Needham Believes Ciena Corp (NYSE: CIEN) Still Has Room to Grow

By Ryan Adsit

Needham analyst Alex Henderson maintained a Buy rating on Ciena Corp (NYSE: CIEN) today and set a price target of $33. The company’s shares opened today at $31.58, close to its 52-week high of $32.33.

According to TipRanks.com, Henderson is a 5-star analyst with an average return of 14.3% and a 55.2% success rate. Henderson covers the Consumer Goods sector, focusing on stocks such as Acacia Communications, Lumentum Holdings, and Ceragon Networks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ciena Corp with a $34.23 average price target, implying an 8.4% upside from current levels. In a report issued on August 27, B.Riley FBR also maintained a Buy rating on the stock with a $31.50 price target.

.

See today’s analyst top recommended stocks >>

The company has a one-year high of $32.33 and a one-year low of $19.40. Currently, Ciena Corp has an average volume of 2.68M.

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.