Ciena (NYSE:CIEN) Price Target Lowered to $60.00 at JPMorgan Chase & Co.

Ciena (NYSE:CIENFree Report) had its price target cut by JPMorgan Chase & Co. from $67.00 to $60.00 in a research report released on Thursday, Benzinga reports. They currently have an overweight rating on the communications equipment provider’s stock.

Several other research firms also recently commented on CIEN. Rosenblatt Securities downgraded Ciena from a buy rating to a neutral rating and reduced their price objective for the company from $65.00 to $52.50 in a research note on Thursday. Needham & Company LLC upped their price target on Ciena from $60.00 to $65.00 and gave the stock a buy rating in a research note on Monday, March 4th. Citigroup started coverage on shares of Ciena in a research report on Friday, April 12th. They issued a sell rating and a $44.00 price objective on the stock. StockNews.com upgraded shares of Ciena from a sell rating to a hold rating in a research report on Friday, March 8th. Finally, Evercore ISI raised their target price on shares of Ciena from $57.00 to $63.00 and gave the stock an outperform rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Ciena currently has an average rating of Moderate Buy and a consensus price target of $57.39.

Read Our Latest Stock Report on Ciena

Ciena Stock Performance

Shares of CIEN opened at $48.17 on Thursday. The company’s 50 day simple moving average is $47.74 and its 200-day simple moving average is $49.25. Ciena has a 12-month low of $39.94 and a 12-month high of $63.24. The firm has a market cap of $6.97 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 3.28 and a beta of 1.00. The company has a current ratio of 4.29, a quick ratio of 3.12 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIENGet Free Report) last posted its quarterly earnings data on Thursday, March 7th. The communications equipment provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.18. Ciena had a net margin of 5.22% and a return on equity of 9.92%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the previous year, the business posted $0.48 earnings per share. Ciena’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, equities analysts predict that Ciena will post 1.43 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Gary B. Smith sold 4,166 shares of Ciena stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $44.80, for a total transaction of $186,636.80. Following the completion of the sale, the chief executive officer now directly owns 385,109 shares in the company, valued at approximately $17,252,883.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, SVP Brodie Gage sold 533 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $49.61, for a total value of $26,442.13. Following the sale, the senior vice president now directly owns 41,372 shares of the company’s stock, valued at approximately $2,052,464.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Gary B. Smith sold 4,166 shares of Ciena stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $44.80, for a total transaction of $186,636.80. Following the transaction, the chief executive officer now owns 385,109 shares of the company’s stock, valued at approximately $17,252,883.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,141 shares of company stock worth $1,214,404. 0.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Kapitalo Investimentos Ltda acquired a new stake in Ciena during the 4th quarter valued at $30,000. Register Financial Advisors LLC acquired a new stake in shares of Ciena during the first quarter valued at $33,000. Headlands Technologies LLC purchased a new stake in Ciena during the 1st quarter worth about $40,000. Covestor Ltd raised its stake in Ciena by 339.5% in the 1st quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock valued at $60,000 after purchasing an additional 937 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in shares of Ciena during the 4th quarter worth about $61,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Company Profile

(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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