Ciena (CIEN) Receives a Buy from Needham
Needham analyst Alex Henderson assigned a Buy rating to Ciena (CIEN) today and set a price target of $65.00. The company’s shares closed last Friday at $56.87.
According to TipRanks.com, Henderson is a top 100 analyst with an average return of 27.5% and a 67.3% 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 $59.70, implying a 5.2% upside from current levels. In a report issued on April 14, Colliers Securities also reiterated a Buy rating on the stock with a $63.00 price target.
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Ciena’s market cap is currently $8.82B and has a P/E ratio of 25.10. The company has a Price to Book ratio of 4.04.
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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.