Ciena Upgraded by Ned Davis Research to Neutral (CIEN)
Ciena (NASDAQ:CIEN) was upgraded by research analysts at Ned Davis Research from a “sell” rating to a “neutral” rating in a report released on Monday, StockRatingsNetwork reports.
Shares of Ciena (NASDAQ:CIEN) traded up 4.37% during mid-day trading on Monday, hitting $19.33. The stock had a trading volume of 2,963,294 shares. Ciena has a 52 week low of $14.84 and a 52 week high of $27.94. The stock’s 50-day moving average is $20.64 and its 200-day moving average is $22.57. The company’s market cap is $2.030 billion.
Ciena (NASDAQ:CIEN) last announced its earnings results 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. On average, analysts predict that Ciena will post $0.88 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on CIEN. Analysts at Zacks upgraded shares of Ciena from a “neutral” rating to an “outperform” rating in a research note on Friday. They now have a $22.00 price target on the stock. Separately, analysts at UBS AG upgraded shares of Ciena from a “neutral” rating to a “buy” rating in a research note on Thursday, April 24th. They now have a $27.00 price target on the stock, up previously from $25.00. They noted that the move was a valuation call. Finally, 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. Ciena has a consensus rating of “Buy” and a consensus target price of $27.22.
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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