Ciena (NYSE:CIEN) Given New $75.00 Price Target at Citigroup

Ciena (NYSE:CIEN - Free Report) had its target price reduced by Citigroup from $98.00 to $75.00 in a research note published on Monday morning, Marketbeat Ratings reports. Citigroup currently has a buy rating on the communications equipment provider's stock.

Several other analysts have also recently commented on CIEN. Needham & Company LLC dropped their target price 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. B. Riley restated a "buy" rating and set a $89.00 target price (down previously 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 research note on Wednesday, March 12th. Barclays set a $100.00 price objective on shares of Ciena and gave the stock an "overweight" rating in a research note on Wednesday, March 12th. Finally, Northland Securities upgraded shares of Ciena from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $60.00 to $75.00 in a 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $78.69.

Ciena Trading Up 2.3 %

Shares of NYSE CIEN traded up $1.35 during mid-day trading on Monday, hitting $60.22. The company's stock had a trading volume of 1,959,436 shares, compared to its average volume of 2,016,676. 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 cap of $8.56 billion, a price-to-earnings ratio of 105.65, a price-to-earnings-growth ratio of 1.54 and a beta of 1.15. The company's fifty day simple moving average is $68.73 and its 200-day simple moving average is $73.85. Ciena has a one year low of $43.30 and a one year high of $101.44.

Insider Transactions at Ciena

In other news, CEO Gary B. Smith sold 6,800 shares of the company's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $59.54, for a total value of $404,872.00. Following the sale, the chief executive officer now directly owns 375,680 shares of the company's stock, valued at approximately $22,367,987.20. This represents a 1.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total transaction of $31,556.00. Following the completion of the sale, the senior vice president now owns 49,197 shares of the company's stock, valued at $4,435,601.52. This trade represents a 0.71 % 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 worth $3,299,980 in the last three months. Insiders own 0.93% of the company's stock.

Institutional Trading of Ciena

A number of hedge funds have recently made changes to their positions in CIEN. Vanguard Group Inc. lifted its holdings in Ciena by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 15,316,640 shares of the communications equipment provider's stock valued at $1,299,004,000 after purchasing an additional 139,941 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Ciena by 0.3% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,236,920 shares of the communications equipment provider's stock worth $444,143,000 after buying an additional 17,447 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Ciena by 195.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock valued at $392,345,000 after buying an additional 3,062,883 shares during the last quarter. Bank of America Corp DE raised its holdings in Ciena by 1.6% in the 4th quarter. Bank of America Corp DE now owns 3,227,020 shares of the communications equipment provider's stock valued at $273,684,000 after acquiring an additional 49,996 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Ciena by 0.5% during 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 acquiring an additional 11,933 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.