Ciena (NYSE:CIEN) Given New $53.00 Price Target at Raymond James

Ciena (NYSE:CIEN) had its target price increased by Raymond James from $48.00 to $53.00 in a research note issued to investors on Friday, June 7th, Stock Target Advisor reports. They currently have an outperform rating on the communications equipment provider’s stock.

Other analysts have also issued reports about the stock. Jefferies Financial Group upped their price target on shares of Ciena from $50.00 to $55.00 and gave the company a buy rating in a research report on Friday, June 7th. Stifel Nicolaus upped their price target on shares of Ciena from $46.00 to $54.00 and gave the company a buy rating in a research report on Friday, June 7th. Goldman Sachs Group increased their target price on shares of Ciena from $45.00 to $53.00 and gave the stock a buy rating in a report on Friday, June 7th. Citigroup increased their target price on shares of Ciena from $50.00 to $55.00 and gave the stock a buy rating in a report on Friday, June 7th. Finally, Piper Jaffray Companies increased their target price on shares of Ciena from $41.00 to $45.00 and gave the stock a neutral rating in a report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Ciena has an average rating of Buy and a consensus price target of $45.83.

Ciena stock traded down $0.47 during trading on Friday, hitting $41.13. The stock had a trading volume of 19,190,410 shares, compared to its average volume of 3,621,000. The firm has a market cap of $6.45 billion, a PE 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. The company’s 50 day moving average price 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.

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

In related news, SVP Rick Hamilton sold 1,951 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $44.05, for a total value of $85,941.55. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP David M. Rothenstein sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $43.57, for a total transaction of $87,140.00. The disclosure for this sale can be found here. Insiders have sold 100,933 shares of company stock valued at $3,895,075 in the last three months. 1.20% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the stock. Mizuho Securities Co. Ltd. purchased a new position in shares of Ciena during the 1st quarter worth $37,000. PRW Wealth Management LLC purchased a new position in shares of Ciena during the 4th quarter worth $38,000. Investors Research Corp purchased a new position in shares of Ciena during the 1st quarter worth $39,000. Ffcm LLC raised its position in shares of Ciena by 355.7% during the 4th quarter. Ffcm LLC now owns 1,276 shares of the communications equipment provider’s stock valued at $43,000 after purchasing an additional 996 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Ciena by 3,337.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,908,421 shares of the communications equipment provider’s stock valued at $56,000 after purchasing an additional 1,852,903 shares during the period. Institutional investors own 92.91% of the company’s stock.

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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Analyst Recommendations for Ciena (NYSE:CIEN)

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