Ciena (NYSE:CIEN) Price Target Raised to $86.00 at JPMorgan Chase & Co.

Ciena (NYSE:CIEN) had its price target raised by JPMorgan Chase & Co. from $76.00 to $86.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the communications equipment provider’s stock.

CIEN has been the topic of a number of other reports. Evercore ISI increased their target price on shares of Ciena from $68.00 to $82.00 and gave the stock an “in-line” rating in a report on Friday, May 23rd. Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. Morgan Stanley dropped their target price on shares of Ciena from $80.00 to $76.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. B. Riley reissued a “buy” rating and set a $89.00 target price (down from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Finally, Citigroup dropped 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 equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Ciena has an average rating of “Moderate Buy” and an average target price of $79.69.

Ciena Stock Up 2.6%

Shares of NYSE:CIEN opened at $82.29 on Tuesday. The stock has a market capitalization of $11.70 billion, a price-to-earnings ratio of 144.37, a price-to-earnings-growth ratio of 1.54 and a beta of 1.11. Ciena has a 1-year low of $44.69 and a 1-year high of $101.44. The company’s fifty day moving average is $67.62 and its two-hundred day moving average is $75.30. 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 Buying and Selling at Ciena

In other news, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $59.54, for a total value of $404,872.00. Following the transaction, the chief executive officer now owns 375,680 shares of the company’s stock, valued at $22,367,987.20. The trade was a 1.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP David M. Rothenstein sold 2,500 shares of Ciena stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $79.93, for a total transaction of $199,825.00. Following the completion of the transaction, the senior vice president now directly owns 202,370 shares in the company, valued at approximately $16,175,434.10. This trade represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,588 shares of company stock valued at $3,950,907. Company insiders own 0.93% of the company’s stock.

Institutional Trading of Ciena

Several institutional investors have recently made changes to their positions in CIEN. Blue Trust Inc. boosted its holdings in shares of Ciena by 44.4% during the fourth quarter. Blue Trust Inc. now owns 2,056 shares of the communications equipment provider’s stock worth $174,000 after purchasing an additional 632 shares during the period. Pacer Advisors Inc. lifted its stake in Ciena by 4.2% in the fourth quarter. Pacer Advisors Inc. now owns 24,544 shares of the communications equipment provider’s stock valued at $2,082,000 after acquiring an additional 984 shares during the last quarter. Moody Aldrich Partners LLC acquired a new stake in Ciena in the fourth quarter valued at approximately $233,000. Institute for Wealth Management LLC. acquired a new stake in Ciena in the fourth quarter valued at approximately $246,000. Finally, Greenleaf Trust lifted its stake in Ciena by 2.8% in the fourth quarter. Greenleaf Trust now owns 4,978 shares of the communications equipment provider’s stock valued at $422,000 after acquiring an additional 136 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

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.