Ciena Co. (NYSE:CIEN) Receives Average Recommendation of “Buy” from Analysts

Shares of Ciena Co. (NYSE:CIEN) have earned a consensus recommendation of “Buy” from the twelve research firms that are covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $61.27.

A number of analysts have weighed in on CIEN shares. Barclays decreased their price objective on Ciena from $68.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday, September 3rd. Citigroup lifted their price objective on shares of Ciena from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, June 4th. Colliers Securities restated a “buy” rating and set a $70.00 price objective on shares of Ciena in a research report on Friday, September 3rd. lifted their target price on shares of Ciena from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, June 4th. Finally, B. Riley cut their price target on shares of Ciena from $53.00 to $51.00 and set a “neutral” rating for the company in a report on Friday, September 3rd. They noted that the move was a valuation call.

In other news, CEO Gary B. Smith sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 7th. The stock was sold at an average price of $56.85, for a total transaction of $284,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jason Phipps sold 3,069 shares of the firm’s stock in a transaction on Tuesday, September 21st. The stock was sold at an average price of $51.91, for a total transaction of $159,311.79. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,169 shares of company stock worth $3,345,649. 0.96% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Nuveen Asset Management LLC boosted its stake in Ciena by 26.3% during the 1st quarter. Nuveen Asset Management LLC now owns 2,621,903 shares of the communications equipment provider’s stock valued at $143,471,000 after purchasing an additional 545,597 shares during the period. Geode Capital Management LLC boosted its position in shares of Ciena by 3.4% during the first quarter. Geode Capital Management LLC now owns 1,993,986 shares of the communications equipment provider’s stock worth $109,110,000 after buying an additional 65,280 shares during the period. Argent Capital Management LLC grew its holdings in Ciena by 5.9% in the 2nd quarter. Argent Capital Management LLC now owns 63,313 shares of the communications equipment provider’s stock worth $3,602,000 after buying an additional 3,506 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Ciena by 7.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 87,092 shares of the communications equipment provider’s stock worth $4,766,000 after buying an additional 5,755 shares in the last quarter. Finally, Marino Stram & Associates LLC acquired a new stake in Ciena in the 2nd quarter valued at approximately $379,000. Institutional investors own 90.49% of the company’s stock.

CIEN traded up $0.81 on Thursday, hitting $51.71. 991,967 shares of the company were exchanged, compared to its average volume of 1,330,268. The firm has a 50-day moving average price of $55.63 and a two-hundred day moving average price of $55.34. The company has a current ratio of 3.61, a quick ratio of 3.16 and a debt-to-equity ratio of 0.23. Ciena has a twelve month low of $38.03 and a twelve month high of $61.09. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 1.35 and a beta of 0.83.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Wednesday, September 1st. The communications equipment provider reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.13. The firm had revenue of $988.10 million during the quarter, compared to the consensus estimate of $969.41 million. Ciena had a return on equity of 13.32% and a net margin of 13.55%. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.06 earnings per share. Equities analysts expect that Ciena will post 2.5 EPS for the current year.

About Ciena

Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical and Packet Networking portfolios.

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Analyst Recommendations for Ciena (NYSE:CIEN)

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