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Ciena (CIEN) Received its Third Buy in a Row

After Jefferies and Evercore ISI gave Ciena (NYSE: CIEN) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Alex Henderson maintained a Buy rating on Ciena today and set a price target of $88.00. The company’s shares closed last Monday at $59.00.

According to TipRanks.com, Henderson is a top 100 analyst with an average return of 26.0% and a 63.5% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, CrowdStrike Holdings, and CyberArk Software.

Currently, the analyst consensus on Ciena is a Strong Buy with an average price target of $82.21, which is a 27.5% upside from current levels. In a report issued on March 4, Evercore ISI also reiterated a Buy rating on the stock with a $80.00 price target.

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Based on Ciena’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $1.04 billion and net profit of $103 million. In comparison, last year the company earned revenue of $828 million and had a net profit of $65.04 million.

Based on the recent corporate insider activity of 135 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.

Read More on CIEN:

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