Ciena (NYSE:CIEN) Price Target Raised to $155.00 at Bank of America

Ciena (NYSE:CIEN) had its price objective lifted by Bank of America from $135.00 to $155.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the communications equipment provider’s stock.

A number of other research analysts also recently weighed in on CIEN. Rosenblatt Securities increased their target price on shares of Ciena from $100.00 to $127.50 and gave the company a “neutral” rating in a research report on Friday, September 5th. Wall Street Zen raised shares of Ciena from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. Needham & Company LLC increased their target price on shares of Ciena from $90.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, September 5th. JPMorgan Chase & Co. increased their target price on shares of Ciena from $105.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. Finally, Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 9th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.75.

Ciena Trading Down 0.7%

Shares of CIEN stock opened at $136.52 on Wednesday. Ciena has a 52-week low of $49.21 and a 52-week high of $139.55. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. The company has a 50-day simple moving average of $97.42 and a two-hundred day simple moving average of $80.05. The company has a market capitalization of $19.26 billion, a price-to-earnings ratio of 140.74, a PEG ratio of 2.70 and a beta of 1.16.

Insider Activity

In other news, SVP Jason Phipps sold 2,325 shares of the firm’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total transaction of $187,162.50. Following the sale, the senior vice president owned 84,833 shares in the company, valued at approximately $6,829,056.50. This trade represents a 2.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $132.00, for a total transaction of $46,200.00. Following the sale, the senior vice president owned 42,918 shares in the company, valued at approximately $5,665,176. This trade represents a 0.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,769 shares of company stock worth $3,769,163. 0.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ciena

A number of large investors have recently added to or reduced their stakes in CIEN. Cetera Investment Advisers raised its position in Ciena by 3.4% in the 4th quarter. Cetera Investment Advisers now owns 19,804 shares of the communications equipment provider’s stock worth $1,680,000 after purchasing an additional 660 shares during the period. Lazard Asset Management LLC purchased a new position in Ciena in the 4th quarter worth $96,000. Quantinno Capital Management LP raised its position in Ciena by 49.3% in the 4th quarter. Quantinno Capital Management LP now owns 30,023 shares of the communications equipment provider’s stock worth $2,546,000 after purchasing an additional 9,916 shares during the period. ProShare Advisors LLC raised its position in Ciena by 7.9% in the 4th quarter. ProShare Advisors LLC now owns 6,756 shares of the communications equipment provider’s stock worth $573,000 after purchasing an additional 492 shares during the period. Finally, Rafferty Asset Management LLC raised its position in Ciena by 9.3% in the 4th quarter. Rafferty Asset Management LLC now owns 11,329 shares of the communications equipment provider’s stock worth $961,000 after purchasing an additional 966 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

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.