Analysts Anticipate Ciena Co. (CIEN) Will Announce Quarterly Sales of $643.17 Million

Wall Street analysts expect Ciena Co. (NYSE:CIEN) to report $643.17 million in sales for the current quarter, Zacks reports. Seven analysts have issued 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 posted 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 business is scheduled to report its next quarterly earnings report 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 Investment Research’s sales averages are an average based on a survey of research firms that cover Ciena.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The firm had revenue of $744.40 million during the quarter, compared to analysts’ expectations of $736.91 million. During the same period in the previous year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis.

A number of research analysts have recently issued reports on the stock. Needham & Company LLC cut their price objective on shares of Ciena from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, December 8th. BMO Capital Markets reaffirmed a “buy” rating on shares of Ciena in a research report on Friday, October 27th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Ciena in a research report on Friday, November 3rd. Zacks Investment Research raised shares of Ciena from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $20.98 to $28.00 in a research report on Monday, November 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $28.48.

In other news, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $23.00, for a total value of $46,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $21.38, for a total transaction of $171,040.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 219,743 shares of company stock worth $4,693,621. 1.45% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in CIEN. Neuberger Berman Group LLC boosted its holdings in shares of Ciena by 169.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after acquiring an additional 2,652,791 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in shares of Ciena in the 4th quarter valued at $50,962,000. Millennium Management LLC boosted its holdings in shares of Ciena by 431.6% in the 4th quarter. Millennium Management LLC now owns 2,477,957 shares of the communications equipment provider’s stock valued at $51,864,000 after acquiring an additional 2,011,805 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Ciena in the 4th quarter valued at $40,110,000. Finally, Rubric Capital Management LP purchased a new stake in shares of Ciena in the 3rd quarter valued at $33,373,000.

Ciena (NYSE CIEN) opened at $23.20 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.68. Ciena has a 12-month low of $19.40 and a 12-month high of $27.98. The stock has a market cap of $3,257.22, a P/E ratio of 16.19, a PEG ratio of 1.44 and a beta of 1.67.

Ciena announced that its board has authorized a stock repurchase program on Thursday, December 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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About Ciena

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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