Ciena (NYSE:CIEN) Coverage Initiated at TD Cowen

Equities research analysts at TD Cowen initiated coverage on shares of Ciena (NYSE:CIEN) in a report released on Thursday, Marketbeat.com reports. The firm set a “buy” rating and a $425.00 price target on the communications equipment provider’s stock. TD Cowen’s price objective would suggest a potential upside of 25.93% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Barclays raised their price objective on shares of Ciena from $279.00 to $372.00 and gave the company an “overweight” rating in a research report on Friday, March 6th. Argus increased their target price on shares of Ciena from $135.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Evercore set a $330.00 price target on shares of Ciena in a report on Thursday, February 19th. JPMorgan Chase & Co. boosted their price target on shares of Ciena from $250.00 to $380.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Finally, B. Riley Financial upped their price target on shares of Ciena from $222.00 to $283.00 and gave the stock a “neutral” rating in a report on Friday, March 6th. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and a consensus price target of $320.65.

Ciena Stock Performance

NYSE:CIEN opened at $337.50 on Thursday. The business’s fifty day moving average is $284.42 and its 200 day moving average is $213.59. The firm has a market cap of $47.72 billion, a price-to-earnings ratio of 214.97, a PEG ratio of 1.47 and a beta of 1.08. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. Ciena has a 52-week low of $49.21 and a 52-week high of $365.90.

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. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the company earned $0.64 EPS. The firm’s revenue was up 33.1% compared to the same quarter last year. Research analysts predict that Ciena will post 1.6 EPS for the current year.

Insider Buying and Selling at Ciena

In other news, Director Patrick Gallagher sold 11,618 shares of the firm’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the sale, the director owned 50,184 shares in the company, valued at approximately $11,414,350.80. This trade represents a 18.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $354.64, for a total transaction of $1,046,897.28. Following the sale, the chief executive officer directly owned 296,036 shares of the company’s stock, valued at $104,986,207.04. This represents a 0.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 156,235 shares of company stock valued at $36,941,890 over the last quarter. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Ciena

A number of large investors have recently added to or reduced their stakes in the company. Community Bank N.A. purchased a new position in shares of Ciena in the 3rd quarter worth about $25,000. Transamerica Financial Advisors LLC raised its holdings in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares in the last quarter. Mather Group LLC. bought a new stake in Ciena in the 3rd quarter worth approximately $28,000. Assetmark Inc. boosted its stake in Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after buying an additional 67 shares in the last quarter. Finally, Ameritas Advisory Services LLC boosted its stake in Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after buying an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

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.