Rosenblatt Securities Cuts Ciena (NYSE:CIEN) Price Target to $65.00

Ciena (NYSE:CIEN) had its price target decreased by Rosenblatt Securities from $73.00 to $65.00 in a research report released on Tuesday,Benzinga reports. Rosenblatt Securities currently has a neutral rating on the communications equipment provider’s stock.

A number of other analysts have also weighed in on the stock. Citigroup reduced their price objective on shares of Ciena from $98.00 to $75.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th. Northland Securities raised Ciena from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $60.00 to $75.00 in a research report on Wednesday, March 12th. JPMorgan Chase & Co. cut their target price on Ciena from $88.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, B. Riley restated a “buy” rating and issued a $89.00 price target (down previously from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and an average target price of $77.62.

Ciena Trading Up 2.6 %

NYSE CIEN opened at $64.21 on Tuesday. Ciena has a 12 month low of $44.69 and a 12 month high of $101.44. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The stock’s fifty day moving average price is $66.49 and its 200-day moving average price is $73.73. The stock has a market cap of $9.13 billion, a P/E ratio of 112.65, a P/E/G ratio of 1.54 and a beta of 1.15.

Insider Buying and Selling at Ciena

In related news, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total transaction of $31,556.00. Following the completion of the transaction, the senior vice president now directly owns 49,197 shares in the company, valued at approximately $4,435,601.52. The trade was a 0.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 6,800 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $84.86, for a total transaction of $577,048.00. Following the sale, the chief executive officer now owns 412,149 shares in the company, valued at approximately $34,974,964.14. The trade was a 1.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,288 shares of company stock valued at $3,299,980. Insiders own 0.93% of the company’s stock.

Institutional Trading of Ciena

Hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC increased its stake in Ciena by 75.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 8,315 shares of the communications equipment provider’s stock worth $512,000 after buying an additional 3,584 shares in the last quarter. Retirement Systems of Alabama grew its position in shares of Ciena by 4.8% during the third quarter. Retirement Systems of Alabama now owns 403,490 shares of the communications equipment provider’s stock worth $24,851,000 after purchasing an additional 18,426 shares in the last quarter. Versant Capital Management Inc raised its stake in Ciena by 925.0% during the 4th quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 296 shares during the period. GAMMA Investing LLC lifted its holdings in Ciena by 27.7% in the 4th quarter. GAMMA Investing LLC now owns 2,109 shares of the communications equipment provider’s stock worth $179,000 after purchasing an additional 458 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new position in Ciena in the 4th quarter worth approximately $235,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

About Ciena

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.