Ciena (CIEN) – Analysts’ Recent Ratings Changes

Ciena (NYSE: CIEN) has recently received a number of price target changes and ratings updates:

• 9/23/2024 – Ciena was upgraded by analysts at Citigroup Inc. from a “sell” rating to a “buy” rating. They now have a $68.00 price target on the stock, up previously from $44.00.
• 9/5/2024 – Ciena had its price target raised by analysts at Barclays PLC from $55.00 to $67.00. They now have an “overweight” rating on the stock.
• 9/5/2024 – Ciena had its price target raised by analysts at Rosenblatt Securities from $54.00 to $60.00. They now have a “neutral” rating on the stock.
• 9/5/2024 – Ciena had its “neutral” rating reaffirmed by analysts at Bank of America Co.. They now have a $59.00 price target on the stock.
• 9/5/2024 – Ciena had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $65.00 price target on the stock.
• 9/4/2024 – Ciena had its price target raised by analysts at Morgan Stanley from $55.00 to $60.00. They now have an “overweight” rating on the stock.
• 9/3/2024 – Ciena had its “market perform” rating reaffirmed by analysts at Northland Securities. They now have a $46.00 price target on the stock.
• 9/3/2024 – Ciena had its price target raised by analysts at Stifel Nicolaus from $62.00 to $68.00. They now have a “buy” rating on the stock.
• 8/22/2024 – Ciena had its price target raised by analysts at Needham & Company LLC from $60.00 to $65.00. They now have a “buy” rating on the stock.

Ciena Trading Up 5.0 %

Shares of NYSE CIEN opened at $61.68 on Tuesday. Ciena Co. has a 12 month low of $39.94 and a 12 month high of $63.24. The business has a fifty day simple moving average of $52.91 and a 200-day simple moving average of $49.74. The company has a market cap of $8.86 billion, a price-to-earnings ratio of 59.30, a P/E/G ratio of 6.86 and a beta of 0.94. The company has a quick ratio of 2.99, a current ratio of 4.06 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. The business had revenue of $942.30 million during the quarter, compared to analyst estimates of $928.31 million. Ciena had a return on equity of 5.98% and a net margin of 3.44%. Ciena’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. Sell-side analysts predict that Ciena Co. will post 1.15 EPS for the current year.

Insider Buying and Selling

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.81, for a total value of $170,835.00. Following the sale, the senior vice president now owns 212,421 shares of the company’s stock, valued at approximately $10,368,269.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Jason Phipps sold 2,712 shares of Ciena stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $48.29, for a total transaction of $130,962.48. Following the completion of the sale, the senior vice president now owns 96,000 shares in the company, valued at approximately $4,635,840. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.81, for a total value of $170,835.00. Following the completion of the sale, the senior vice president now directly owns 212,421 shares of the company’s stock, valued at $10,368,269.01. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,712 shares of company stock valued at $498,637. Insiders own 0.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Kapitalo Investimentos Ltda bought a new stake in Ciena during the 4th quarter worth approximately $30,000. Register Financial Advisors LLC bought a new position in shares of Ciena during the 1st quarter worth $33,000. Headlands Technologies LLC bought a new position in Ciena in the 1st quarter worth approximately $40,000. Canton Hathaway LLC purchased a new position in shares of Ciena in the second quarter valued at $40,000. Finally, Covestor Ltd increased its position in shares of Ciena by 339.5% during the first quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock valued at $60,000 after buying an additional 937 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.