Ciena (NYSE:CIEN) Price Target Raised to $380.00

Ciena (NYSE:CIEN) had its target price boosted by JPMorgan Chase & Co. from $250.00 to $380.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has an overweight rating on the communications equipment provider’s stock.

Several other brokerages have also issued reports on CIEN. Raymond James Financial set a $240.00 target price on shares of Ciena in a research report on Thursday, December 11th. UBS Group raised their target price on shares of Ciena from $120.00 to $230.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Bank of America reissued a “neutral” rating and set a $260.00 target price on shares of Ciena in a research note on Tuesday, January 20th. Morgan Stanley boosted their price target on shares of Ciena from $213.00 to $280.00 and gave the company an “equal weight” rating in a research report on Monday, February 23rd. Finally, Wall Street Zen downgraded Ciena from a “strong-buy” rating to a “buy” rating in a report on Sunday, December 21st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $260.80.

Ciena Price Performance

Shares of NYSE:CIEN opened at $344.40 on Monday. The company has a 50 day moving average of $272.59 and a 200 day moving average of $203.00. The stock has a market cap of $48.72 billion, a P/E ratio of 405.18, a P/E/G ratio of 1.85 and a beta of 1.08. The company has a current ratio of 2.73, a quick ratio of 2.09 and a debt-to-equity ratio of 0.56. Ciena has a 12 month low of $49.21 and a 12 month high of $365.90.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The firm’s revenue was up 20.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 earnings per share. As a group, sell-side analysts forecast that Ciena will post 1.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ciena news, Director Thomas Michael Nevens sold 8,554 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the transaction, the director owned 9,422 shares in the company, valued at approximately $2,116,746.52. This represents a 47.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick Gallagher sold 11,618 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the completion of the sale, the director owned 50,184 shares in the company, valued at $11,414,350.80. This represents a 18.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 156,235 shares of company stock worth $36,941,890 in the last quarter. Insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. bought a new position in Ciena in the 1st quarter worth $395,000. Jones Financial Companies Lllp lifted its holdings in Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after purchasing an additional 3,061 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Ciena by 1.4% during the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after acquiring an additional 3,117 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Ciena by 14.6% during the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after purchasing an additional 733 shares during the last quarter. Finally, Wealthfront Advisers LLC purchased a new position in Ciena during the 2nd quarter valued at approximately $208,000. 91.99% of the stock is currently owned by institutional investors.

About Ciena

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.