Ciena Corp (NYSE:CIEN) Rating Reconfirmed
New York: In analysts note published on Friday morning, Citigroup restate their Neutral rating on shares of Ciena Corp (NYSE:CIEN). They currently have a $24.00 price target on the firm. Citigroup’s target gives a potential upside of 3.58 % from the company’s stock close price.
NYSE:CIEN is right now trading 8.02% higher at $23.17 as of 01:40 New York time. Ciena Corp’s stock is down -4.18% over the past 200 days. It has underperformed the S&P 500, which has risen 5.73% over the same time.
Out of 17 brokers covering Ciena Corp, 18 rate it a Buy, 2 indicate a Hold while 0 suggest a Sell. The highest target is $33 and the lowest is $17 according to Thomson/First Call. The 12-month mean target is $24.44, which means upside potential of 5.48% over the current price.
NYSE:CIEN Price Chart & Trend
The stock price of Ciena Corp is down 4.18% over the last 200 days, and is in very unstanble down trend. In the last 50 and 100 days, Ciena Corp is up 15.22% and up 32.63%, respectively. Our stocks momentum model is shown on the price chart below.
Source: RightEdge Systems, Yahoo Split & Dividend Adjusted Data and OctaFinance Trading Models
Ao Asset Management Llc had the biggest stake with ownership of 669,000 shares as of Q2 2015 for 3.22% of the stocks portfolio. Peconic Partners Llc is another bull as the institutional investor who is possessing 831,300 shares of Ciena Corp or 3.18% of their stocks portfolio. Also, Platinum Investment Management Ltd have 2.94% of their stocks portfolio invested in the company for 6.15M shares. The Alabama-based fund Rail disclosed it had acquired a stake worth about 2.48% of the institutional investor’s stock portfolio in Ciena Corp. The New York-based fund Valicenti Advisory Services Inc is also positive about the stock, possessing 363,107 shares or 1.74% of their stocks portfolio.Over the last 6 months, Ciena Corp NYSE:CIEN has seen 0 insider purchases, and 23 insider sales. The net result was for 23 transactions, worth $1.71 million.
Ciena Corp (NYSE:CIEN) Profile
Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.
Ciena Corp (NYSE:CIEN) traded up 8.02% on 2 September, hitting $23.17. A total of shares of the company’s stock traded hands. This is down from average of 2.51 million shares. Ciena Corp has a 52 week low of $15.61 and a 52 week high of $25.46. The company has a market cap of $3.16 billion and a P/E ratio of 256.11.
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The post Researchers at Citigroup Maintained their Neutral rating for Ciena Corp (NYSE:CIEN). The Target Price per Share is $24.00 appeared first on Octafinance.