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

Ciena (NYSE:CIEN - Get Free Report) had its price objective lowered by investment analysts at Rosenblatt Securities from $73.00 to $65.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the communications equipment provider's stock. Rosenblatt Securities' target price indicates a potential downside of 1.52% from the company's current price.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley cut their price objective on shares of Ciena from $80.00 to $76.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 12th. B. Riley reaffirmed a "buy" rating and set a $89.00 target price (down from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. JPMorgan Chase & Co. cut their price target on shares of Ciena from $88.00 to $76.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Citigroup decreased their price objective on shares of Ciena from $98.00 to $75.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $77.62.

Ciena Stock Performance

Shares of NYSE CIEN traded up $1.71 during midday trading on Tuesday, reaching $66.00. 1,600,990 shares of the stock were exchanged, compared to its average volume of 2,015,456. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The firm has a 50-day simple moving average of $66.02 and a two-hundred day simple moving average of $73.78. Ciena has a twelve month low of $44.69 and a twelve month high of $101.44. The firm has a market cap of $9.38 billion, a price-to-earnings ratio of 115.79, a PEG ratio of 1.54 and a beta of 1.15.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 350 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total value of $31,556.00. Following the completion of the sale, the senior vice president now directly owns 49,197 shares in the company, valued at $4,435,601.52. This represents a 0.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jason Phipps sold 18,888 shares of Ciena stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total value of $1,131,013.44. Following the transaction, the senior vice president now owns 89,258 shares in the company, valued at approximately $5,344,769.04. This represents a 17.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,288 shares of company stock worth $3,299,980. Insiders own 0.93% of the company's stock.

Institutional Investors Weigh In On Ciena

A number of hedge funds have recently modified their holdings of CIEN. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Ciena by 108.6% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock valued at $25,000 after purchasing an additional 151 shares during the last quarter. Versant Capital Management Inc raised its position in Ciena by 925.0% in the fourth 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. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Ciena by 328.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 279 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of Ciena by 73.7% during the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock worth $30,000 after purchasing an additional 151 shares during the period. Finally, Atlas Capital Advisors Inc. increased its position in shares of Ciena by 77.2% during the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 183 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company's stock.

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.