Ciena (NYSE:CIEN) Given New $85.00 Price Target at Rosenblatt Securities

Ciena (NYSE:CIEN) had its target price lifted by stock analysts at Rosenblatt Securities from $65.00 to $85.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the communications equipment provider’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 1.30% from the company’s current price.

Several other brokerages have also commented on CIEN. Evercore ISI increased their price target on shares of Ciena from $68.00 to $82.00 and gave the stock an “in-line” rating in a research note on Friday, May 23rd. Northland Capmk upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. Northland Securities raised shares of Ciena from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. JPMorgan Chase & Co. boosted their price target on Ciena from $76.00 to $86.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 27th. Finally, Needham & Company LLC decreased their price target on Ciena from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.23.

Ciena Price Performance

Shares of CIEN opened at $83.91 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. The firm has a market cap of $11.93 billion, a PE ratio of 147.21, a PEG ratio of 1.54 and a beta of 1.12. The firm’s 50 day moving average price is $69.59 and its 200 day moving average price is $75.76. Ciena has a twelve month low of $44.69 and a twelve month high of $101.44.

Insider Transactions at Ciena

In related news, CEO Gary B. Smith sold 6,800 shares of the business’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $79.89, for a total transaction of $543,252.00. Following the transaction, the chief executive officer now owns 362,080 shares of the company’s stock, valued at approximately $28,926,571.20. The trade was a 1.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $68.88, for a total transaction of $172,200.00. Following the completion of the sale, the senior vice president now directly owns 207,370 shares of the company’s stock, valued at approximately $14,283,645.60. This trade represents a 1.19% 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 worth $3,431,319. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Inspire Investing LLC lifted its stake in shares of Ciena by 516.6% in the first quarter. Inspire Investing LLC now owns 18,719 shares of the communications equipment provider’s stock valued at $1,131,000 after buying an additional 15,683 shares during the period. Modern Wealth Management LLC raised its holdings in Ciena by 25.7% in the 1st quarter. Modern Wealth Management LLC now owns 3,335 shares of the communications equipment provider’s stock valued at $202,000 after acquiring an additional 682 shares in the last quarter. Strs Ohio bought a new stake in shares of Ciena in the 1st quarter worth approximately $1,227,000. Acadian Asset Management LLC bought a new stake in shares of Ciena in the 1st quarter worth approximately $3,705,000. Finally, Intech Investment Management LLC grew its holdings in shares of Ciena by 106.8% during the 1st quarter. Intech Investment Management LLC now owns 135,574 shares of the communications equipment provider’s stock worth $8,193,000 after purchasing an additional 70,027 shares in the last quarter. 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.