Ciena Given Consensus Recommendation of “Buy” by Brokerages (NASDAQ:CIEN)
Ciena (NASDAQ:CIEN) has earned an average rating of “Buy” from the twenty-two ratings firms that are covering the stock, AnalystRatings.Net reports. One analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $27.31.
Shares of Ciena (NASDAQ:CIEN) traded down 0.47% during mid-day trading on Tuesday, hitting $19.25. 647,561 shares of the company’s stock traded hands. Ciena has a 52 week low of $18.00 and a 52 week high of $27.94. The stock has a 50-day moving average of $20.05 and a 200-day moving average of $21.39. The company’s market cap is $2.033 billion.
Ciena (NASDAQ:CIEN) last posted its quarterly earnings results on Thursday, June 5th. 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 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.
CIEN has been the subject of a number of recent research reports. Analysts at RBC Capital cut their price target on shares of Ciena from $24.00 to $21.00 in a research note on Tuesday. They now have a “sector perform” rating on the stock. Separately, analysts at Zacks downgraded shares of Ciena from an “outperform” rating to a “neutral” rating in a research note on Monday. They now have a $20.00 price target on the stock. Finally, 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.
In other Ciena news, SVP Stephen B. Alexander sold 3,500 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $19.18, for a total value of $67,130.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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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