$643.17 Million in Sales Expected for Ciena Co. (CIEN) This Quarter

Wall Street brokerages expect Ciena Co. (NYSE:CIEN) to report $643.17 million in sales for the current quarter, according to Zacks. Seven analysts have provided 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 during the same quarter last year, which suggests a positive year over year growth rate of 3.5%. The business is expected to report its next quarterly earnings report on Wednesday, March 14th.

On average, analysts expect that Ciena will report full-year sales of $643.17 million for the current year, with estimates ranging from $2.91 billion to $2.95 billion. For the next fiscal year, analysts expect that the firm 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 a mean average based on a survey of sell-side analysts that cover Ciena.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The company had revenue of $744.40 million for the quarter, compared to the consensus estimate of $736.91 million. During the same quarter in the prior year, the company posted $0.44 EPS. Ciena’s revenue was up 3.9% compared to the same quarter last year.

Several equities analysts have commented on the stock. Raymond James Financial set a $33.00 price objective on shares of Ciena and gave the company a “buy” rating in a research report on Thursday, December 7th. B. Riley lowered their price objective on shares of Ciena from $30.50 to $28.00 and set a “buy” rating for the company in a research report on Tuesday, December 5th. Zacks Investment Research upgraded shares of Ciena from a “sell” rating to a “hold” rating in a research report on Monday. Piper Jaffray Companies lowered shares of Ciena from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $20.76 to $22.00 in a research report on Friday, December 8th. Finally, Needham & Company LLC lowered their price objective on shares of Ciena from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, December 8th. One investment 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. Ciena currently has a consensus rating of “Buy” and a consensus target price of $28.48.

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

Ciena announced that its board has initiated a stock buyback program on Thursday, December 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the communications equipment provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

In related news, VP Andrew C. Petrik sold 3,800 shares of the firm’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $21.22, for a total value of $80,636.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $23.00, for a total transaction of $46,000.00. The disclosure for this sale can be found here. Insiders sold a total of 219,743 shares of company stock valued at $4,693,621 in the last 90 days. Company insiders own 1.45% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC increased its stake in Ciena by 15.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock worth $4,686,000 after buying an additional 25,663 shares during the period. Stifel Financial Corp increased its stake in Ciena by 15.5% in the 3rd quarter. Stifel Financial Corp now owns 70,070 shares of the communications equipment provider’s stock worth $1,538,000 after buying an additional 9,389 shares during the period. Westfield Capital Management Co. LP increased its stake in Ciena by 21.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock worth $56,996,000 after buying an additional 459,190 shares during the period. Peregrine Capital Management LLC increased its stake in Ciena by 13.9% in the 3rd quarter. Peregrine Capital Management LLC now owns 1,297,632 shares of the communications equipment provider’s stock worth $28,509,000 after buying an additional 158,060 shares during the period. Finally, State Street Corp increased its stake in Ciena by 3.9% in the 2nd quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock worth $116,319,000 after buying an additional 172,876 shares during the period.

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Ciena Company Profile

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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