Ciena Corporation (NYSE:CIEN) Receives $83.15 Average Price Target from Brokerages

Shares of Ciena Corporation (NYSE:CIEN - Get Free Report) have been given a consensus rating of "Moderate Buy" by the fourteen brokerages that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $83.15.

CIEN has been the subject of several recent analyst reports. UBS Group lifted their target price on shares of Ciena from $73.00 to $78.00 and gave the stock a "neutral" rating in a research note on Friday, June 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $90.00 target price on shares of Ciena in a research note on Friday, June 6th. Evercore ISI reaffirmed a "mixed" rating on shares of Ciena in a research note on Friday, June 6th. Northland Securities set a $85.00 target price on shares of Ciena in a research note on Friday, June 6th. Finally, Barclays set a $100.00 target price on shares of Ciena and gave the stock an "overweight" rating in a research note on Wednesday, March 12th.

Insider Buying and Selling at Ciena

In related news, SVP David M. Rothenstein sold 2,500 shares of Ciena stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $79.93, for a total transaction of $199,825.00. Following the transaction, the senior vice president owned 202,370 shares in the company, valued at approximately $16,175,434.10. The trade was a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Monday, June 16th. The shares were sold at an average price of $72.60, for a total transaction of $25,410.00. Following the transaction, the senior vice president owned 45,883 shares in the company, valued at $3,331,105.80. The trade was a 0.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,794 shares of company stock worth $2,381,656. Insiders own 0.93% of the company's stock.

Institutional Investors Weigh In On Ciena

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC increased its stake in Ciena by 116.7% during the 1st quarter. Voya Investment Management LLC now owns 72,324 shares of the communications equipment provider's stock worth $4,371,000 after buying an additional 38,942 shares during the period. Inspire Investing LLC increased its stake in Ciena by 516.6% during the 1st quarter. Inspire Investing LLC now owns 18,719 shares of the communications equipment provider's stock worth $1,131,000 after buying an additional 15,683 shares during the period. Modern Wealth Management LLC increased its stake in Ciena by 25.7% during the 1st quarter. Modern Wealth Management LLC now owns 3,335 shares of the communications equipment provider's stock worth $202,000 after buying an additional 682 shares during the period. Strs Ohio purchased a new stake in Ciena during the 1st quarter worth $1,227,000. Finally, Acadian Asset Management LLC purchased a new stake in Ciena during the 1st quarter worth $3,705,000. Hedge funds and other institutional investors own 91.99% of the company's stock.

Ciena Price Performance

Shares of CIEN stock traded down $1.20 during trading hours on Friday, hitting $80.13. The company's stock had a trading volume of 2,042,622 shares, compared to its average volume of 2,105,904. The business has a fifty day moving average of $76.05 and a 200-day moving average of $76.29. The stock has a market cap of $11.33 billion, a price-to-earnings ratio of 111.29, a P/E/G ratio of 1.82 and a beta of 1.11. Ciena has a twelve month low of $44.89 and a twelve month high of $101.44. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.09 billion. Ciena had a net margin of 2.46% and a return on equity of 5.08%. The firm's revenue for the quarter was up 23.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.27 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 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.