Ciena Corp. Price Target Increased to $28.00 by Analysts at RBC Capital (CIEN)
Equities researchers at RBC Capital lifted their target price on shares of Ciena Corp. (NASDAQ:CIEN) from $24.00 to $28.00 in a research report issued on Wednesday, American Banking News reports. The firm currently has an “outperform” rating on the stock. RBC Capital’s target price would indicate a potential upside of 8.99% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated an “outperform” rating on shares of Ciena Corp. (NASDAQ:CIEN) in a research note to investors on Thursday, September 26th. They now have a $30.00 price target on the stock. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Ciena Corp. (NASDAQ:CIEN) in a research note to investors on Friday, September 13th. They now have a $22.00 price target on the stock, up previously from $20.00. Finally, 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, September 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company. Ciena Corp. currently has a consensus rating of “Buy” and an average price target of $25.33.
Shares of Ciena Corp. (NASDAQ:CIEN) traded up 0.16% during mid-day trading on Wednesday, hitting $25.69. 2,304,310 shares of the company’s stock traded hands. Ciena Corp. has a 52-week low of $11.96 and a 52-week high of $26.17. The stock’s 50-day moving average is $23.31 and its 200-day moving average is $19.46. The company’s market cap is $2.650 billion.
Ciena Corp. (NASDAQ:CIEN) last released its earnings data 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. Analysts expect that Ciena Corp. will post $0.62 EPS for the current fiscal year.
In other Ciena Corp. news, CEO Gary Smith unloaded 15,557 shares of the stock on the open market in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $24.76, for a total transaction of $385,191.32. Following the sale, the chief executive officer now directly owns 279,255 shares in the company, valued at approximately $6,914,354. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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.