Ciena (NYSE:CIEN) Price Target Lowered to $75.00 at Evercore ISI

Ciena (NYSE:CIEN - Free Report) had its price target trimmed by Evercore ISI from $82.00 to $75.00 in a report released on Friday,Benzinga reports. The firm currently has an in-line rating on the communications equipment provider's stock.

Several other analysts have also commented on CIEN. Barclays set a $100.00 price target on shares of Ciena and gave the company an "overweight" rating in a research report on Wednesday, March 12th. Northland Securities set a $85.00 target price on shares of Ciena in a research report on Friday. Citigroup decreased their target price on shares of Ciena from $98.00 to $75.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. raised their target price on shares of Ciena from $76.00 to $86.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Finally, B. Riley restated a "buy" rating and set a $90.00 target price (up previously from $89.00) on shares of Ciena in a research report on Friday. Five 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $81.07.

Ciena Stock Performance

Shares of NYSE:CIEN traded down $0.17 on Friday, reaching $72.88. The company's stock had a trading volume of 3,206,532 shares, compared to its average volume of 2,064,298. The stock's 50-day moving average is $70.07 and its two-hundred day moving average is $75.84. Ciena has a 52-week low of $44.69 and a 52-week high of $101.44. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The stock has a market capitalization of $10.36 billion, a P/E ratio of 127.86, a PEG ratio of 1.54 and a beta of 1.12.

Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a return on equity of 4.72% and a net margin of 2.09%. The firm had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the prior year, the company earned $0.27 earnings per share. The company's revenue for the quarter was up 23.6% on a year-over-year basis. As a group, sell-side analysts forecast that Ciena will post 1.6 EPS for the current year.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 6,800 shares of the business'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 completion of the sale, the chief executive officer now directly owns 362,080 shares of the company's stock, valued at approximately $28,926,571.20. The trade was a 1.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP David M. Rothenstein sold 2,500 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $68.88, for a total value of $172,200.00. Following the completion of the transaction, the senior vice president now owns 207,370 shares in the company, valued at $14,283,645.60. The trade was a 1.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,788 shares of company stock valued at $3,431,319 over the last ninety days. 0.93% of the stock is currently owned by company insiders.

Institutional Trading of Ciena

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Ciena by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 15,316,640 shares of the communications equipment provider's stock worth $1,299,004,000 after buying an additional 139,941 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Ciena by 0.3% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,236,920 shares of the communications equipment provider's stock valued at $444,143,000 after buying an additional 17,447 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Ciena by 195.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock worth $392,345,000 after purchasing an additional 3,062,883 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Ciena by 1.6% in the fourth quarter. Bank of America Corp DE now owns 3,227,020 shares of the communications equipment provider's stock worth $273,684,000 after purchasing an additional 49,996 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Ciena by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 2,419,947 shares of the communications equipment provider's stock worth $205,301,000 after purchasing an additional 11,933 shares during the last quarter. 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.