Why Ciena Stock Jumped Nearly 22% Today
Shares of network equipment maker (NYSE: CIEN) soared on Thursday morning, following the release of a mixed earnings report paired with bullish guidance targets. The price jump peaked at 21.9% near 10 a.m. ET, cooling down to a 15% gain three hours later.
Wall Street's consensus estimates for Ciena's fourth-quarter report pointed to adjusted earnings of roughly $0.65 per share on $1.1 billion in top-line revenues. Earnings fell 28% year over year to $0.54 per share while sales held almost perfectly steady at $1.12 billion.
So the headline numbers were a mixed bag, but that wasn't the whole story.
Source Fool.com
Ciena Corp. Stock
€356.60
1.340%
With 46 Buy predictions and 1 Sell predictions Ciena Corp. is one of the favorites of our community.
With a target price of 460 € there is a positive potential of 29.0% for Ciena Corp. compared to the current price of 356.6 €.
