Shares of Ciena Co. (NYSE:CIEN – Get Free Report) have been given an average recommendation of “Moderate Buy” by the fourteen ratings firms that are currently covering the company, MarketBeat.com reports. Four 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. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $81.23.
A number of equities research analysts have recently commented on CIEN shares. Evercore ISI increased their price objective on Ciena from $68.00 to $82.00 and gave the company an “in-line” rating in a research report on Friday, May 23rd. B. Riley restated a “buy” rating and issued a $89.00 target price (down previously from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Northland Capmk upgraded Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and increased their target price for the company from $60.00 to $75.00 in a report on Wednesday, March 12th. Finally, Morgan Stanley reduced 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.
Check Out Our Latest Stock Analysis on CIEN
Ciena Price Performance
Insider Transactions at Ciena
In other Ciena news, SVP Jason Phipps sold 18,888 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the transaction, the senior vice president now directly owns 89,258 shares of the company’s stock, valued at $5,344,769.04. This represents a 17.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $78.67, for a total transaction of $27,534.50. Following the transaction, the senior vice president now directly owns 46,233 shares in the company, valued at $3,637,150.11. The trade was a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,788 shares of company stock valued at $3,431,319. 0.93% of the stock is owned by insiders.
Hedge Funds Weigh In On Ciena
Several hedge funds have recently bought and sold shares of the business. Greenleaf Trust increased its position in Ciena by 2.8% during the fourth quarter. Greenleaf Trust now owns 4,978 shares of the communications equipment provider’s stock worth $422,000 after buying an additional 136 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its position in Ciena by 108.6% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider’s stock worth $25,000 after buying an additional 151 shares during the last quarter. Bessemer Group Inc. increased its position in Ciena by 73.7% during the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider’s stock worth $30,000 after buying an additional 151 shares during the last quarter. US Bancorp DE increased its position in 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 last quarter. Finally, National Bank of Canada FI increased its position in Ciena by 15.4% during the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock worth $69,000 after buying an additional 153 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.
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.
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