Evercore ISI lifts Ciena Corporation [CIEN] price estimate. Who else is bullish?

Ciena Corporation [NYSE: CIEN] gained 19.96% or 8.63 points to close at $51.87 with a heavy trading volume of 10765794 shares. The company report on December 8, 2022 that Ciena Reports Fiscal Fourth Quarter 2022 and Year-End Financial Results.

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Ciena® Corporation (NYSE:CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal fourth quarter ended October 29, 2022.

It opened the trading session at $50.51, the shares rose to $52.4499 and dropped to $50.10, the range by which the price of stock traded the whole day. The daily chart for CIEN points out that the company has recorded 10.93% gains over the past six months. However, it is still -35.32% lower than its most recent low trading price.

If we look at the average trading volume of 1.76M shares, CIEN reached to a volume of 10765794 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Ciena Corporation [CIEN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CIEN shares is $57.58 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CIEN stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Evercore ISI have made an estimate for Ciena Corporation shares, keeping their opinion on the stock as In-line, with their previous recommendation back on October 11, 2022. While these analysts kept the previous recommendation, JP Morgan dropped their target price from $62 to $45. The new note on the price target was released on September 06, 2022, representing the official price target for Ciena Corporation stock. Previously, the target price had yet another raise from $56 to $65, while Morgan Stanley kept a Overweight rating on CIEN stock.

The Average True Range (ATR) for Ciena Corporation is set at 2.02, with the Price to Sales ratio for CIEN stock in the period of the last 12 months amounting to 2.07. The Price to Book ratio for the last quarter was 2.91, with the Price to Cash per share for the same quarter was set at 7.99. Price to Free Cash Flow for CIEN in the course of the last twelve months was 342.43 with Quick ratio for the last quarter at 2.60.

Trading performance analysis for CIEN stock

Ciena Corporation [CIEN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 16.07. With this latest performance, CIEN shares gained by 16.77% in over the last four-week period, additionally plugging by 10.93% over the last 6 months – not to mention a drop of -16.61% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CIEN stock in for the last two-week period is set at 70.00, with the RSI for the last a single of trading hit 75.93, and the three-weeks RSI is set at 65.55 for Ciena Corporation [CIEN]. The present Moving Average for the last 50 days of trading for this stock 43.67, while it was recorded at 45.85 for the last single week of trading, and 49.93 for the last 200 days.

Ciena Corporation [CIEN]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Ciena Corporation [CIEN] shares currently have an operating margin of +14.57 and a Gross Margin at +44.25. Ciena Corporation’s Net Margin is presently recorded at +13.81.

Return on Equity for this stock inclined to 18.09, with Return on Assets sitting at 11.06.

Ciena Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.60 and a Current Ratio set at 3.50.

Ciena Corporation [CIEN]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CIEN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Ciena Corporation go to 7.10%.

An analysis of insider ownership at Ciena Corporation [CIEN]

There are presently around $7,504 million, or 99.90% of CIEN stock, in the hands of institutional investors. The top three institutional holders of CIEN stocks are: BLACKROCK INC. with ownership of 16,827,359, which is approximately 5.872% of the company’s market cap and around 0.70% of the total institutional ownership; VANGUARD GROUP INC, holding 14,332,590 shares of the stock with an approximate value of $743.43 million in CIEN stocks shares; and FMR LLC, currently with $446.65 million in CIEN stock with ownership of nearly 0.079% of the company’s market capitalization.

Positions in Ciena Corporation stocks held by institutional investors increased at the end of December and at the time of the December reporting period, where 181 institutional holders increased their position in Ciena Corporation [NYSE:CIEN] by around 17,517,426 shares. Additionally, 246 investors decreased positions by around 9,985,897 shares, while 69 investors held positions by with 117,174,361 shares. The mentioned changes placed institutional holdings at 144,677,684 shares, according to the latest SEC report filing. CIEN stock had 39 new institutional investments in for a total of 3,425,497 shares, while 64 institutional investors sold positions of 2,283,920 shares during the same period.

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