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

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

Several other equities analysts also recently issued reports on CIEN. B. Riley reiterated a "buy" rating and set a $89.00 price objective (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Barclays set a $100.00 price target on Ciena and gave the stock an "overweight" rating in a research note on Wednesday, March 12th. Northland Capmk upgraded shares of Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Needham & Company LLC reduced their price objective on shares of Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Finally, Northland Securities raised shares of Ciena from a "market perform" rating to an "outperform" rating and raised their target price for the company from $60.00 to $75.00 in a research note on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.62.

Ciena Stock Performance

NYSE:CIEN traded up $1.71 during mid-day trading on Tuesday, hitting $66.00. The stock had a trading volume of 1,600,990 shares, compared to its average volume of 2,015,456. Ciena has a 52 week low of $44.69 and a 52 week high of $101.44. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of 115.79, a P/E/G ratio of 1.54 and a beta of 1.15. The company has a 50 day simple moving average of $66.02 and a 200-day simple moving average of $73.78.

Insider Activity at Ciena

In related news, CEO Gary B. Smith sold 6,800 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $59.54, for a total transaction of $404,872.00. Following the completion of the sale, the chief executive officer now directly owns 375,680 shares in the company, valued at approximately $22,367,987.20. This trade represents a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Jason Phipps sold 18,888 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the completion of the transaction, the senior vice president now directly owns 89,258 shares in the company, valued at $5,344,769.04. This trade represents a 17.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,288 shares of company stock worth $3,299,980 in the last quarter. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ciena

Several institutional investors and hedge funds have recently modified their holdings of CIEN. Peregrine Capital Management LLC grew its holdings in Ciena by 7.3% during the first quarter. Peregrine Capital Management LLC now owns 200,369 shares of the communications equipment provider's stock valued at $12,108,000 after purchasing an additional 13,672 shares during the last quarter. Lisanti Capital Growth LLC increased its position in shares of Ciena by 162.0% during the first quarter. Lisanti Capital Growth LLC now owns 14,465 shares of the communications equipment provider's stock valued at $874,000 after purchasing an additional 8,945 shares during the period. Bessemer Group Inc. raised its position in Ciena by 50.0% in the first quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after purchasing an additional 178 shares in the last quarter. Lecap Asset Management Ltd. bought a new position in shares of Ciena during the 1st quarter worth approximately $852,000. Finally, Harbour Capital Advisors LLC increased its holdings in shares of Ciena by 13.6% during the first quarter. Harbour Capital Advisors LLC now owns 40,555 shares of the communications equipment provider's stock worth $2,279,000 after buying an additional 4,845 shares in the last quarter. Institutional investors and hedge funds 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.