Ciena (NYSE:CIEN) PT Raised to $67.00 at Barclays

Ciena (NYSE:CIEN) had its price objective hoisted by Barclays from $55.00 to $67.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the communications equipment provider’s stock.

Other research analysts have also recently issued research reports about the company. Rosenblatt Securities boosted their price target on Ciena from $52.50 to $54.00 and gave the stock a neutral rating in a research note on Friday, June 7th. Stifel Nicolaus raised their price target on shares of Ciena from $62.00 to $68.00 and gave the company a buy rating in a report on Tuesday, September 3rd. Morgan Stanley boosted their price objective on shares of Ciena from $55.00 to $60.00 and gave the company an overweight rating in a report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of Ciena from $67.00 to $60.00 and set an overweight rating on the stock in a report on Thursday, May 30th. Finally, Needham & Company LLC reiterated a buy rating and set a $65.00 target price on shares of Ciena in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $59.15.

Ciena Price Performance

Shares of NYSE:CIEN opened at $51.16 on Thursday. The company has a market capitalization of $7.35 billion, a PE ratio of 49.19, a PEG ratio of 6.02 and a beta of 0.94. The business has a fifty day moving average price of $51.06 and a 200-day moving average price of $49.92. Ciena has a 1-year low of $39.94 and a 1-year high of $63.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.88 and a quick ratio of 2.76.

Ciena (NYSE:CIEN) last issued its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. The business had revenue of $942.30 million during the quarter, compared to analysts’ expectations of $928.31 million. Ciena had a net margin of 3.71% and a return on equity of 7.16%. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 earnings per share. As a group, equities analysts expect that Ciena will post 1.15 EPS for the current fiscal year.

Insider Buying and Selling at Ciena

In other news, SVP Jason Phipps sold 2,712 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $48.29, for a total value of $130,962.48. Following the transaction, the senior vice president now owns 96,000 shares of the company’s stock, valued at $4,635,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Jason Phipps sold 2,712 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $48.29, for a total value of $130,962.48. Following the completion of the sale, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at $4,635,840. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.81, for a total transaction of $170,835.00. Following the transaction, the senior vice president now owns 212,421 shares in the company, valued at approximately $10,368,269.01. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Ciena

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC boosted its stake in Ciena by 1,171.4% in the 2nd quarter. SG Americas Securities LLC now owns 44,854 shares of the communications equipment provider’s stock worth $2,161,000 after purchasing an additional 41,326 shares during the period. First Hawaiian Bank bought a new position in shares of Ciena during the second quarter worth $661,000. Charles Schwab Investment Management Inc. grew its stake in Ciena by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 949,476 shares of the communications equipment provider’s stock valued at $42,736,000 after acquiring an additional 18,860 shares in the last quarter. Capital Fund Management S.A. increased its holdings in Ciena by 67.3% in the 4th quarter. Capital Fund Management S.A. now owns 225,172 shares of the communications equipment provider’s stock valued at $10,135,000 after acquiring an additional 90,610 shares during the last quarter. Finally, Norges Bank purchased a new stake in Ciena in the 4th quarter worth $73,476,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Company Profile

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.