Rosenblatt Securities Issues Positive Forecast for Ciena (NYSE:CIEN) Stock Price

Ciena (NYSE:CIEN - Free Report) had its price target lifted by Rosenblatt Securities from $65.00 to $85.00 in a report published on Tuesday,Benzinga reports. Rosenblatt Securities currently has a neutral rating on the communications equipment provider's stock.

Several other brokerages have also weighed in on CIEN. JPMorgan Chase & Co. lifted their price target on Ciena from $76.00 to $86.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 12th. Northland Securities upgraded Ciena from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. B. Riley restated a "buy" rating and issued a $89.00 price objective (down previously from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Finally, Evercore ISI upped their target price on shares of Ciena from $68.00 to $82.00 and gave the stock an "in-line" rating in a report on Friday, May 23rd. Four investment 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 MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $81.23.

Ciena Stock Performance

Shares of NYSE CIEN traded up $0.65 during midday trading on Tuesday, reaching $83.91. 4,081,385 shares of the stock were exchanged, compared to its average volume of 2,042,454. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The firm has a market cap of $11.93 billion, a price-to-earnings ratio of 147.21, a PEG ratio of 1.54 and a beta of 1.12. The firm has a 50-day simple moving average of $69.14 and a two-hundred day simple moving average of $75.70. Ciena has a twelve month low of $44.69 and a twelve month high of $101.44.

Insider Activity

In related news, CEO Gary B. Smith sold 6,800 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $65.18, for a total value of $443,224.00. Following the sale, the chief executive officer now owns 391,749 shares in the company, valued at approximately $25,534,199.82. The trade was a 1.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jason Phipps sold 18,888 shares of the firm's stock in a transaction dated 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 transaction, the senior vice president now owns 89,258 shares of the company's stock, 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. In the last 90 days, insiders have sold 51,788 shares of company stock valued at $3,431,319. 0.93% of the stock is currently owned by company insiders.

Institutional Trading of Ciena

Institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. raised its stake in shares of Ciena by 44.4% in the fourth quarter. Blue Trust Inc. now owns 2,056 shares of the communications equipment provider's stock valued at $174,000 after acquiring an additional 632 shares in the last quarter. Greenleaf Trust raised its holdings in shares of Ciena by 2.8% in the 4th quarter. Greenleaf Trust now owns 4,978 shares of the communications equipment provider's stock valued at $422,000 after purchasing an additional 136 shares in the last quarter. Trust Point Inc. lifted its position in shares of Ciena by 28.8% during the 4th quarter. Trust Point Inc. now owns 4,687 shares of the communications equipment provider's stock worth $398,000 after purchasing an additional 1,047 shares during the last quarter. Stratos Wealth Partners LTD. purchased a new stake in shares of Ciena during the 4th quarter worth $204,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Ciena in the fourth quarter valued at $1,308,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

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.