Ciena Co. (NYSE:CIEN) Receives $81.38 Consensus Target Price from Analysts

Shares of Ciena Co. (NYSE:CIEN) have been given an average rating of “Moderate Buy” by the fourteen analysts that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $81.38.

Several equities research analysts recently issued reports on the stock. Northland Securities raised shares of Ciena from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $60.00 to $75.00 in a research note on Wednesday, March 12th. Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and upped their price target for the stock from $70.00 to $95.00 in a research note on Friday, December 13th. B. Riley reissued a “buy” rating and issued a $89.00 price objective (down from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Rosenblatt Securities decreased their target price on Ciena from $94.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, March 7th. Finally, Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th.

Insider Buying and Selling at Ciena

In other news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total transaction of $30,068.50. Following the sale, the senior vice president now owns 49,547 shares of the company’s stock, valued at approximately $4,256,582.77. This trade represents a 0.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jason Phipps sold 5,648 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $84.64, for a total value of $478,046.72. Following the completion of the transaction, the senior vice president now owns 109,878 shares of the company’s stock, valued at $9,300,073.92. The trade was a 4.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,560 shares of company stock valued at $5,406,323 in the last ninety days. Company insiders own 0.93% of the company’s stock.

Institutional Trading of Ciena

Several institutional investors have recently made changes to their positions in CIEN. Geode Capital Management LLC lifted its stake in Ciena by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider’s stock worth $148,348,000 after purchasing an additional 33,074 shares during the period. Ritholtz Wealth Management bought a new position in shares of Ciena during the 4th quarter worth approximately $245,000. US Bancorp DE boosted its stake in Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock valued at $887,000 after buying an additional 152 shares in the last quarter. Merit Financial Group LLC acquired a new stake in Ciena in the 4th quarter valued at $421,000. Finally, FMR LLC grew its position in Ciena by 0.5% in the third quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider’s stock valued at $1,334,290,000 after acquiring an additional 108,407 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Price Performance

NYSE CIEN opened at $62.75 on Friday. The company has a 50 day moving average price of $79.21 and a two-hundred day moving average price of $73.85. Ciena has a 12-month low of $43.30 and a 12-month high of $101.44. The stock has a market capitalization of $8.92 billion, a PE ratio of 110.08, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54.

About Ciena

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.