Ciena Corp. Downgraded to Hold at Thomson Reuters/Verus (CIEN)
Ciena Corp. (NASDAQ:CIEN) was downgraded by analysts at Thomson Reuters/Verus from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, American Banking & Market News reports.
A number of other firms have also recently commented on CIEN. Analysts at RBC Capital reiterated a “buy” rating on shares of Ciena Corp. in a research note to investors on Monday, October 14th. They now have a $28.00 price target on the stock. Separately, analysts at FBR Capital Markets raised their price target on shares of Ciena Corp. from $28.00 to $30.00 in a research note to investors on Monday, October 14th. They now have an “outperform” rating on the stock. Finally, analysts at Needham & Company reiterated a “buy” rating on shares of Ciena Corp. in a research note to investors on Monday, October 7th. They now have a $31.00 price target on the stock, up previously from $28.00. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $25.61.
In other Ciena Corp. news, CEO Gary B. Smith sold 2,900 shares of the stock on the open market in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $24.03, for a total value of $69,687.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Ciena Corp. (NASDAQ:CIEN) traded up 0.52% during mid-day trading on Monday, hitting $23.37. The stock had a trading volume of 1,535,421 shares. Ciena Corp. has a 1-year low of $12.71 and a 1-year high of $27.94. The stock has a 50-day moving average of $25. and a 200-day moving average of $20.94. The company’s market cap is $2.410 billion.
Ciena Corp. (NASDAQ:CIEN) last announced its earnings results on Wednesday, September 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted ($0.04) earnings per share. The company’s revenue for the quarter 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.
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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