Computing Lovasz $\theta$ for circulant graphs can be reduced to linear programming; this is well-known, I think (already mentioned in A.Schrijver's 1979 paper "A comparison of the Delsarte and Lovasz bounds"). Indeed, $A$ is an element of the Bose-Mesner algebra of the commutative associative scheme (obtained from the natural action of the dihedral group on $N$ points), and Schrijver shows that in this case $\theta$ can be found by simultaneous diagonalisation of all the (symmetric) circulant matrices and solving the resulting linear program.