Goldman Sachs Group Boosts Ciena (NYSE:CIEN) Price Target to $53.00

Ciena (NYSE:CIEN) had its price target upped by Goldman Sachs Group from $45.00 to $53.00 in a report published on Friday, June 7th, The Fly reports. The brokerage currently has a buy rating on the communications equipment provider’s stock.

A number of other analysts have also recently commented on the stock. Nomura upped their price objective on shares of Ciena from $40.00 to $50.00 and gave the company a buy rating in a research report on Wednesday, March 6th. JPMorgan Chase & Co. cut Ciena from a neutral rating to an underweight rating in a report on Monday, April 22nd. Citigroup increased their target price on Ciena to $50.00 and gave the stock a buy rating in a report on Wednesday, March 6th. BMO Capital Markets increased their target price on Ciena from $42.00 to $50.00 and gave the stock an outperform rating in a report on Wednesday, March 6th. Finally, UBS Group set a $42.00 target price on Ciena and gave the stock a hold rating in a report on Thursday, March 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $45.83.

Shares of CIEN stock traded down $0.47 during trading hours on Friday, reaching $41.13. The company had a trading volume of 19,190,410 shares, compared to its average volume of 3,621,000. The firm’s 50 day simple moving average is $38.82. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.36 and a current ratio of 2.83. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 36.72, a price-to-earnings-growth ratio of 1.39 and a beta of 1.06. Ciena has a 1-year low of $25.18 and a 1-year high of $46.23.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.07. Ciena had a return on equity of 12.37% and a net margin of 5.98%. The company had revenue of $865.00 million for the quarter, compared to the consensus estimate of $818.23 million. During the same quarter in the prior year, the business posted $0.23 EPS. The firm’s quarterly revenue was up 18.5% on a year-over-year basis. On average, equities analysts predict that Ciena will post 1.72 earnings per share for the current fiscal year.

In other Ciena news, CFO James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $37.88, for a total transaction of $75,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gary B. Smith sold 9,600 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $37.21, for a total transaction of $357,216.00. The disclosure for this sale can be found here. Insiders sold a total of 100,933 shares of company stock valued at $3,895,075 over the last quarter. 1.20% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc lifted its position in Ciena by 1.9% during the third quarter. Vanguard Group Inc now owns 12,969,428 shares of the communications equipment provider’s stock worth $405,165,000 after buying an additional 240,201 shares during the period. IFP Advisors Inc lifted its position in Ciena by 84.6% during the fourth quarter. IFP Advisors Inc now owns 3,972 shares of the communications equipment provider’s stock worth $131,000 after buying an additional 1,820 shares during the period. Xact Kapitalforvaltning AB lifted its position in Ciena by 4.9% during the fourth quarter. Xact Kapitalforvaltning AB now owns 21,362 shares of the communications equipment provider’s stock worth $724,000 after buying an additional 1,000 shares during the period. Rhumbline Advisers lifted its position in Ciena by 72.5% during the fourth quarter. Rhumbline Advisers now owns 464,629 shares of the communications equipment provider’s stock worth $15,756,000 after buying an additional 195,296 shares during the period. Finally, Dupont Capital Management Corp lifted its position in Ciena by 440.5% during the fourth quarter. Dupont Capital Management Corp now owns 81,079 shares of the communications equipment provider’s stock worth $2,749,000 after buying an additional 66,079 shares during the period. 92.91% of the stock is currently owned by institutional investors.

About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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