Ciena (NYSE:CIEN) Hits New 1-Year Low - What's Next?

Ciena Co. (NYSE:CIEN - Get Free Report)'s share price reached a new 52-week low on Wednesday . The company traded as low as $64.71 and last traded at $67.04, with a volume of 1735856 shares changing hands. The stock had previously closed at $67.36.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CIEN shares. B. Riley reiterated a "buy" rating and issued a $89.00 price objective (down from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 12th. JPMorgan Chase & Co. reduced their target price on Ciena from $88.00 to $76.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Needham & Company LLC lowered their price target on Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Finally, Morgan Stanley reduced their price objective on shares of Ciena from $80.00 to $76.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Four 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, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.62.

Ciena Price Performance

The firm has a market cap of $10.35 billion, a price-to-earnings ratio of 127.76, a price-to-earnings-growth ratio of 1.54 and a beta of 1.15. The stock's 50-day moving average price is $64.60 and its 200 day moving average price is $73.84. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Jason Phipps sold 18,888 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total value of $1,131,013.44. Following the sale, the senior vice president now owns 89,258 shares of the company's stock, valued at $5,344,769.04. The trade was a 17.47 % decrease in their position. The sale was disclosed in a 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 dated Tuesday, April 15th. The stock was sold at an average price of $59.54, for a total transaction of $404,872.00. Following the transaction, the chief executive officer now directly owns 375,680 shares of the company's stock, valued at $22,367,987.20. The trade was a 1.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,288 shares of company stock valued at $3,299,980 in the last quarter. Corporate insiders own 0.93% of the company's stock.

Institutional Investors Weigh In On Ciena

A number of institutional investors have recently added to or reduced their stakes in the stock. Retirement Systems of Alabama increased its holdings in Ciena by 4.8% during the 3rd quarter. Retirement Systems of Alabama now owns 403,490 shares of the communications equipment provider's stock valued at $24,851,000 after purchasing an additional 18,426 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Ciena by 925.0% in the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock valued at $28,000 after acquiring an additional 296 shares during the last quarter. GAMMA Investing LLC increased its position in Ciena by 27.7% in the fourth quarter. GAMMA Investing LLC now owns 2,109 shares of the communications equipment provider's stock worth $179,000 after purchasing an additional 458 shares during the period. Everence Capital Management Inc. bought a new stake in Ciena during the 4th quarter worth about $235,000. Finally, Fulton Bank N.A. lifted its position in Ciena by 11.6% during the 4th quarter. Fulton Bank N.A. now owns 8,279 shares of the communications equipment provider's stock valued at $702,000 after purchasing an additional 861 shares during the period. 91.99% of the stock is 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.