Wall Street analysts predict that Ciena Co. (NYSE:CIEN) will post $752.21 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Ciena's earnings. The highest sales estimate is $761.16 million and the lowest is $740.00 million. Ciena reported sales of $832.91 million in the same quarter last year, which would indicate a negative year over year growth rate of 9.7%. The company is scheduled to report its next quarterly earnings results on Thursday, March 4th.
On average, analysts expect that Ciena will report full year sales of $3.57 billion for the current financial year, with estimates ranging from $3.54 billion to $3.59 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $3.85 billion, with estimates ranging from $3.80 billion to $3.92 billion. Zacks Investment Research's sales calculations are an average based on a survey of research analysts that follow Ciena.
Ciena (NYSE:CIEN) last released its quarterly earnings data on Wednesday, December 9th. The communications equipment provider reported $0.60 EPS for the quarter, missing the Zacks' consensus estimate of $0.63 by ($0.03). The business had revenue of $828.50 million during the quarter, compared to analyst estimates of $826.70 million. Ciena had a net margin of 10.23% and a return on equity of 17.41%. The firm's revenue was down 14.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.58 EPS.
Several analysts have recently weighed in on CIEN shares. B. Riley increased their price target on shares of Ciena from $46.00 to $51.50 and gave the company a "neutral" rating in a research note on Friday, December 11th. Barclays increased their price target on shares of Ciena from $54.00 to $62.00 and gave the company an "overweight" rating in a research note on Friday, December 11th. Vertical Research started coverage on shares of Ciena in a research note on Wednesday, October 14th. They issued a "neutral" rating for the company. Needham & Company LLC increased their price target on shares of Ciena from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Rosenblatt Securities cut shares of Ciena from a "buy" rating to a "neutral" rating and set a $45.00 price target for the company. in a research note on Wednesday, November 18th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of "Buy" and an average target price of $56.53.
In other Ciena news, CEO Gary B. Smith sold 2,550 shares of the firm's stock in a transaction that occurred on Wednesday, December 9th. The shares were sold at an average price of $47.37, for a total value of $120,793.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrew C. Petrik sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, November 16th. The shares were sold at an average price of $43.76, for a total transaction of $43,760.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,400 shares of company stock valued at $1,350,287 in the last ninety days. 0.95% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Eudaimonia Partners LLC purchased a new position in Ciena in the 3rd quarter valued at approximately $29,000. Toronto Dominion Bank acquired a new stake in shares of Ciena in the 2nd quarter valued at $34,000. Copper Rock Capital Partners LLC acquired a new stake in shares of Ciena in the 3rd quarter valued at $34,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Ciena by 59.4% in the 3rd quarter. Steward Partners Investment Advisory LLC now owns 896 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 334 shares in the last quarter. Finally, Global Retirement Partners LLC raised its holdings in shares of Ciena by 39.6% in the 3rd quarter. Global Retirement Partners LLC now owns 942 shares of the communications equipment provider's stock valued at $37,000 after purchasing an additional 267 shares in the last quarter. 83.98% of the stock is owned by institutional investors.
CIEN stock opened at $54.46 on Friday. The company has a market cap of $8.42 billion, a price-to-earnings ratio of 23.47, a PEG ratio of 1.40 and a beta of 0.85. The company has a current ratio of 3.43, a quick ratio of 2.98 and a debt-to-equity ratio of 0.27. Ciena has a 12 month low of $30.58 and a 12 month high of $61.51. The firm has a 50-day moving average of $49.98 and a two-hundred day moving average of $48.84.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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