Ciena Co. (NYSE:CIEN) Receives Consensus Rating of “Moderate Buy” from Analysts

Ciena Co. (NYSE:CIENGet Rating) has earned an average recommendation of “Moderate Buy” from the eighteen brokerages that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $73.71.

Several equities research analysts recently issued reports on CIEN shares. Evercore ISI cut their target price on shares of Ciena to $60.00 in a research note on Friday, June 3rd. Barclays decreased their target price on Ciena from $84.00 to $70.00 and set an “overweight” rating on the stock in a report on Friday, June 3rd. Cowen cut their price target on Ciena from $96.00 to $82.00 in a report on Monday, June 6th. Cowen decreased their price objective on shares of Ciena from $96.00 to $82.00 and set an “outperform” rating on the stock in a report on Monday, June 6th. Finally, Raymond James reduced their target price on shares of Ciena from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Tuesday, March 8th.

Ciena stock opened at $44.18 on Friday. The company has a current ratio of 3.72, a quick ratio of 3.10 and a debt-to-equity ratio of 0.38. Ciena has a 1-year low of $41.63 and a 1-year high of $78.28. The company has a fifty day simple moving average of $51.22 and a 200 day simple moving average of $61.19. The company has a market cap of $6.61 billion, a P/E ratio of 16.24, a price-to-earnings-growth ratio of 1.76 and a beta of 0.87.

Ciena (NYSE:CIENGet Rating) last announced its quarterly earnings data on Thursday, June 2nd. The communications equipment provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.04). The company had revenue of $949.20 million during the quarter, compared to the consensus estimate of $950.86 million. Ciena had a net margin of 11.15% and a return on equity of 12.18%. Ciena’s revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. On average, equities research analysts forecast that Ciena will post 1.65 EPS for the current year.

In related news, SVP Scott Mcfeely sold 4,000 shares of Ciena stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $43.73, for a total value of $174,920.00. Following the transaction, the senior vice president now directly owns 101,773 shares of the company’s stock, valued at $4,450,533.29. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Judith M. Obrien sold 2,839 shares of the firm’s stock in a transaction that occurred on Tuesday, April 5th. The stock was sold at an average price of $61.40, for a total transaction of $174,314.60. Following the transaction, the director now owns 68,341 shares of the company’s stock, valued at approximately $4,196,137.40. The disclosure for this sale can be found here. Insiders sold 27,007 shares of company stock valued at $1,448,412 over the last quarter. Corporate insiders own 0.94% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in CIEN. BlackRock Inc. grew its holdings in Ciena by 2.5% during the 1st quarter. BlackRock Inc. now owns 15,906,925 shares of the communications equipment provider’s stock worth $964,436,000 after acquiring an additional 392,550 shares during the period. Alliancebernstein L.P. boosted its position in shares of Ciena by 38.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider’s stock valued at $390,114,000 after purchasing an additional 1,409,823 shares in the last quarter. State Street Corp grew its stake in Ciena by 3.9% during the first quarter. State Street Corp now owns 4,218,280 shares of the communications equipment provider’s stock worth $255,754,000 after purchasing an additional 160,100 shares during the period. Bank of America Corp DE increased its holdings in Ciena by 1.0% in the first quarter. Bank of America Corp DE now owns 2,990,505 shares of the communications equipment provider’s stock worth $181,314,000 after purchasing an additional 29,565 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Ciena by 10.7% in the third quarter. Bank of New York Mellon Corp now owns 2,936,940 shares of the communications equipment provider’s stock worth $150,812,000 after purchasing an additional 284,184 shares in the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

About Ciena (Get Rating)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, 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 products and solutions that 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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