Needham & Company Reiterates “Buy” Rating for Ciena Corp. (CIEN)
Ciena Corp. (NASDAQ:CIEN)‘s stock had its “buy” rating restated by analysts at Needham & Company in a research report issued to clients and investors on Monday, StockRatingsNetwork.com reports. They currently have a $31.00 target price on the stock, up from their previous target price of $28.00. Needham & Company’s target price would indicate a potential upside of 13.51% from the company’s current price.
In other Ciena Corp. news, CEO Gary Smith sold 15,557 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $24.76, for a total value of $385,191.32. Following the completion of the transaction, the chief executive officer now directly owns 279,255 shares of the company’s stock, valued at approximately $6,914,354. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Ciena Corp. (NASDAQ:CIEN) opened at 27.31 on Monday. Ciena Corp. has a one year low of $11.96 and a one year high of $27.63. The stock has a 50-day moving average of $23.58 and a 200-day moving average of $19.58. The company’s market cap is $2.817 billion.
Ciena Corp. (NASDAQ:CIEN) last released its 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. Analysts expect that Ciena Corp. will post $0.62 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on CIEN. Analysts at RBC Capital raised their price target on shares of Ciena Corp. from $24.00 to $28.00 in a research note to investors on Wednesday, October 2nd. They now have an “outperform” rating on the stock. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Ciena Corp. in a research note to investors on Thursday, September 26th. They now have a $30.00 price target on the stock. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Ciena Corp. 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $25.50.
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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