Wall Street brokerages predict that Ciena Corporation (NYSE:CIEN) will post $0.12 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Ciena’s earnings, with the lowest EPS estimate coming in at $0.10 and the highest estimate coming in at $0.15. Ciena reported earnings of $0.26 per share in the same quarter last year, which would indicate a negative year over year growth rate of 53.8%. The company is expected to announce its next earnings results on Wednesday, March 14th.
According to Zacks, analysts expect that Ciena will report full year earnings of $1.21 per share for the current financial year, with EPS estimates ranging from $1.06 to $1.32. For the next year, analysts expect that the company will report earnings of $1.59 per share, with EPS estimates ranging from $1.40 to $1.78. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for Ciena.
Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 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 firm had revenue of $744.40 million during the quarter, compared to the consensus estimate of $736.91 million. During the same quarter in the prior year, the company earned $0.44 EPS. Ciena’s quarterly revenue was up 3.9% on a year-over-year basis.
A number of equities analysts have issued reports on CIEN shares. Stifel Nicolaus reiterated a “buy” rating on shares of Ciena in a report on Friday, November 3rd. BidaskClub cut Ciena from a “sell” rating to a “strong sell” rating in a report on Saturday, November 4th. Zacks Investment Research cut Ciena from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. William Blair reiterated a “buy” rating on shares of Ciena in a report on Monday, November 13th. Finally, Piper Jaffray Companies reiterated a “buy” rating on shares of Ciena in a report on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nineteen have given a buy rating to the company. Ciena has a consensus rating of “Buy” and an average target price of $28.48.
Ciena (NYSE CIEN) traded up $0.06 during mid-day trading on Wednesday, reaching $21.94. The company’s stock had a trading volume of 1,866,296 shares, compared to its average volume of 3,380,000. The company has a market cap of $3,150.00, a PE ratio of 3.17, a PEG ratio of 1.39 and a beta of 1.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.68 and a current ratio of 1.93. Ciena has a 52-week low of $19.40 and a 52-week high of $27.98.
Ciena announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In related news, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $22.12, for a total value of $176,960.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David M. Rothenstein sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $21.56, for a total transaction of $43,120.00. The disclosure for this sale can be found here. Insiders sold a total of 210,217 shares of company stock valued at $4,456,095 over the last quarter. 1.45% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Ciena by 11.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock worth $127,000 after acquiring an additional 517 shares during the last quarter. Howe & Rusling Inc. acquired a new stake in Ciena during the third quarter worth approximately $158,000. First Quadrant L P CA acquired a new stake in Ciena during the third quarter worth approximately $183,000. Advisor Group Inc. lifted its position in Ciena by 6.4% during the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock worth $151,000 after acquiring an additional 604 shares during the last quarter. Finally, Oakbrook Investments LLC acquired a new stake in Ciena during the third quarter worth approximately $235,000.
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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