Rosenblatt Securities Cuts Ciena (NYSE:CIEN) Price Target to $79.00

Ciena (NYSE:CIEN) had its target price trimmed by Rosenblatt Securities from $94.00 to $79.00 in a report published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the communications equipment provider’s stock.

A number of other research firms have also weighed in on CIEN. JPMorgan Chase & Co. raised shares of Ciena from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $84.00 to $88.00 in a research note on Tuesday, January 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Ciena in a research note on Friday, January 10th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $82.00 price objective (up from $75.00) on shares of Ciena in a research note on Tuesday, December 10th. Citigroup upped their price objective on shares of Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Northland Securities upped their price objective on shares of Ciena from $46.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, December 13th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.62.

Ciena Trading Up 0.5 %

NYSE CIEN opened at $68.75 on Friday. The company’s 50-day moving average price is $84.29 and its 200-day moving average price is $73.14. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The stock has a market cap of $9.80 billion, a PE ratio of 120.62, a PEG ratio of 1.54 and a beta of 0.91. Ciena has a 12 month low of $43.30 and a 12 month high of $101.44.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.12). The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.10 billion. Ciena had a return on equity of 4.72% and a net margin of 2.09%. The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.56 earnings per share. Equities research analysts forecast that Ciena will post 1.6 earnings per share for the current year.

Insider Buying and Selling at Ciena

In other news, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $89.09, for a total transaction of $311,815.00. Following the transaction, the senior vice president now owns 192,997 shares in the company, valued at $17,194,102.73. This represents a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jason Phipps sold 5,648 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $84.64, for a total transaction of $478,046.72. Following the transaction, the senior vice president now owns 109,878 shares in the company, valued at approximately $9,300,073.92. This trade represents a 4.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,442 shares of company stock valued at $5,337,764. 0.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ciena

Several hedge funds have recently modified their holdings of the stock. Carolinas Wealth Consulting LLC acquired a new position in Ciena in the 4th quarter worth approximately $106,000. Forum Financial Management LP acquired a new position in Ciena in the 4th quarter worth approximately $259,000. Orion Capital Management LLC acquired a new position in Ciena in the 4th quarter worth approximately $42,000. Kolinsky Wealth Management LLC acquired a new position in Ciena in the 4th quarter worth approximately $216,000. Finally, Delta Investment Management LLC acquired a new position in Ciena in the 4th quarter worth approximately $254,000. Institutional investors and hedge funds 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.