Ciena Stock Rating Lowered by Zacks (CIEN)
Ciena (NASDAQ:CIEN) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued on Monday. They currently have a $20.00 target price on the stock. Zacks‘s target price indicates a potential upside of 6.27% from the stock’s previous close.
In other Ciena news, SVP Stephen B. Alexander sold 3,500 shares of the stock on the open market in a transaction dated Friday, August 15th. The stock was sold at an average price of $19.18, for a total transaction of $67,130.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Cowen and Company cut their price target on shares of Ciena from $32.00 to $31.00 in a research note on Friday, June 6th. Separately, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Ciena in a research note on Thursday, June 5th. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ciena in a research note on Tuesday, June 3rd. They now have a $22.00 price target on the stock, down previously from $25.00. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $27.75.
Shares of Ciena (NASDAQ:CIEN) traded up 2.87% during mid-day trading on Monday, hitting $19.36. 2,170,359 shares of the company’s stock traded hands. Ciena has a 1-year low of $18.00 and a 1-year high of $27.94. The stock has a 50-day moving average of $20.11 and a 200-day moving average of $21.43. The company’s market cap is $2.044 billion.
Ciena (NASDAQ:CIEN) last posted its quarterly earnings results on Thursday, June 5th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts expect that Ciena will post $0.96 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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