Ciena Corporation (CIEN) : Traders are bullish on Ciena Corporation (CIEN) as it has outperformed the S&P 500 by a wide margin of 7.06% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 3.73%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 3.7% in the last 1 week, and is up 7.47% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Ciena Corporation is up 34.04% in the last 3-month period. Year-to-Date the stock performance stands at 4.3%. The stock has recorded a 20-day Moving Average of 6.44% and the 50-Day Moving Average is 8.14%.
Ciena Corporation (NYSE:CIEN): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $21.45 and $21.39 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $21.70. The buying momentum continued till the end and the stock did not give up its gains. It closed at $21.58, notching a gain of 0.37% for the day. The total traded volume was 1,875,413 . The stock had closed at $21.50 on the previous day.
Also, In a research note released to the investors, Citigroup maintains its rating on Ciena Corporation (NYSE:CIEN).The analysts at the brokerage house have a current rating of Neutral on the shares. In a recent information released to the investors, Citigroup raises the new price target from $18 per share to $21 per share. The rating by the firm was issued on June 3, 2016.
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. The Company operates in four segments: converged packet optical, packet networking, optical transport, and software and services. Its service provider customers include regional, national and international, wire line and wireless carriers. Its cable operator customers include cable and multiservice operators in the United States and internationally. Its Blue Planet Division provides multi-vendor network management software and service orchestration solutions. Its Blue Planet product portfolio includes software applications, including Planet Orchestrate and Planet Operate, as well as its software-defined networking (SDN) multilayer wide area network (WAN) controller and its applications, V-WAN, Agility Matrix and network management solutions.