David M. Rothenstein Sells 2,500 Shares of Ciena Co. (NYSE:CIEN) Stock

Ciena Co. (NYSE:CIEN) SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $68.88, for a total value of $172,200.00. Following the completion of the transaction, the senior vice president now directly owns 207,370 shares in the company, valued at approximately $14,283,645.60. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Ciena Stock Down 4.6 %

Shares of CIEN stock opened at $62.75 on Friday. The stock’s fifty day moving average price is $79.21 and its 200 day moving average price is $73.85. Ciena Co. has a 1-year low of $43.30 and a 1-year high of $101.44. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 110.08, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $84.00 to $88.00 in a research report on Tuesday, January 28th. Citigroup raised their target price on shares of Ciena from $84.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Barclays set a $100.00 price target on shares of Ciena and gave the company an “overweight” rating in a report on Wednesday, March 12th. Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and increased their price objective for the company from $70.00 to $95.00 in a research note on Friday, December 13th. Finally, Morgan Stanley lowered their target price on Ciena from $80.00 to $76.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.38.

Institutional Investors Weigh In On Ciena

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its stake in Ciena by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider’s stock worth $148,348,000 after purchasing an additional 33,074 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of Ciena in the fourth quarter worth $245,000. US Bancorp DE lifted its stake in shares of Ciena by 1.5% during the fourth quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock worth $887,000 after buying an additional 152 shares during the period. Merit Financial Group LLC purchased a new stake in shares of Ciena during the fourth quarter valued at $421,000. Finally, FMR LLC increased its position in shares of Ciena by 0.5% in the 3rd quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider’s stock valued at $1,334,290,000 after acquiring an additional 108,407 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Company Profile

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.