UBS AG Upgrades Ciena to “Buy” (CIEN)
Ciena (NASDAQ:CIEN) was upgraded by analysts at UBS AG from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $27.00 price target on the stock, up from their previous price target of $25.00. UBS AG’s target price would indicate a potential upside of 31.32% from the stock’s previous close. The analysts noted that the move was a valuation call.
In other Ciena news, SVP James Richard Dodd, Jr. sold 1,500 shares of the stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $19.81, for a total transaction of $29,715.00. Following the completion of the transaction, the senior vice president now directly owns 122,741 shares of the company’s stock, valued at approximately $2,431,499. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
CIEN has been the subject of a number of other recent research reports. Analysts at National Alliance Securities initiated coverage on shares of Ciena in a research note on Tuesday, April 8th. They set a “buy” rating and a $27.00 price target on the stock. Separately, analysts at RBC Capital downgraded shares of Ciena from an “outperform” rating to a “sector perform” rating in a research note on Friday, March 28th. They now have a $28.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Ciena in a research note on Wednesday, March 12th. They now have a $24.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $27.33.
Shares of Ciena (NASDAQ:CIEN) traded up 4.77% during mid-day trading on Thursday, hitting $21.54. 4,484,075 shares of the company’s stock traded hands. Ciena has a 52-week low of $14.22 and a 52-week high of $27.94. The stock has a 50-day moving average of $22.30 and a 200-day moving average of $23.26. The company’s market cap is $2.262 billion.
Ciena (NASDAQ:CIEN) last issued its quarterly earnings data on Thursday, March 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $533.70 million for the quarter, compared to the consensus estimate of $533.75 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. Analysts expect that Ciena will post $0.88 EPS 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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