Ciena Price Target Cut to $25.00 (CIEN)
Equities research analysts at MKM Partners reduced their price target on shares of Ciena (NASDAQ:CIEN) from $28.00 to $25.00 in a research note issued to investors on Friday. The firm currently has a “buy” rating on the stock. MKM Partners’ price target points to a potential upside of 35.06% from the company’s current price.
Shares of Ciena (NASDAQ:CIEN) traded up 4.75% on Friday, hitting $19.39. 2,973,198 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’s 50-day moving average is $19.66 and its 200-day moving average is $21.15. The company’s market cap is $2.047 billion.
Ciena (NASDAQ:CIEN) last issued its quarterly earnings data on Thursday, September 4th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. The company had revenue of $603.60 million for the quarter, compared to the consensus estimate of $600.81 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, analysts predict that Ciena will post $0.92 earnings per share for the current fiscal year.
A number of other firms have also recently commented on CIEN. Analysts at Nomura reiterated a “buy” rating on shares of Ciena in a research note on Friday. They now have a $24.00 price target on the stock, down previously from $30.00. Separately, analysts at Dougherty & Co cut their price target on shares of Ciena from $34.00 to $32.00 in a research note on Friday. They now have a “buy” rating on the stock. Finally, analysts at RBC Capital cut their price target on shares of Ciena from $21.00 to $19.00 in a research note on Friday. They now have an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $26.19.
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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