After J.P. Morgan and Loop Capital Markets gave Ciena Corp (NYSE: CIEN) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Dave Kang maintained a Buy rating on Ciena Corp today and set a price target of $31.50. The company’s shares opened today at $23.20.
According to TipRanks.com, Kang is a 5-star analyst with an average return of 17.4% and a 59.7% success rate. Kang covers the Consumer Goods sector, focusing on stocks such as Lumentum Holdings, Finisar Corp, and NeoPhotonics.
Currently, the analyst consensus on Ciena Corp is Strong Buy and the average price target is $31.35, representing a 35.1% upside.
In a report issued on May 23, Loop Capital Markets also initiated coverage with a Buy rating on the stock with a $31 price target.
See today’s analyst top recommended stocks >>
Based on Ciena Corp’s latest earnings release for the quarter ending April 30, the company reported a quarterly net profit of $13.86 million. In comparison, last year the company had a net profit of $38.03 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Converged Packet Optical; Packet Networking; Optical Transport; and Software and Services. The Converged Packet Optical segment develops and sells optical processors, switching systems, and operating system software.
