Ciena’s (CIEN) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Ciena (NYSE:CIEN) in a research note released on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a $175.00 price objective on the communications equipment provider’s stock.

Other research analysts have also issued reports about the stock. Bank of America boosted their target price on shares of Ciena from $135.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. BNP Paribas Exane raised Ciena from a “neutral” rating to an “outperform” rating and set a $185.00 price target on the stock in a report on Monday, October 13th. Needham & Company LLC increased their price objective on Ciena from $90.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, September 5th. Argus raised their target price on Ciena from $100.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, September 5th. Finally, JPMorgan Chase & Co. boosted their price target on Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and an average target price of $163.53.

Ciena Price Performance

Shares of CIEN opened at $201.33 on Thursday. Ciena has a 12 month low of $49.21 and a 12 month high of $214.17. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52. The stock has a fifty day moving average price of $181.14 and a 200 day moving average price of $123.89. The company has a market cap of $28.40 billion, a P/E ratio of 207.56, a PEG ratio of 1.27 and a beta of 1.17.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share (EPS) for the quarter. The company had revenue of $844.44 million for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%. On average, research analysts forecast that Ciena will post 1.6 earnings per share for the current year.

Insider Transactions at Ciena

In related news, SVP Joseph Cumello sold 1,863 shares of Ciena stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $141.14, for a total transaction of $262,943.82. Following the transaction, the senior vice president directly owned 43,531 shares of the company’s stock, valued at $6,143,965.34. The trade was a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce L. Claflin sold 8,461 shares of the business’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the completion of the sale, the director owned 54,624 shares in the company, valued at approximately $7,653,914.88. This trade represents a 13.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 51,935 shares of company stock worth $8,707,266. Corporate insiders own 0.93% of the company’s stock.

Institutional Trading of Ciena

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIEN. Allworth Financial LP grew its position in Ciena by 94.3% in the third quarter. Allworth Financial LP now owns 1,395 shares of the communications equipment provider’s stock worth $203,000 after buying an additional 677 shares during the last quarter. IFP Advisors Inc lifted its position in shares of Ciena by 93.1% during the 3rd quarter. IFP Advisors Inc now owns 977 shares of the communications equipment provider’s stock valued at $145,000 after acquiring an additional 471 shares during the last quarter. Swiss Life Asset Management Ltd boosted its stake in shares of Ciena by 80.2% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 6,635 shares of the communications equipment provider’s stock worth $967,000 after acquiring an additional 2,954 shares in the last quarter. WBI Investments LLC acquired a new position in shares of Ciena in the 3rd quarter worth $458,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Ciena in the 3rd quarter worth $157,000. 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.