Ciena Receives “Outperform” Rating from Wells Fargo & Co. (CIEN)
A number of other firms have also recently commented on CIEN. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ciena in a research note on Tuesday. They now have a $22.00 price target on the stock, down previously from $25.00. Separately, analysts at MKM Partners cut their price target on shares of Ciena from $32.00 to $28.00 in a research note on Thursday, May 22nd. They now have a “buy” rating on the stock. Finally, 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $26.82.
Shares of Ciena (NASDAQ:CIEN) traded up 18.11% on Thursday, hitting $22.429. The stock had a trading volume of 13,908,667 shares. Ciena has a 52 week low of $18.00 and a 52 week high of $27.94. The stock’s 50-day moving average is $19.51 and its 200-day moving average is $22.0. The company’s market cap is $2.356 billion. Ciena also was the target of unusually large options trading activity on Monday. Stock investors acquired 2,874 put options on the company. This represents an increase of approximately 123% compared to the typical volume of 1,290 put options.
Ciena (NASDAQ:CIEN) last issued its quarterly earnings data on Thursday, June 5th. The company reported $0.17 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.13 by $0.04. The company had revenue of $560.10 million for the quarter, compared to the consensus estimate of $559.18 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. The company’s quarterly revenue was up 10.3% 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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