Brokerages set Ciena Co. (NYSE:CIEN) Price Target at $61.00

Ciena Co. (NYSE:CIEN – Get Your Free Report ) has received an average rating of “Moderate Buy” from the thirteen analysts that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $61.00.

Several research firms have commented on CIEN. Rosenblatt Securities upped their target price on shares of Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Barclays upped their target price on Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Bank of America reiterated a “neutral” rating and set a $59.00 target price on shares of Ciena in a research report on Thursday, September 5th. Northland Securities reissued a “market perform” rating and issued a $46.00 price objective on shares of Ciena in a research note on Tuesday, September 3rd. Finally, Morgan Stanley upped their target price on Ciena from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th.

Check out Ciena’s latest stock report

Ciena Stock Performance

Shares of NYSE CIEN opened at $61.81 on Friday. Ciena has a 12-month low of $39.94 and a 12-month high of $63.24. The company has a market cap of $8.88 billion, a PE ratio of 59.43, a P/E/G ratio of 7.93 and a beta of 0.94. The stock has a 50-day simple moving average of $53.81 and a 200-day simple moving average of $50.01. The company has a current ratio of 4.06, a quick ratio of 2.99, and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN – Get Free Report ) last announced its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. The company had revenue of $942.30 million during the quarter, compared to analyst estimates of $928.31 million. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The company’s quarterly revenue was down 11.8% year-over-year. In the same quarter last year, the firm posted EPS of $0.36. On average, equities research analysts forecast that Ciena will post 1.15 EPS for the current year.

Insiders place their bets

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the transaction, the senior vice president now directly owns 205,421 shares in the company, valued at $11,552,877.04. The sale was disclosed in a filing with the SEC, which is accessible via this link. Corporate insiders own 0.83% of the company’s shares.

Hedge funds influence Ciena

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Riverwater Partners LLC boosted its position in shares of Ciena by 0.9% in the first quarter. Riverwater Partners LLC now owns 26,281 shares of the communications equipment provider’s stock worth $1,300,000 after buying an additional 237 shares during the period. Panagora Asset Management Inc. boosted its stake in Ciena by 4.6% in the second quarter. Panagora Asset Management Inc. now owns 5,404 shares of the communications equipment provider’s stock worth $260,000 after acquiring an additional 239 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in Ciena by 17.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,465 shares of the communications equipment provider’s stock worth $167,000 after acquiring an additional 514 shares during the period. Lumbard & Kellner LLC raised its stake in Ciena by 0.9% in the 2nd quarter. Lumbard & Kellner LLC now owns 65,799 shares of the communications equipment provider’s stock valued at $3,170,000 after acquiring an additional 612 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Ciena by 2.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,862 shares of the communications equipment provider’s stock worth $1,487,000 , after buying an additional 632 shares during the period. 91.99% of shares are currently held by hedge funds and other institutional investors.

Ciena Company Profile

(Get a free report

Ciena Corporation provides hardware and software services for the delivery of video, data and voice traffic, aggregation and access to the worldwide communications network. The company’s Network Platforms segment provides coherent optical transport convergence, open optical networks, optical transport network switching, IP routing and switching services.

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