Shares of Ciena Co. (NYSE:CIEN - Get Free Report) shot up 4.4% on Wednesday . The company traded as high as $62.74 and last traded at $64.23. 89,440 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 1,962,454 shares. The stock had previously closed at $61.54.
Wall Street Analyst Weigh In
CIEN has been the subject of a number of recent research reports. Stifel Nicolaus restated a "buy" rating and set a $82.00 price target (up from $75.00) on shares of Ciena in a research note on Tuesday, December 10th. JPMorgan Chase & Co. raised shares of Ciena from a "neutral" rating to an "overweight" rating and upped their target price for the company from $84.00 to $88.00 in a report on Tuesday, January 28th. Bank of America raised Ciena from a "neutral" rating to a "buy" rating and raised their target price for the stock from $70.00 to $95.00 in a report on Friday, December 13th. Needham & Company LLC cut their price target on Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Finally, Barclays set a $100.00 price objective on Ciena and gave the company an "overweight" rating in a research report on Wednesday, March 12th. Four research 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $81.38.
Get Our Latest Research Report on CIEN
Ciena Price Performance
The firm has a market cap of $7.61 billion, a P/E ratio of 93.91, a P/E/G ratio of 1.54 and a beta of 1.15. The firm's fifty day simple moving average is $75.40 and its 200 day simple moving average is $74.08. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55.
Insider Activity at Ciena
In related news, Director Bruce L. Claflin sold 16,912 shares of Ciena stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $84.96, for a total value of $1,436,843.52. Following the completion of the transaction, the director now owns 59,347 shares in the company, valued at approximately $5,042,121.12. This trade represents a 22.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total value of $31,556.00. Following the sale, the senior vice president now owns 49,197 shares in the company, valued at $4,435,601.52. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,200 shares of company stock valued at $4,921,513. Insiders own 0.93% of the company's stock.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the business. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Ciena by 108.6% during 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 acquiring an additional 151 shares during the period. Versant Capital Management Inc grew its holdings in shares of Ciena by 925.0% in the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock worth $28,000 after purchasing an additional 296 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Ciena by 328.2% during 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 buying an additional 279 shares in the last quarter. Bessemer Group Inc. boosted its position in Ciena by 73.7% in the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock valued at $30,000 after buying an additional 151 shares during the period. Finally, Atlas Capital Advisors Inc. increased its position in shares of Ciena by 77.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock worth $36,000 after acquiring an additional 183 shares during the period. Hedge funds and other institutional investors own 91.99% of the company's stock.
About Ciena
(
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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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