TD Cowen Issues Pessimistic Forecast for Ciena (NYSE:CIEN) Stock Price

Ciena (NYSE:CIEN) had its price target reduced by TD Cowen from $675.00 to $575.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the communications equipment provider’s stock. TD Cowen’s target price suggests a potential upside of 40.34% from the company’s previous close.

Several other equities research analysts also recently weighed in on CIEN. Northland Securities set a $450.00 target price on shares of Ciena in a research note on Friday, June 5th. Rothschild & Co Redburn initiated coverage on Ciena in a research note on Friday, May 1st. They set a “neutral” rating and a $416.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating on shares of Ciena in a research report on Tuesday, July 28th. Zacks Research downgraded Ciena from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Finally, Barclays boosted their target price on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a report on Friday, June 5th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Ciena has an average rating of “Moderate Buy” and a consensus target price of $525.00.

Ciena Stock Performance

CIEN stock traded down $35.48 on Tuesday, hitting $409.70. The company’s stock had a trading volume of 511,878 shares, compared to its average volume of 2,934,946. The stock has a market cap of $57.99 billion, a price-to-earnings ratio of 137.26 and a beta of 1.30. The firm has a 50 day moving average of $424.05 and a two-hundred day moving average of $428.37. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena has a 1 year low of $84.41 and a 1 year high of $637.51.

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

Insider Transactions at Ciena

In other Ciena news, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the sale, the senior vice president owned 42,741 shares of the company’s stock, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the transaction, the chief financial officer owned 126,955 shares in the company, valued at $59,186,421. The trade was a 0.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 17,475 shares of company stock valued at $8,164,824 over the last 90 days. Insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CIEN. Goldman Sachs Group Inc. increased its holdings in Ciena by 53.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider’s stock valued at $104,156,000 after buying an additional 155,712 shares in the last quarter. FengHe Fund Management Pte. Ltd. grew its holdings in shares of Ciena by 164.0% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock worth $154,585,000 after acquiring an additional 410,588 shares during the period. TKG Advisors LLC acquired a new stake in shares of Ciena in the 1st quarter worth approximately $3,244,000. Swiss National Bank increased its stake in Ciena by 7.0% in the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock valued at $160,468,000 after purchasing an additional 26,900 shares in the last quarter. Finally, DNB Asset Management AS increased its stake in Ciena by 1,095.8% in the 4th quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock valued at $6,438,000 after purchasing an additional 25,225 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

About Ciena

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.