Zacks: Brokerages Anticipate Ciena Corporation (CIEN) Will Post Quarterly Sales of $738.63 Million
Equities analysts predict that Ciena Corporation (NYSE:CIEN) will post sales of $738.63 million for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Ciena Corporation’s earnings, with the highest sales estimate coming in at $743.10 million and the lowest estimate coming in at $735.00 million. Ciena Corporation reported sales of $716.19 million during the same quarter last year, which indicates a positive year-over-year growth rate of 3.1%. The business is scheduled to issue its next quarterly earnings results on Thursday, December 14th.
On average, analysts expect that Ciena Corporation will report full year sales of $738.63 million for the current financial year, with estimates ranging from $2.79 billion to $2.81 billion. For the next fiscal year, analysts anticipate that the company will report sales of $2.96 billion per share, with estimates ranging from $2.90 billion to $3.09 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Ciena Corporation.
Ciena Corporation (NYSE:CIEN) last released its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The business had revenue of $728.70 million for the quarter, compared to the consensus estimate of $726.81 million. Ciena Corporation had a net margin of 4.99% and a return on equity of 25.53%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share.
CIEN has been the topic of several recent research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $30.00 price objective on shares of Ciena Corporation in a report on Friday, September 1st. BidaskClub downgraded shares of Ciena Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday. William Blair reaffirmed a “buy” rating on shares of Ciena Corporation in a report on Thursday, August 3rd. Citigroup Inc. raised shares of Ciena Corporation from a “neutral” rating to a “buy” rating and upped their price objective for the company from $23.87 to $29.00 in a report on Wednesday, August 30th. Finally, Nomura reaffirmed a “buy” rating and set a $28.00 price objective on shares of Ciena Corporation in a report on Wednesday, September 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Ciena Corporation currently has a consensus rating of “Buy” and a consensus price target of $29.53.
In other news, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.65, for a total value of $49,300.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Andrew C. Petrik sold 1,258 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $24.44, for a total transaction of $30,745.52. The disclosure for this sale can be found here. Insiders have sold 90,310 shares of company stock worth $1,999,124 over the last quarter. Company insiders own 1.45% of the company’s stock.
Several institutional investors have recently modified their holdings of CIEN. BlackRock Inc. grew its holdings in shares of Ciena Corporation by 11,733.7% in the first quarter. BlackRock Inc. now owns 15,755,200 shares of the communications equipment provider’s stock worth $371,979,000 after purchasing an additional 15,622,062 shares during the last quarter. Becker Capital Management Inc. bought a new position in shares of Ciena Corporation in the third quarter worth approximately $27,188,000. Vanguard Group Inc. grew its holdings in shares of Ciena Corporation by 11.2% in the first quarter. Vanguard Group Inc. now owns 12,263,170 shares of the communications equipment provider’s stock worth $289,534,000 after purchasing an additional 1,235,744 shares during the last quarter. Artemis Investment Management LLP bought a new position in shares of Ciena Corporation in the second quarter worth approximately $28,400,000. Finally, FIL Ltd bought a new position in shares of Ciena Corporation in the second quarter worth approximately $23,010,000.
Ciena Corporation (NYSE:CIEN) traded down $0.44 during midday trading on Tuesday, reaching $19.96. 2,477,943 shares of the company’s stock traded hands, compared to its average volume of 2,840,000. The stock has a market capitalization of $2,890.00, a P/E ratio of 14.59, a PEG ratio of 0.75 and a beta of 1.64. Ciena Corporation has a 1-year low of $19.52 and a 1-year high of $27.98. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.50 and a current ratio of 2.92.
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About Ciena Corporation
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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