Ciena (NYSE:CIEN) Price Target Raised to $100.00

Ciena (NYSE:CIEN) had its price target hoisted by Stifel Nicolaus from $90.00 to $100.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the communications equipment provider’s stock.

Several other research firms also recently issued reports on CIEN. JPMorgan Chase & Co. increased their target price on Ciena from $83.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Evercore ISI restated a “mixed” rating on shares of Ciena in a research report on Friday, June 6th. B. Riley restated a “buy” rating and set a $90.00 target price (up previously from $89.00) on shares of Ciena in a research report on Friday, June 6th. Morgan Stanley restated an “underweight” rating and set a $70.00 target price (down previously from $73.00) on shares of Ciena in a research report on Tuesday, July 8th. Finally, Rosenblatt Securities increased their target price on Ciena from $78.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, August 29th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $114.32.

Ciena Stock Performance

CIEN stock opened at $116.57 on Wednesday. Ciena has a 12-month low of $49.21 and a 12-month high of $122.00. The company has a quick ratio of 2.57, a current ratio of 3.40 and a debt-to-equity ratio of 0.55. The business has a 50 day moving average of $89.35 and a 200-day moving average of $77.36. The firm has a market cap of $16.48 billion, a PE ratio of 120.18, a P/E/G ratio of 2.62 and a beta of 1.16.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a net margin of 3.10% and a return on equity of 6.61%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the previous year, the company posted $0.27 EPS. Ciena’s revenue for the quarter was up 23.6% on a year-over-year basis. As a group, sell-side analysts expect that Ciena will post 1.6 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Joseph Cumello sold 2,044 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $81.64, for a total value of $166,872.16. Following the sale, the senior vice president owned 47,198 shares in the company, valued at approximately $3,853,244.72. This trade represents a 4.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $90.94, for a total value of $31,829.00. Following the completion of the sale, the senior vice president owned 43,268 shares in the company, valued at $3,934,791.92. This trade represents a 0.80% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,769 shares of company stock worth $3,326,705. 0.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Orion Porfolio Solutions LLC increased its stake in Ciena by 15.7% in the second quarter. Orion Porfolio Solutions LLC now owns 21,839 shares of the communications equipment provider’s stock valued at $1,776,000 after acquiring an additional 2,971 shares during the last quarter. Marex Group plc bought a new position in Ciena in the second quarter valued at $434,000. Advisory Services Network LLC increased its stake in Ciena by 58.1% in the second quarter. Advisory Services Network LLC now owns 14,610 shares of the communications equipment provider’s stock valued at $1,188,000 after acquiring an additional 5,369 shares during the last quarter. Caxton Associates LLP increased its stake in Ciena by 301.0% in the second quarter. Caxton Associates LLP now owns 250,000 shares of the communications equipment provider’s stock valued at $20,332,000 after acquiring an additional 187,658 shares during the last quarter. Finally, State of Tennessee Department of Treasury increased its stake in Ciena by 5.7% in the second quarter. State of Tennessee Department of Treasury now owns 57,457 shares of the communications equipment provider’s stock valued at $4,673,000 after acquiring an additional 3,112 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

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.