Analysts Set Ciena Corporation (NYSE:CIEN) Target Price at $137.53

Shares of Ciena Corporation (NYSE:CIEN) have been given a consensus recommendation of “Moderate Buy” by the nineteen analysts that are covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $137.5333.

CIEN has been the subject of several research analyst reports. Needham & Company LLC raised their price target on Ciena from $90.00 to $130.00 and gave the company a “buy” rating in a report on Friday, September 5th. Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 9th. Wall Street Zen upgraded Ciena from a “hold” rating to a “buy” rating in a report on Friday, September 5th. B. Riley restated a “neutral” rating and set a $113.00 price target (up previously from $90.00) on shares of Ciena in a report on Friday, September 5th. Finally, Wolfe Research upgraded Ciena to a “strong-buy” rating in a report on Tuesday, July 8th.

Insider Buying and Selling

In other news, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $92.93, for a total value of $631,924.00. Following the completion of the transaction, the chief executive officer owned 305,157 shares in the company, valued at approximately $28,358,240.01. The trade was a 2.18% 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 Brodie Gage sold 350 shares of Ciena stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $169.36, for a total value of $59,276.00. Following the completion of the transaction, the senior vice president owned 40,653 shares of the company’s stock, valued at approximately $6,884,992.08. This trade represents a 0.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 45,374 shares of company stock worth $5,936,444 in the last 90 days. Company insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Ciena

Institutional investors and hedge funds have recently modified their holdings of the business. Mather Group LLC. bought a new stake in shares of Ciena during the 3rd quarter worth approximately $28,000. Salomon & Ludwin LLC bought a new stake in shares of Ciena during the 3rd quarter worth approximately $31,000. Quent Capital LLC bought a new stake in shares of Ciena during the 3rd quarter worth approximately $39,000. Root Financial Partners LLC bought a new stake in shares of Ciena during the 3rd quarter worth approximately $45,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Ciena during the 3rd quarter worth approximately $55,000. 91.99% of the stock is owned by institutional investors.

Ciena Stock Down 0.1%

Shares of CIEN opened at $189.70 on Friday. The business’s 50 day moving average is $145.28 and its 200 day moving average is $103.23. The company has a market capitalization of $26.76 billion, a PE ratio of 195.57, a price-to-earnings-growth ratio of 2.62 and a beta of 1.15. Ciena has a 12-month low of $49.21 and a 12-month high of $194.41. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share for the quarter. The business had revenue of $844.44 million during the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%. Research analysts expect that Ciena will post 1.6 earnings per share for the current fiscal year.

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.