Ciena (NYSE:CIEN) Downgraded by Rosenblatt Securities

Rosenblatt Securities lowered shares of Ciena (NYSE:CIENFree Report) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning, Marketbeat reports. Rosenblatt Securities currently has $52.50 price target on the communications equipment provider’s stock, down from their prior price target of $65.00.

CIEN has been the subject of several other reports. Citigroup initiated coverage on Ciena in a research report on Friday, April 12th. They set a sell rating and a $44.00 price objective for the company. BNP Paribas initiated coverage on Ciena in a research report on Thursday, April 11th. They set an outperform rating and a $57.00 price objective for the company. StockNews.com raised Ciena from a sell rating to a hold rating in a research report on Friday, March 8th. Evercore ISI increased their price target on Ciena from $57.00 to $63.00 and gave the company an outperform rating in a research report on Friday, February 23rd. Finally, Needham & Company LLC increased their price target on Ciena from $60.00 to $65.00 and gave the company a buy rating in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $57.39.

Read Our Latest Stock Analysis on CIEN

Ciena Stock Up 0.7 %

Shares of Ciena stock opened at $48.17 on Thursday. The company has a quick ratio of 3.12, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. Ciena has a 12 month low of $39.94 and a 12 month high of $63.24. The business has a fifty day simple moving average of $47.74 and a 200 day simple moving average of $49.23. The stock has a market cap of $6.97 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 3.26 and a beta of 1.00.

Ciena (NYSE:CIENGet Free Report) last announced its quarterly earnings data on Thursday, March 7th. The communications equipment provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.18. Ciena had a return on equity of 9.92% and a net margin of 5.22%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the previous year, the firm earned $0.48 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. Research analysts predict that Ciena will post 1.45 EPS for the current year.

Insider Activity

In other news, CEO Gary B. Smith sold 4,166 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $49.84, for a total value of $207,633.44. Following the completion of the sale, the chief executive officer now directly owns 403,176 shares of the company’s stock, valued at $20,094,291.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Gary B. Smith sold 4,166 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $49.84, for a total transaction of $207,633.44. Following the transaction, the chief executive officer now owns 403,176 shares in the company, valued at $20,094,291.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Joseph Cumello sold 3,156 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $45.74, for a total value of $144,355.44. Following the transaction, the senior vice president now owns 51,171 shares in the company, valued at approximately $2,340,561.54. The disclosure for this sale can be found here. Insiders sold a total of 25,141 shares of company stock valued at $1,214,404 over the last three months. Insiders own 0.83% of the company’s stock.

Hedge Funds Weigh In On Ciena

A number of large investors have recently made changes to their positions in CIEN. Cornerstone Wealth Management LLC bought a new position in Ciena during the 3rd quarter worth $269,000. Arizona State Retirement System increased its stake in Ciena by 1.6% during the 3rd quarter. Arizona State Retirement System now owns 42,567 shares of the communications equipment provider’s stock worth $2,012,000 after acquiring an additional 671 shares during the period. Jump Financial LLC bought a new position in Ciena during the 3rd quarter worth $508,000. Barclays PLC increased its stake in Ciena by 1.6% during the 3rd quarter. Barclays PLC now owns 264,265 shares of the communications equipment provider’s stock worth $12,490,000 after acquiring an additional 4,077 shares during the period. Finally, New York State Common Retirement Fund increased its stake in Ciena by 11.5% during the 3rd quarter. New York State Common Retirement Fund now owns 180,192 shares of the communications equipment provider’s stock worth $8,516,000 after acquiring an additional 18,629 shares during the period. Institutional investors own 91.99% of the company’s stock.

About Ciena

(Get Free Report)

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.

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