Ciena Corporation (NYSE:CIEN) Given Average Rating of “Moderate Buy” by Brokerages

Ciena Corporation (NYSE:CIEN) has received an average recommendation of “Moderate Buy” from the nineteen analysts that are presently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $327.1176.

Several brokerages have issued reports on CIEN. Evercore set a $330.00 price target on Ciena in a report on Thursday, February 19th. Argus increased their price objective on shares of Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Raymond James Financial restated an “outperform” rating and set a $320.00 target price on shares of Ciena in a research note on Thursday, March 5th. Barclays lifted their target price on shares of Ciena from $279.00 to $372.00 and gave the stock an “overweight” rating in a report on Friday, March 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ciena in a research note on Wednesday, January 21st.

Insider Activity at Ciena

In other news, SVP Brodie Gage sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total value of $2,025,000.00. Following the transaction, the senior vice president owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. This represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Joseph Cumello sold 11,929 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $229.82, for a total value of $2,741,522.78. Following the transaction, the senior vice president owned 49,475 shares in the company, valued at approximately $11,370,344.50. This trade represents a 19.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 148,283 shares of company stock valued at $36,397,491. Insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CIEN. Elyxium Wealth LLC bought a new stake in shares of Ciena in the fourth quarter valued at about $2,747,810,000. Corient Private Wealth LLC increased its position in Ciena by 30,114.5% during the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after acquiring an additional 2,861,176 shares during the period. Lone Pine Capital LLC bought a new position in Ciena during the third quarter worth about $292,310,000. Price T Rowe Associates Inc. MD raised its stake in Ciena by 53.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after purchasing an additional 1,404,132 shares in the last quarter. Finally, Atreides Management LP bought a new stake in Ciena in the 2nd quarter valued at about $102,705,000. Institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

NYSE:CIEN opened at $365.86 on Tuesday. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55. The stock’s 50 day moving average price is $318.45 and its two-hundred day moving average price is $237.41. The firm has a market capitalization of $51.73 billion, a price-to-earnings ratio of 233.03, a P/E/G ratio of 1.54 and a beta of 1.07. Ciena has a 12-month low of $49.21 and a 12-month high of $446.89.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, topping the consensus estimate of $1.17 by $0.18. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The firm’s revenue for the quarter was up 33.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 EPS. On average, analysts anticipate that Ciena will post 1.6 earnings per share for the current year.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.