JPMorgan Chase & Co. Issues Pessimistic Forecast for Ciena (NYSE:CIEN) Stock Price

Ciena (NYSE:CIENGet Free Report) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $88.00 to $76.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the communications equipment provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 28.73% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th. Rosenblatt Securities dropped their target price on Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a research report on Friday, March 7th. B. Riley reissued a “buy” rating and issued a $89.00 price objective (down previously from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Barclays set a $100.00 target price on shares of Ciena and gave the stock an “overweight” rating in a report on Wednesday, March 12th. Finally, Northland Securities upgraded shares of Ciena from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ciena has an average rating of “Moderate Buy” and an average price target of $78.69.

Check Out Our Latest Research Report on Ciena

Ciena Stock Performance

Shares of Ciena stock opened at $59.04 on Thursday. Ciena has a 12 month low of $43.30 and a 12 month high of $101.44. 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 company has a market capitalization of $8.39 billion, a PE ratio of 103.58, a PEG ratio of 1.54 and a beta of 1.15. The stock’s fifty day simple moving average is $69.87 and its 200 day simple moving average is $73.87.

Insider Transactions at Ciena

In other Ciena news, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total transaction of $31,556.00. Following the completion of the transaction, the senior vice president now owns 49,197 shares of the company’s stock, valued at approximately $4,435,601.52. The trade was a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jason Phipps sold 18,888 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the completion of the transaction, the senior vice president now directly owns 89,258 shares of the company’s stock, valued at approximately $5,344,769.04. The trade was a 17.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,138 shares of company stock valued at $2,874,629. 0.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. MML Investors Services LLC raised its stake in shares of Ciena by 32.5% during the third quarter. MML Investors Services LLC now owns 17,715 shares of the communications equipment provider’s stock valued at $1,091,000 after acquiring an additional 4,344 shares during the last quarter. Sanctuary Advisors LLC grew its position in shares of Ciena by 75.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 8,315 shares of the communications equipment provider’s stock valued at $512,000 after buying an additional 3,584 shares during the last quarter. Retirement Systems of Alabama increased its stake in shares of Ciena by 4.8% in the third quarter. Retirement Systems of Alabama now owns 403,490 shares of the communications equipment provider’s stock valued at $24,851,000 after buying an additional 18,426 shares during the period. Versant Capital Management Inc lifted its stake in shares of Ciena by 925.0% in the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 296 shares during the period. Finally, GAMMA Investing LLC increased its position in Ciena by 27.7% during the 4th quarter. GAMMA Investing LLC now owns 2,109 shares of the communications equipment provider’s stock valued at $179,000 after purchasing an additional 458 shares during the period. Institutional investors and hedge funds 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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Analyst Recommendations for Ciena (NYSE:CIEN)

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