Ciena Corp.’s Hold Rating Reaffirmed at Jefferies Group (CIEN)
Ciena Corp. (NASDAQ:CIEN)‘s stock had its “hold” rating restated by investment analysts at Jefferies Group in a note issued to investors on Friday, StockRatingsNetwork.com reports. They currently have a $22.00 price target on the stock, up from their previous price target of $20.00. Jefferies Group’s price objective indicates a potential downside of 10.41% from the company’s current price.
The analysts wrote, “Ciena filed its 10-Q yesterday on an impressive fiscal Q3. However, we continue to remain concerned about longer-term profitability and declining legacy products. With the stock now trading into the $25+ range, we’re inclined to remain on the sidelines as we think the risk/return on the shares is balanced.”
Several other analysts have also recently commented on the stock. Analysts at Thomson Reuters/Verus downgraded shares of Ciena Corp. (NASDAQ:CIEN) from a “buy” rating to a “hold” rating in a research note to investors on Monday. Separately, analysts at TheStreet upgraded shares of Ciena Corp. (NASDAQ:CIEN) from a “sell” rating to a “hold” rating in a research note to investors on Friday, September 6th. Finally, analysts at Nomura raised their price target on shares of Ciena Corp. (NASDAQ:CIEN) from $23.00 to $28.00 in a research note to investors on Thursday, September 5th. They now have a “buy” rating on the stock.
One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $24.56.
Shares of Ciena Corp. (NASDAQ:CIEN) traded up 2.46% during mid-day trading on Friday, hitting $25.16. The stock had a trading volume of 1,773,948 shares. Ciena Corp. has a 52-week low of $11.96 and a 52-week high of $25.32. The stock has a 50-day moving average of $22.2 and a 200-day moving average of $18.50. The company’s market cap is $2.595 billion.
Ciena Corp. (NASDAQ:CIEN) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.23 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was up 13.6% on a year-over-year basis. On average, analysts predict that Ciena Corp. will post $0.62 earnings per share for the current fiscal year.
In other Ciena Corp. news, CEO Gary Smith unloaded 2,900 shares of Ciena Corp. stock on the open market in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $22.34, for a total value of $64,786.00. Following the sale, the chief executive officer now directly owns 297,712 shares in the company. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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.
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