Ciena (NYSE:CIEN) Price Target Raised to $85.00 at Rosenblatt Securities

Ciena (NYSE:CIEN) had its price objective upped by Rosenblatt Securities from $65.00 to $85.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the communications equipment provider’s stock.

A number of other equities analysts have also commented on CIEN. Citigroup dropped their price target on Ciena from $98.00 to $75.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Evercore ISI increased their target price on Ciena from $68.00 to $82.00 and gave the company an “in-line” rating in a research report on Friday, May 23rd. B. Riley reiterated a “buy” rating and set a $89.00 price objective (down previously from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Northland Capmk upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th. Finally, Needham & Company LLC lowered their price objective on shares of Ciena from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and an average target price of $81.23.

Ciena Price Performance

Shares of NYSE:CIEN opened at $83.30 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 fifty day moving average price of $69.14 and a 200 day moving average price of $75.70. Ciena has a fifty-two week low of $44.69 and a fifty-two week high of $101.44. The firm has a market cap of $11.84 billion, a price-to-earnings ratio of 146.13, a P/E/G ratio of 1.54 and a beta of 1.11.

Insider Transactions at Ciena

In other news, SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $78.67, for a total transaction of $27,534.50. Following the transaction, the senior vice president now directly owns 46,233 shares of the company’s stock, valued at approximately $3,637,150.11. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 6,800 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $79.89, for a total transaction of $543,252.00. Following the transaction, the chief executive officer now directly owns 362,080 shares in the company, valued at approximately $28,926,571.20. This trade represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,788 shares of company stock worth $3,431,319. 0.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Inspire Investing LLC increased its stake in shares of Ciena by 516.6% during 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 increased its position in Ciena by 25.7% during the 1st quarter. Modern Wealth Management LLC now owns 3,335 shares of the communications equipment provider’s stock valued at $202,000 after purchasing an additional 682 shares during the period. Strs Ohio purchased a new position in Ciena during the 1st quarter valued at about $1,227,000. Acadian Asset Management LLC purchased a new position in Ciena during the 1st quarter valued at about $3,705,000. Finally, Intech Investment Management LLC increased its position in Ciena by 106.8% during the 1st quarter. Intech Investment Management LLC now owns 135,574 shares of the communications equipment provider’s stock valued at $8,193,000 after purchasing an additional 70,027 shares during the period. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

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.