Ciena (NYSE:CIEN) Price Target Cut to $64.00

Ciena (NYSE:CIENGet Rating) had its price target cut by Morgan Stanley from $67.00 to $64.00 in a research report report published on Wednesday, The Fly reports. They currently have an equal weight rating on the communications equipment provider’s stock.

CIEN has been the topic of a number of other research reports. UBS Group assumed coverage on Ciena in a research note on Tuesday, April 5th. They issued a neutral rating and a $66.00 price objective on the stock. StockNews.com initiated coverage on Ciena in a research note on Thursday, March 31st. They issued a hold rating on the stock. Loop Capital lifted their target price on Ciena from $87.00 to $92.00 in a report on Wednesday, February 16th. Rosenblatt Securities decreased their target price on Ciena from $80.00 to $70.00 and set a buy rating on the stock in a report on Monday, May 23rd. Finally, Raymond James decreased their target price on Ciena from $80.00 to $75.00 and set an outperform rating on the stock in a report on Tuesday, March 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $77.44.

NYSE:CIEN opened at $52.33 on Wednesday. Ciena has a 52-week low of $48.16 and a 52-week high of $78.28. The company has a quick ratio of 3.56, a current ratio of 4.16 and a debt-to-equity ratio of 0.38. The stock has a fifty day simple moving average of $55.80 and a 200-day simple moving average of $63.00. The company has a market capitalization of $7.96 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 1.33 and a beta of 0.86.

Ciena (NYSE:CIENGet Rating) last posted its quarterly earnings data on Monday, March 7th. The communications equipment provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Ciena had a return on equity of 13.17% and a net margin of 13.23%. The firm had revenue of $844.40 million during the quarter, compared to the consensus estimate of $845.14 million. During the same period in the prior year, the firm posted $0.42 EPS. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, equities analysts anticipate that Ciena will post 2.49 earnings per share for the current year.

In related news, SVP Scott Mcfeely sold 5,000 shares of Ciena stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $54.20, for a total transaction of $271,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $54.11, for a total value of $189,385.00. The disclosure for this sale can be found here. Insiders have sold 30,828 shares of company stock worth $1,732,259 in the last quarter. 0.94% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIEN. BlackRock Inc. lifted its position in shares of Ciena by 2.5% in the first quarter. BlackRock Inc. now owns 15,906,925 shares of the communications equipment provider’s stock worth $964,436,000 after buying an additional 392,550 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Ciena by 38.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider’s stock worth $390,114,000 after purchasing an additional 1,409,823 shares during the last quarter. State Street Corp lifted its position in shares of Ciena by 3.9% during the 1st quarter. State Street Corp now owns 4,218,280 shares of the communications equipment provider’s stock worth $255,754,000 after purchasing an additional 160,100 shares during the last quarter. FIL Ltd lifted its position in shares of Ciena by 6.2% during the 3rd quarter. FIL Ltd now owns 3,067,380 shares of the communications equipment provider’s stock worth $157,510,000 after purchasing an additional 178,575 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Ciena by 5.5% during the 4th quarter. Bank of America Corp DE now owns 2,960,940 shares of the communications equipment provider’s stock worth $227,905,000 after purchasing an additional 154,444 shares during the last quarter. 88.75% of the stock is owned by hedge funds and other institutional investors.

Ciena Company Profile (Get Rating)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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