Needham & Company Starts Stock Coverage on Ciena Corp. (CIEN)
Analysts at Needham & Company started coverage on shares of Ciena Corp. (NASDAQ: CIEN) in a research report issued to clients and investors on Wednesday. The firm set a “buy” rating and a $16.00 price target on the stock.
A number of other firms have also recently commented on CIEN. Analysts at Raymond James (NYSE: RJF) downgraded shares of Ciena Corp. from a “strong-buy” rating to a “market perform” rating in a research note to investors on Thursday, April 5th. Separately, analysts at JPMorgan Chase (NYSE: JPM) upgraded shares of Ciena Corp. from a “neutral” rating to an “overweight” rating in a research note to investors on Wednesday, April 4th. They now have a $20.00 price target on the stock, up previously from $15.00. Finally, analysts at Nomura (NYSE: NMR) initiated coverage on shares of Ciena Corp. in a research note to investors on Wednesday, March 21st. They set a “buy” rating on the stock.
Ciena Corp. traded up 7.83% on Wednesday, hitting $12.81. Ciena Corp. has a 52-week low of $9.89 and a 52-week high of $26.20. The company’s market cap is $1.264 billion.
Ciena Corp. last posted its quarterly earnings results on Thursday, May 31st. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.07. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. Analysts expect that Ciena Corp. will post $0.09 EPS next quarter.
Ciena Corporation (Ciena) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic.