$738.63 Million in Sales Expected for Ciena Corporation (CIEN) This Quarter
Wall Street brokerages forecast that Ciena Corporation (NYSE:CIEN) will post $738.63 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Ciena Corporation’s earnings, with estimates ranging from $735.00 million to $743.10 million. Ciena Corporation posted sales of $716.19 million in the same quarter last year, which would indicate a positive year over year growth rate of 3.1%. The company is scheduled to report its next earnings results on Thursday, December 14th.
According to Zacks, analysts expect that Ciena Corporation will report full year sales of $738.63 million for the current year, with estimates ranging from $2.79 billion to $2.81 billion. For the next year, analysts expect that the firm will report sales of $2.96 billion per share, with estimates ranging from $2.90 billion to $3.09 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Ciena Corporation.
Ciena Corporation (NYSE:CIEN) last released its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. Ciena Corporation had a return on equity of 25.53% and a net margin of 4.99%. The business had revenue of $728.70 million for the quarter, compared to the consensus estimate of $726.81 million. During the same quarter in the previous year, the company posted $0.42 EPS. The company’s revenue was up 8.7% compared to the same quarter last year.
Several research firms recently commented on CIEN. BidaskClub raised Ciena Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 25th. B. Riley reaffirmed a “buy” rating and issued a $30.50 price target on shares of Ciena Corporation in a report on Sunday, September 3rd. MKM Partners reaffirmed a “buy” rating and issued a $30.00 price target on shares of Ciena Corporation in a report on Tuesday, September 26th. ValuEngine cut Ciena Corporation from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Finally, BMO Capital Markets reaffirmed a “buy” rating on shares of Ciena Corporation in a report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $29.53.
In other Ciena Corporation news, VP James Frodsham sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $22.00, for a total value of $44,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Andrew C. Petrik sold 1,258 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $24.44, for a total value of $30,745.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 88,310 shares of company stock worth $1,958,204. 1.45% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its stake in 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 valued at $371,979,000 after buying an additional 15,622,062 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Ciena Corporation by 1.7% during the second quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock worth $311,906,000 after purchasing an additional 203,112 shares in the last quarter. State Street Corp increased its position in shares of Ciena Corporation by 3.9% during the second quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock worth $116,319,000 after purchasing an additional 172,876 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ciena Corporation by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,821,175 shares of the communications equipment provider’s stock worth $70,588,000 after purchasing an additional 34,088 shares in the last quarter. Finally, Voya Investment Management LLC increased its position in shares of Ciena Corporation by 12.2% during the second quarter. Voya Investment Management LLC now owns 2,629,074 shares of the communications equipment provider’s stock worth $65,779,000 after purchasing an additional 285,235 shares in the last quarter.
Shares of Ciena Corporation (CIEN) opened at 20.81 on Tuesday. The company has a market cap of $2.97 billion, a P/E ratio of 22.77 and a beta of 1.70. The firm has a 50-day moving average price of $21.77 and a 200-day moving average price of $23.73. Ciena Corporation has a 1-year low of $18.94 and a 1-year high of $27.98.
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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