Ciena (CIEN) Gets a Buy Rating from Needham

In a report released today, Alex Henderson from Needham reiterated a Buy rating on Ciena (CIENResearch Report), with a price target of $88.00. The company’s shares closed last Tuesday at $68.53.

According to TipRanks.com, Henderson is a top 100 analyst with an average return of 26.6% and a 65.1% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, CrowdStrike Holdings, and CyberArk Software.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ciena with a $82.57 average price target, implying a 28.2% upside from current levels. In a report issued on February 14, Loop Capital Markets also initiated coverage with a Buy rating on the stock with a $87.00 price target.

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Ciena’s market cap is currently $9.88B and has a P/E ratio of 21.47.

Based on the recent corporate insider activity of 137 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.

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. 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.

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