Ciena Receives Average Recommendation of “Buy” from Brokerages (NASDAQ:CIEN)
Ciena (NASDAQ:CIEN) has earned a consensus rating of “Buy” from the twenty-two brokerages that are presently covering the company, AnalystRatingsNetwork.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and ten have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $27.31.
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 stock was 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 Securities & Exchange Commission, which can be accessed through this link.
Shares of Ciena (NASDAQ:CIEN) opened at 19.84 on Tuesday. 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 $19.79 and its 200-day moving average is $21.31. The company’s market cap is $2.095 billion.
Ciena (NASDAQ:CIEN) last issued its quarterly earnings data 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 last year, the company posted $0.02 earnings per share. Ciena’s revenue was up 10.3% compared to the same quarter last year. On average, analysts predict that Ciena will post $0.95 earnings per share 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, August 18th. 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.
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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