Ciena Corporation (NYSE:CIEN) Stock Has Consensus Price Target of $506.11

Ciena Corporation (NYSE:CIEN) has been assigned an average rating of “Moderate Buy” from the twenty-two brokerages that are covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation, fifteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $485.93.

Several equities analysts have commented on CIEN shares. Raymond James Financial reiterated an “outperform” rating and set a $600.00 price target (up from $530.00) on shares of Ciena in a report on Thursday, September 3rd. Needham & Company LLC reissued a “buy” rating and issued a $520.00 price target on shares of Ciena in a research report on Thursday, September 17th. Citigroup restated a “buy” rating on shares of Ciena in a research note on Friday, September 4th. Weiss Ratings downgraded shares of Ciena from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Finally, Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 9th.

Ciena Stock Performance

CIEN opened at $320.37 on Friday. The company has a market cap of $45.43 billion, a PE ratio of 71.51, a price-to-earnings-growth ratio of 4.48 and a beta of 1.28. The stock has a 50-day moving average of $368.26 and a 200-day moving average of $437.64. Ciena has a 52-week low of $168.22 and a 52-week high of $637.51. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.17 and a current ratio of 3.80.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.38. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same period last year, the business earned $0.35 EPS. The firm’s revenue was up 37.0% compared to the same quarter last year. As a group, equities research analysts forecast that Ciena will post 6.00 earnings per share for the current fiscal year.

Insider Activity at Ciena

In related news, EVP Joseph Cumello sold 1,586 shares of the business’s stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $358.52, for a total transaction of $568,612.72. Following the completion of the transaction, the executive vice president owned 39,570 shares of the company’s stock, valued at approximately $14,186,636.40. The trade was a 3.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brodie Gage sold 1,200 shares of the stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $344.08, for a total value of $412,896.00. Following the sale, the executive vice president owned 34,073 shares of the company’s stock, valued at approximately $11,723,837.84. The trade was a 3.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 36,014 shares of company stock valued at $13,457,571. 0.58% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CIEN. Sowell Financial Services LLC lifted its stake in Ciena by 15.1% during the third quarter. Sowell Financial Services LLC now owns 1,131 shares of the communications equipment provider’s stock worth $398,000 after purchasing an additional 148 shares during the period. Tectonic Advisors LLC boosted its holdings in Ciena by 72.4% during the third quarter. Tectonic Advisors LLC now owns 22,655 shares of the communications equipment provider’s stock valued at $7,971,000 after purchasing an additional 9,516 shares in the last quarter. Capital Investment Advisors LLC boosted its holdings in Ciena by 9.9% during the third quarter. Capital Investment Advisors LLC now owns 1,164 shares of the communications equipment provider’s stock valued at $409,000 after purchasing an additional 105 shares in the last quarter. Inspire Investing LLC grew its stake in shares of Ciena by 14.5% in the 3rd quarter. Inspire Investing LLC now owns 25,097 shares of the communications equipment provider’s stock valued at $8,830,000 after purchasing an additional 3,179 shares during the period. Finally, Brookstone Capital Management grew its stake in shares of Ciena by 14.1% in the 3rd quarter. Brookstone Capital Management now owns 9,601 shares of the communications equipment provider’s stock valued at $3,378,000 after purchasing an additional 1,183 shares during the period. 91.99% of the stock is owned by institutional investors.

About Ciena

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.