Ciena (NYSE:CIEN) PT Raised to $80.00 at Raymond James

Ciena (NYSE:CIEN) had its target price increased by equities researchers at Raymond James from $75.00 to $80.00 in a research note issued to investors on Thursday, The Fly reports. The firm presently has an “outperform” rating on the communications equipment provider’s stock. Raymond James’ price target suggests a potential upside of 12.03% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC lifted their target price on Ciena from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, December 28th. Citigroup lifted their price objective on Ciena from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, December 10th. Jefferies Financial Group lifted their price objective on Ciena from $85.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, December 21st. JPMorgan Chase & Co. lifted their price objective on Ciena from $67.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 10th. Finally, Bank of America lifted their price objective on Ciena from $70.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, December 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $76.86.

Shares of Ciena stock opened at $71.41 on Thursday. Ciena has a one year low of $47.52 and a one year high of $78.28. The company has a market cap of $11.06 billion, a price-to-earnings ratio of 22.39, a PEG ratio of 1.70 and a beta of 0.85. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.10 and a current ratio of 3.51. The business’s 50 day moving average price is $68.52 and its 200 day moving average price is $59.80.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, December 9th. The communications equipment provider reported $0.85 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.85. Ciena had a return on equity of 13.89% and a net margin of 13.81%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the business posted $0.53 earnings per share. The firm’s revenue was up 25.7% compared to the same quarter last year. On average, analysts predict that Ciena will post 2.66 EPS for the current fiscal year.

In other Ciena news, SVP Jason Phipps sold 21,598 shares of the company’s stock in a transaction that occurred on Tuesday, December 21st. The stock was sold at an average price of $74.37, for a total transaction of $1,606,243.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, November 11th. The shares were sold at an average price of $60.63, for a total value of $121,260.00. The disclosure for this sale can be found here. Insiders sold a total of 34,098 shares of company stock valued at $2,411,253 over the last three months. Company insiders own 0.96% of the company’s stock.

Hedge funds have recently modified their holdings of the company. First Horizon Advisors Inc. lifted its stake in shares of Ciena by 483.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 560 shares of the communications equipment provider’s stock worth $31,000 after purchasing an additional 464 shares during the period. Berman Capital Advisors LLC lifted its stake in shares of Ciena by 83.8% during the 3rd quarter. Berman Capital Advisors LLC now owns 735 shares of the communications equipment provider’s stock worth $37,000 after purchasing an additional 335 shares during the period. Global Retirement Partners LLC lifted its stake in shares of Ciena by 21.2% during the 3rd quarter. Global Retirement Partners LLC now owns 1,159 shares of the communications equipment provider’s stock worth $60,000 after purchasing an additional 203 shares during the period. NuWave Investment Management LLC lifted its stake in shares of Ciena by 48.7% during the 3rd quarter. NuWave Investment Management LLC now owns 1,179 shares of the communications equipment provider’s stock worth $61,000 after purchasing an additional 386 shares during the period. Finally, Vestor Capital LLC purchased a new position in shares of Ciena during the 3rd quarter worth $72,000. 86.74% of the stock is owned by institutional investors and hedge funds.

About Ciena

Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical and Packet Networking portfolios.

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