Fintel reports that on April 12, 2024, Citigroup initiated coverage of Ciena (NYSE:CIEN) with a Sell recommendation.

Analyst Price Forecast Suggests 28.31% Upside

As of March 30, 2024, the average one-year price target for Ciena is 60.44. The forecasts range from a low of 42.92 to a high of $71.40. The average price target represents an increase of 28.31% from its latest reported closing price of 47.10.

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The projected annual revenue for Ciena is 4,690MM, an increase of 7.38%. The projected annual non-GAAP EPS is 3.70.

What is the Fund Sentiment?

There are 907 funds or institutions reporting positions in Ciena. This is an increase of 2 owner(s) or 0.22% in the last quarter. Average portfolio weight of all funds dedicated to CIEN is 0.27%, a decrease of 4.35%. Total shares owned by institutions decreased in the last three months by 0.63% to 152,982K shares. The put/call ratio of CIEN is 0.25, indicating a bullish outlook.

What are Other Shareholders Doing?

BNP Paribas Asset Management Holding holds 5,022K shares representing 3.47% ownership of the company. In it's prior filing, the firm reported owning 4,653K shares, representing an increase of 7.35%. The firm decreased its portfolio allocation in CIEN by 6.55% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,686K shares representing 3.24% ownership of the company. In it's prior filing, the firm reported owning 4,651K shares, representing an increase of 0.76%. The firm decreased its portfolio allocation in CIEN by 14.24% over the last quarter.

IJH - iShares Core S&P Mid-Cap ETF holds 4,488K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 4,672K shares, representing a decrease of 4.11%. The firm decreased its portfolio allocation in CIEN by 15.46% over the last quarter.

NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 3,764K shares representing 2.60% ownership of the company. In it's prior filing, the firm reported owning 3,847K shares, representing a decrease of 2.21%. The firm decreased its portfolio allocation in CIEN by 18.14% over the last quarter.

Capital World Investors holds 3,514K shares representing 2.43% ownership of the company. In it's prior filing, the firm reported owning 2,722K shares, representing an increase of 22.52%. The firm increased its portfolio allocation in CIEN by 10.36% over the last quarter.

CIENA Background Information
(This description is provided by the company.)

Ciena is a networking systems, services and software company. The Company provides solutions that help its customers create the Adaptive Network™ in response to the constantly changing demands of their end-users. By delivering best-in-class networking technology through high-touch consultative relationships, the Company builds the world's most agile networks with automation, openness and scale.