Ciena (NYSE:CIEN) Price Target Cut to $413.00 by Analysts at B. Riley Financial

Ciena (NYSE:CIEN) had its price objective decreased by stock analysts at B. Riley Financial from $516.00 to $413.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the communications equipment provider’s stock. B. Riley Financial’s target price would suggest a potential upside of 9.45% from the company’s current price.

Several other research firms have also recently weighed in on CIEN. Barclays upped their target price on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Stifel Nicolaus set a $615.00 price target on Ciena in a report on Friday, May 29th. Needham & Company LLC restated a “buy” rating and set a $600.00 price objective on shares of Ciena in a research report on Wednesday, August 26th. Morgan Stanley upped their price objective on Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Finally, Citigroup raised their price objective on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Fourteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $521.22.

Ciena Stock Performance

NYSE:CIEN traded down $1.11 during mid-day trading on Monday, reaching $377.33. 426,939 shares of the company’s stock were exchanged, compared to its average volume of 2,861,669. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The firm has a market capitalization of $53.41 billion, a PE ratio of 125.78 and a beta of 1.30. Ciena has a one year low of $90.00 and a one year high of $637.51. The business’s fifty day simple moving average is $415.85 and its two-hundred day simple moving average is $436.57.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company’s revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the company earned $0.42 EPS. Analysts anticipate that Ciena will post 5.4 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Jason Phipps sold 2,629 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the completion of the transaction, the senior vice president directly owned 62,382 shares in the company, valued at approximately $29,082,488.40. This represents a 4.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the transaction, the senior vice president owned 42,741 shares of the company’s stock, valued at $19,921,580.10. The trade was a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 22,470 shares of company stock valued at $9,967,521. 0.58% of the stock is currently owned by insiders.

Institutional Trading of Ciena

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System boosted its position in Ciena by 49,854.1% during the 2nd quarter. California State Teachers Retirement System now owns 104,748,296 shares of the communications equipment provider’s stock worth $51,385,324,000 after buying an additional 104,538,607 shares during the period. Elyxium Wealth LLC acquired a new position in Ciena in the 4th quarter valued at approximately $2,747,810,000. State Street Corp raised its stake in shares of Ciena by 17.2% during the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after acquiring an additional 750,128 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Ciena by 53.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after acquiring an additional 1,404,132 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Ciena by 10.4% during the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after purchasing an additional 329,821 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Ciena Company Profile

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.