Evercore ISI started coverage on shares of Ciena (NYSE:CIEN) in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. The brokerage issued an outperform rating and a $48.00 price target on the communications equipment provider’s stock.

A number of other research analysts have also recently issued reports on the stock. UBS Group dropped their target price on shares of Ciena from $46.00 to $43.00 and set a neutral rating for the company in a report on Friday, September 6th. JPMorgan Chase & Co. dropped their target price on shares of Ciena from $53.00 to $50.00 and set an overweight rating for the company in a report on Friday, September 6th. Citigroup increased their target price on shares of Ciena from $50.00 to $55.00 and gave the company a buy rating in a report on Friday, June 7th. TheStreet raised shares of Ciena from a c+ rating to a b rating in a report on Tuesday, June 25th. Finally, Barclays increased their target price on shares of Ciena from $50.00 to $53.00 and gave the company an overweight rating in a report on Friday, September 6th. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $48.52.

Shares of Ciena stock opened at $39.88 on Wednesday. Ciena has a 12-month low of $28.23 and a 12-month high of $46.78. The company has a current ratio of 2.90, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The stock has a market cap of $6.27 billion, a PE ratio of 35.61, a price-to-earnings-growth ratio of 1.24 and a beta of 1.13. The company has a 50-day moving average of $41.96 and a two-hundred day moving average of $40.17.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.21. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The company had revenue of $960.60 million during the quarter, compared to analysts’ expectations of $930.64 million. During the same period last year, the company posted $0.48 earnings per share. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts forecast that Ciena will post 1.88 EPS for the current fiscal year.

In other news, SVP Stephen B. Alexander sold 2,500 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $42.63, for a total value of $106,575.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thomas Michael Nevens sold 2,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $43.40, for a total transaction of $86,800.00. The disclosure for this sale can be found here. Insiders sold 93,746 shares of company stock worth $4,080,349 over the last quarter. Company insiders own 1.20% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC boosted its position in Ciena by 98.5% during the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock worth $26,000 after acquiring an additional 320 shares during the last quarter. Tobam acquired a new stake in Ciena during the second quarter worth approximately $33,000. Mizuho Securities Co. Ltd. acquired a new stake in Ciena during the first quarter worth approximately $37,000. Coastal Capital Group Inc. acquired a new stake in Ciena during the second quarter worth approximately $41,000. Finally, FinTrust Capital Advisors LLC acquired a new stake in Ciena during the first quarter worth approximately $57,000. Institutional investors and hedge funds own 88.39% 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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