Equities research analysts expect Ciena Corporation (NYSE:CIEN) to announce sales of $643.17 million for the current quarter, Zacks reports. Seven analysts have provided estimates for Ciena’s earnings, with the lowest sales estimate coming in at $640.00 million and the highest estimate coming in at $648.00 million. Ciena reported sales of $621.50 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.5%. The firm is scheduled to announce its next earnings results on Wednesday, March 14th.
According to Zacks, analysts expect that Ciena will report full year sales of $643.17 million for the current fiscal year, with estimates ranging from $2.91 billion to $2.95 billion. For the next financial year, analysts anticipate that the business will report sales of $3.10 billion per share, with estimates ranging from $3.05 billion to $3.13 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Ciena.
Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). Ciena had a net margin of 45.04% and a return on equity of 18.32%. The business had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. During the same quarter last year, the business earned $0.44 earnings per share. Ciena’s revenue for the quarter was up 3.9% on a year-over-year basis.
Several equities analysts recently weighed in on CIEN shares. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 target price on shares of Ciena in a research note on Tuesday, September 26th. Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price (down from $31.00) on shares of Ciena in a research note on Monday, September 25th. Nomura reissued a “buy” rating and issued a $28.00 target price on shares of Ciena in a research note on Wednesday, September 20th. B. Riley decreased their target price on shares of Ciena from $30.50 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, December 5th. Finally, Raymond James Financial set a $33.00 target price on shares of Ciena and gave the company a “buy” rating in a research note on Thursday, December 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nineteen have given a buy rating to the company. Ciena has a consensus rating of “Buy” and a consensus target price of $28.48.
Ciena (CIEN) traded up $0.21 during midday trading on Friday, hitting $21.88. 1,995,400 shares of the stock were exchanged, compared to its average volume of 2,388,262. The company has a quick ratio of 1.68, a current ratio of 1.93 and a debt-to-equity ratio of 0.27. Ciena has a 12 month low of $19.40 and a 12 month high of $27.98. The firm has a market capitalization of $3,150.00, a P/E ratio of 3.16, a PEG ratio of 1.37 and a beta of 1.67.
Ciena declared that its board has approved a share buyback program on Thursday, December 7th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, VP David M. Rothenstein sold 2,000 shares of Ciena stock in a transaction on Monday, October 16th. The stock was sold at an average price of $21.56, for a total transaction of $43,120.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary B. Smith sold 8,000 shares of Ciena stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $22.12, for a total value of $176,960.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 210,217 shares of company stock valued at $4,456,095. Company insiders own 1.45% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of CIEN. Schwab Charles Investment Management Inc. lifted its holdings in shares of Ciena by 8.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 847,006 shares of the communications equipment provider’s stock worth $21,193,000 after buying an additional 63,846 shares in the last quarter. First Trust Advisors LP acquired a new position in Ciena in the second quarter valued at about $1,219,000. Legal & General Group Plc raised its stake in Ciena by 23.0% in the second quarter. Legal & General Group Plc now owns 112,414 shares of the communications equipment provider’s stock valued at $2,818,000 after purchasing an additional 21,028 shares in the last quarter. Prudential Financial Inc. raised its stake in Ciena by 1.4% in the second quarter. Prudential Financial Inc. now owns 94,559 shares of the communications equipment provider’s stock valued at $2,366,000 after purchasing an additional 1,320 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Ciena by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock valued at $127,000 after purchasing an additional 517 shares in the last quarter.
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Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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