CIENA Corp. [NYSE: CIEN] gained 1.39% on the last trading session, reaching $61.96 price per share at the time. The company report on February 13, 2024 at 8:01 AM that Astound Business Solutions Launches Commercial 400G Wavelength Service across the U.S., Powered by Ciena.
Astound Business Solutions, an award-winning nationwide provider of high-capacity and secure connectivity for business customers, has launched 400G Wavelength, a commercial service that leverages Ciena’s (NYSE: CIEN) WaveLogic 5 Extreme (WL5e) 800G and WaveLogic 5 Nano (WL5n) 400G coherent optics to deliver the massive capacity required by large carriers, enterprises, and public sector organizations.
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Astound’s nationwide fiber-optic network covers more than 41,000 route miles and provides connectivity for over 75,000 business customers, as well as to more than 100 data centers across the U.S.
If compared to the average trading volume of 2.00M shares, CIEN reached a trading volume of 4054755 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about CIENA Corp. [CIEN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CIEN shares is $60.24 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CIEN stock is a recommendation set at 1.56. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Evercore ISI have made an estimate for CIENA Corp. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 12, 2024. While these analysts kept the previous recommendation, Stifel raised their target price to Buy. The new note on the price target was released on September 28, 2023, representing the official price target for CIENA Corp. stock. Previously, the target price had yet another drop from $60 to $50, while Needham kept a Buy rating on CIEN stock. On March 29, 2023, analysts decreased their price target for CIEN shares from 59 to 57.
The Average True Range (ATR) for CIENA Corp. is set at 1.68, with the Price to Sales ratio for CIEN stock in the period of the last 12 months amounting to 2.05. The Price to Book ratio for the last quarter was 3.15, with the Price to Cash per share for the same quarter was set at 7.69. Price to Free Cash Flow for CIEN in the course of the last twelve months was 144.61 with Quick ratio for the last quarter at 2.68.
Trading performance analysis for CIEN stock
CIENA Corp. [CIEN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.43. With this latest performance, CIEN shares gained by 13.13% in over the last four-week period, additionally plugging by 29.27% over the last 6 months – not to mention a rise of 21.75% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CIEN stock in for the last two-week period is set at 70.90, with the RSI for the last a single of trading hit 72.54, and the three-weeks RSI is set at 69.79 for CIENA Corp. [CIEN]. The present Moving Average for the last 50 days of trading for this stock 52.57, while it was recorded at 60.67 for the last single week of trading, and 46.17 for the last 200 days.
CIENA Corp. [CIEN]: A deeper dive into fundamental analysis
CIENA Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.68 and a Current Ratio set at 3.81.
CIENA Corp. [CIEN]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, CIENA Corp. posted 0.64/share EPS, while the average EPS was predicted by analysts to be reported at 0.36/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 77.80%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CIEN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for CIENA Corp. go to 7.10%.
An analysis of Institutional ownership at CIENA Corp. [CIEN]
The top three institutional holders of CIEN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CIEN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CIEN stock with ownership which is approximately 5.8325%.
