Ciena Trading Up 18.7% on Earnings Beat (CIEN)
Ciena (NASDAQ:CIEN) was up 18.7% during trading on Thursday following a better than expected earnings announcement, AnalystRatings.Net reports. The company traded as high as $22.75 and last traded at $22.55, with a volume of 13,842,278 shares traded. The stock had previously closed at $18.99.
The company reported $0.17 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.02 earnings per share. Ciena’s revenue was up 10.3% compared to the same quarter last year.
A number of analysts have recently weighed in on CIEN shares. Analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Ciena in a research note on Thursday. Separately, 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $26.82.
The stock has a 50-day moving average of $19.51 and a 200-day moving average of $22.0. The company’s market cap is $2.349 billion. Ciena also was the target of unusually large options trading activity on Monday. Stock traders purchased 2,874 put options on the stock. This is an increase of 123% compared to the typical volume of 1,290 put options.
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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