Ciena (NYSE:CIEN) Hits New 12-Month High - Time to Buy?

Key Points

• Ciena Corporation shares reached a new 52-week high, trading at $155.45 on Monday, up from a previous close of $151.45.
• Multiple research firms have upgraded Ciena's stock ratings, with Zacks Research labeling it a "strong-buy" and Stifel Nicolaus raising the price target to $152.00.
• Insider trading activity saw significant sales, with SVP Brodie Gage selling 350 shares at approximately $132.00, indicating a decrease in their ownership position.

Ciena Corporation (NYSE:CIEN - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $154.50 and last traded at $155.45, with a volume of 53431 shares traded. The stock had previously closed at $151.45.

Wall Street Analysts Forecast Growth

CIEN has been the topic of several research reports. Zacks Research raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 9th. Stifel Nicolaus upped their price objective on Ciena from $120.00 to $152.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Bank of America lifted their target price on Ciena from $135.00 to $155.00 and gave the company a "buy" rating in a research note on Wednesday, September 17th. Argus increased their price target on shares of Ciena from $100.00 to $135.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ciena in a research report on Saturday, September 27th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Ciena presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.86.

Ciena Stock Performance

The firm's fifty day simple moving average is $111.66 and its 200 day simple moving average is $86.59. The company has a market capitalization of $22.40 billion, a PE ratio of 163.69, a price-to-earnings-growth ratio of 2.10 and a beta of 1.15. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52.

Insider Activity at Ciena

In other Ciena news, SVP Brodie Gage sold 350 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $132.00, for a total value of $46,200.00. Following the transaction, the senior vice president directly owned 42,918 shares in the company, valued at $5,665,176. The trade was a 0.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bruce L. Claflin sold 8,461 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total value of $1,185,555.32. Following the completion of the transaction, the director owned 54,624 shares of the company's stock, valued at $7,653,914.88. The trade was a 13.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,724 shares of company stock worth $5,336,431 in the last ninety days. 0.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ciena

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in Ciena by 2.3% in the 3rd quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider's stock valued at $593,000 after buying an additional 92 shares during the period. Orion Porfolio Solutions LLC increased its position in shares of Ciena by 15.7% during the second quarter. Orion Porfolio Solutions LLC now owns 21,839 shares of the communications equipment provider's stock worth $1,776,000 after purchasing an additional 2,971 shares in the last quarter. Marex Group plc acquired a new stake in shares of Ciena in the second quarter valued at approximately $434,000. Advisory Services Network LLC grew its position in Ciena by 58.1% during the 2nd quarter. Advisory Services Network LLC now owns 14,610 shares of the communications equipment provider's stock worth $1,188,000 after purchasing an additional 5,369 shares during the last quarter. Finally, Caxton Associates LLP grew its stake in shares of Ciena by 301.0% in the 2nd quarter. Caxton Associates LLP now owns 250,000 shares of the communications equipment provider's stock valued at $20,332,000 after purchasing an additional 187,658 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

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.

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