Ciena Price Target Lowered to $28.00 at MKM Partners (CIEN)
Equities research analysts at MKM Partners dropped their price objective on shares of Ciena (NASDAQ:CIEN) from $32.00 to $28.00 in a research note issued to investors on Thursday. The firm currently has a “buy” rating on the stock. MKM Partners’ price objective would indicate a potential upside of 44.03% from the company’s current price.
Ciena (NASDAQ:CIEN) traded up 2.62% on Thursday, hitting $19.95. The stock had a trading volume of 1,481,470 shares. Ciena has a 52-week low of $15.21 and a 52-week high of $27.94. The stock has a 50-day moving average of $19.86 and a 200-day moving average of $22.32. The company’s market cap is $2.095 billion.
Ciena (NASDAQ:CIEN) last announced its earnings results on Thursday, March 6th. The company reported $0.13 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.12 earnings per share. The company’s quarterly revenue 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.
Other equities research analysts have also recently issued reports about the stock. Analysts at Ned Davis Research upgraded shares of Ciena from a “sell” rating to a “neutral” rating in a research note on Monday, May 12th. Separately, analysts at Zacks upgraded shares of Ciena from a “neutral” rating to an “outperform” rating in a research note on Friday, May 9th. They now have a $22.00 price target on the stock. 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 research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Ciena presently has an average rating of “Buy” and an average target price of $27.00.
In other Ciena news, SVP Stephen Alexander unloaded 3,500 shares of Ciena stock on the open market in a transaction dated Thursday, May 15th. The stock was sold at an average price of $18.92, for a total value of $66,220.00. Following the completion of the transaction, the senior vice president now directly owns 176,714 shares of the company’s stock, valued at approximately $3,343,429. The transaction was disclosed in a filing with the SEC, 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.
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