After Rosenblatt Securities and Raymond James gave Ciena (NYSE: CIEN) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Alex Henderson assigned a Buy rating to Ciena today and set a price target of $58.00. The company’s shares closed last Thursday at $45.47.
According to TipRanks.com, Henderson is a 5-star analyst with an average return of 21.6% and a 59.8% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Applied Optoelectronics, and CrowdStrike Holdings.
Currently, the analyst consensus on Ciena is a Strong Buy with an average price target of $60.29, implying a 29.4% upside from current levels. In a report issued on August 27, Rosenblatt Securities also maintained a Buy rating on the stock with a $64.00 price target.
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The company has a one-year high of $61.52 and a one-year low of $30.58. Currently, Ciena has an average volume of 1.74M.
Based on the recent corporate insider activity of 161 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CIEN in relation to earlier this year.
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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. The Packet Networking segment includes service delivery switches, services aggregation switches, and ethernet packet configurations. The Optical Transport segment manufactures and trades optical transport systems, common photonic layer, data networking products, data center interconnection and virtual networks. The Software and Services segment provides wide area network controller, network functions virtualization platform, and software applications. The company was founded by Patrick H. Nettles in November 1992 and is headquartered in Hanover, MD.
