Ciena Corp. Given New $27.00 Price Target at Stifel Nicolaus (CIEN)
Investment analysts at Stifel Nicolaus hoisted their target price on shares of Ciena Corp. (NASDAQ:CIEN) from $24.00 to $27.00 in a note issued to investors on Thursday, AnalystRatings.Net reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 14.70% from the stock’s previous close.
The analysts wrote, “Ciena posted a strong July quarter and commentary and outlook for October and beyond suggested that the company is well positioned over the next few quarters. As we have indicated in the past, the company is seeing positive demand in North America, India, Brazil and parts of Europe. The quarter saw positive order flow, particularly from international tier-1 customers, with orders exceeding revenues (and reaching record levels). Ciena also had record backlog exiting the quarter.”
Ciena Corp. (NASDAQ:CIEN) traded up 2.42% during mid-day trading on Thursday, hitting $24.11. The stock had a trading volume of 902,252 shares. Ciena Corp. has a 52-week low of $11.96 and a 52-week high of $23.66. The stock has a 50-day moving average of $21.9 and a 200-day moving average of $18.17. The company’s market cap is $2.460 billion. Ciena Corp. also was the target of unusually large options trading activity on Tuesday. Stock investors bought 16,685 call options on the company. This is an increase of approximately 424% compared to the typical daily volume of 3,183 call options.
Ciena Corp. (NASDAQ:CIEN) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.23 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.16 by $0.07. The company had revenue of $538.40 million for the quarter, compared to the consensus estimate of $532.99 million. During the same quarter last year, the company posted ($0.04) earnings per share. Ciena Corp.’s revenue was up 13.6% compared to the same quarter last year. On average, analysts predict that Ciena Corp. will post $0.52 earnings per share for the current fiscal year.
A number of other firms have also recently commented on CIEN. Analysts at Northland Securities reiterated an “outperform” rating on shares of Ciena Corp. (NASDAQ:CIEN) in a research note to investors on Thursday. They now have a $28.00 price target on the stock, up previously from $26.00. Separately, analysts at FBR Capital Markets raised their price target on shares of Ciena Corp. (NASDAQ:CIEN) from $20.00 to $28.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Finally, analysts at Northland Capital Partners raised their price target on shares of Ciena Corp. (NASDAQ:CIEN) from $25.00 to $26.00 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock.
One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the stock. Ciena Corp. has an average rating of “Buy” and a consensus target price of $22.94.
In other Ciena Corp. news, CEO Gary Smith sold 2,900 shares of the company’s stock on the open market in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $21.04, for a total value of $61,016.00. Following the sale, the chief executive officer now directly owns 300,612 shares in the company. The sale was disclosed in a document filed with the SEC, which is available at this link.
Ciena Corporation (NASDAQ:CIEN) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.