasing an additional 1,059 shares during the period. MetLife Investment Advisors LLC raised its holdings in Ciena by 0.7% during the first quarter. MetLife Investment Advisors LLC now owns 149,224 shares of the communications equipment provider’s stock valued at $5,572,000 after acquiring an additional 1,102 shares during the period. FMR LLC raised its holdings in Ciena by 605.3% during the first quarter. FMR LLC now owns 1,249,825 shares of the communications equipment provider’s stock valued at $46,669,000 after acquiring an additional 1,072,632 shares during the period. South Texas Money Management Ltd. bought a new stake in Ciena during the second quarter valued at about $19,975,000. Finally, WINTON GROUP Ltd bought a new stake in Ciena during the second quarter valued at about $5,267,000. Institutional investors own 88.49% of the company’s stock.

About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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Analyst Recommendations for Ciena (NYSE:CIEN)

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