RBC Capital Trims Ciena Target Price to $21.00 (CIEN)
Analysts at RBC Capital reduced their price objective on shares of Ciena (NASDAQ:CIEN) from $24.00 to $21.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “sector perform” rating on the stock. RBC Capital’s price target points to a potential upside of 8.58% from the company’s current price.
Ciena (NASDAQ:CIEN) opened at 19.34 on Tuesday. Ciena has a 1-year low of $18.00 and a 1-year high of $27.94. The stock’s 50-day moving average is $20.05 and its 200-day moving average is $21.39. The company’s market cap is $2.042 billion.
Ciena (NASDAQ:CIEN) last announced its 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.
A number of other analysts have also recently weighed in on CIEN. 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. Separately, 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. Finally, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Ciena in a research note on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $27.31.
In other Ciena news, SVP Stephen B. Alexander sold 3,500 shares of Ciena stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $19.18, for a total transaction of $67,130.00. 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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