Ciena Co. (NYSE:CIEN) SVP David M. Rothenstein Sells 2,500 Shares

Ciena Co. (NYSE:CIEN) SVP David M. Rothenstein sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $68.88, for a total transaction of $172,200.00. Following the completion of the sale, the senior vice president now owns 207,370 shares in the company, valued at approximately $14,283,645.60. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Ciena Stock Down 5.2 %

Shares of NYSE CIEN traded down $3.61 during trading on Wednesday, hitting $65.81. 2,278,887 shares of the company traded hands, compared to its average volume of 1,910,428. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. The business’s fifty day moving average is $80.04 and its 200 day moving average is $73.98. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 115.46, a P/E/G ratio of 1.54 and a beta of 0.91. Ciena Co. has a fifty-two week low of $43.30 and a fifty-two week high of $101.44.

Analysts Set New Price Targets

Several research firms recently weighed in on CIEN. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. Morgan Stanley reduced their price target on Ciena from $80.00 to $76.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Rosenblatt Securities dropped their price objective on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating for the company in a report on Friday, March 7th. Citigroup boosted their target price on shares of Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, B. Riley reaffirmed a “buy” rating and set a $89.00 price target (down previously from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and an average price target of $81.38.

Institutional Investors Weigh In On Ciena

Several hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its position in Ciena by 7.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 16,327 shares of the communications equipment provider’s stock valued at $1,006,000 after purchasing an additional 1,116 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Ciena by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,516 shares of the communications equipment provider’s stock worth $58,850,000 after purchasing an additional 6,605 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Ciena by 70.3% in the third quarter. Cerity Partners LLC now owns 47,929 shares of the communications equipment provider’s stock valued at $2,952,000 after purchasing an additional 19,785 shares in the last quarter. Bank of Montreal Can raised its position in Ciena by 44.0% in the 3rd quarter. Bank of Montreal Can now owns 48,883 shares of the communications equipment provider’s stock valued at $3,021,000 after buying an additional 14,946 shares during the last quarter. Finally, FMR LLC boosted its holdings in Ciena by 0.5% during the 3rd quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider’s stock worth $1,334,290,000 after acquiring an additional 108,407 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

About Ciena

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.