Ciena (NYSE:CIEN) had its price target lifted by investment analysts at MKM Partners from $36.00 to $38.00 in a research report issued on Tuesday. The firm currently has a “buy” rating on the communications equipment provider’s stock. MKM Partners’ price objective would suggest a potential upside of 22.90% from the stock’s previous close.

A number of other research firms have also weighed in on CIEN. Zacks Investment Research reiterated a “hold” rating on shares of Ciena in a research report on Monday, November 12th. Needham & Company LLC downgraded Ciena from a “buy” rating to a “hold” rating in a research note on Tuesday. William Blair reissued a “buy” rating on shares of Ciena in a research note on Friday, August 31st. Argus increased their price objective on Ciena to $38.00 and gave the stock an “average” rating in a research note on Wednesday, September 5th. They noted that the move was a valuation call. Finally, Morgan Stanley downgraded Ciena from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $30.00 to $32.00 in a research note on Thursday, September 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $32.83.

NYSE:CIEN opened at $30.92 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.97 and a quick ratio of 1.76. Ciena has a 1-year low of $19.99 and a 1-year high of $35.04. The firm has a market capitalization of $4.37 billion, a P/E ratio of 29.18, a P/E/G ratio of 1.34 and a beta of 1.21.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, August 30th. The communications equipment provider reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.12. Ciena had a return on equity of 8.56% and a net margin of 25.56%. The business had revenue of $818.82 million during the quarter, compared to analyst estimates of $792.28 million. During the same quarter last year, the company posted $0.51 EPS. Ciena’s revenue for the quarter was up 12.4% on a year-over-year basis. Research analysts expect that Ciena will post 1.1 EPS for the current fiscal year.

In other news, CEO Gary B. Smith sold 9,600 shares of the firm’s stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $31.14, for a total transaction of $298,944.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Stephen B. Alexander sold 2,500 shares of the firm’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $30.94, for a total value of $77,350.00. The disclosure for this sale can be found here. Insiders have sold a total of 80,275 shares of company stock valued at $2,499,320 over the last ninety days. Company insiders own 1.38% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Morgan Stanley raised its stake in shares of Ciena by 59.9% during the 3rd quarter. Morgan Stanley now owns 1,305,965 shares of the communications equipment provider’s stock worth $40,799,000 after purchasing an additional 489,275 shares in the last quarter. Sawgrass Asset Management LLC purchased a new stake in shares of Ciena during the 3rd quarter worth about $321,000. TIAA CREF Investment Management LLC raised its stake in shares of Ciena by 63.0% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 1,833,557 shares of the communications equipment provider’s stock worth $57,280,000 after purchasing an additional 708,407 shares in the last quarter. Teachers Advisors LLC raised its stake in shares of Ciena by 22.2% during the 3rd quarter. Teachers Advisors LLC now owns 1,377,870 shares of the communications equipment provider’s stock worth $43,045,000 after purchasing an additional 250,622 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in shares of Ciena by 5.6% in the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 55,000 shares of the communications equipment provider’s stock valued at $1,718,000 after acquiring an additional 2,900 shares in the last quarter.

About Ciena

Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data 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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