$827.65 Million in Sales Expected for Ciena Co. (NYSE:CIEN) This Quarter

Wall Street brokerages expect Ciena Co. (NYSE:CIEN) to report $827.65 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Ciena’s earnings. The lowest sales estimate is $820.00 million and the highest is $835.00 million. Ciena reported sales of $894.05 million during the same quarter last year, which indicates a negative year over year growth rate of 7.4%. The business is expected to announce its next earnings report on Thursday, June 3rd.

According to Zacks, analysts expect that Ciena will report full year sales of $3.57 billion for the current fiscal year, with estimates ranging from $3.55 billion to $3.59 billion. For the next fiscal year, analysts forecast that the business will report sales of $3.84 billion, with estimates ranging from $3.80 billion to $3.92 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Ciena.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Wednesday, March 3rd. The communications equipment provider reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.07. Ciena had a net margin of 10.23% and a return on equity of 17.41%. The business had revenue of $757.10 million during the quarter, compared to the consensus estimate of $750.24 million. During the same period in the prior year, the firm earned $0.52 EPS. Ciena’s quarterly revenue was down 9.1% compared to the same quarter last year.

CIEN has been the subject of a number of research reports. Zacks Investment Research raised shares of Ciena from a “sell” rating to a “hold” rating and set a $60.00 price target for the company in a report on Tuesday, February 16th. Morgan Stanley increased their price target on shares of Ciena from $46.00 to $50.00 and gave the company an “equal weight” rating in a report on Tuesday, December 15th. Barclays increased their price target on shares of Ciena from $54.00 to $62.00 and gave the company an “overweight” rating in a report on Friday, December 11th. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and increased their price target for the company from $49.00 to $65.00 in a report on Thursday, January 21st. Finally, Colliers Securities reissued a “buy” rating and issued a $58.00 price target on shares of Ciena in a report on Friday, March 5th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $59.08.

NYSE:CIEN traded up $0.61 during midday trading on Friday, reaching $56.61. The stock had a trading volume of 39,877 shares, compared to its average volume of 1,405,276. Ciena has a 1-year low of $38.03 and a 1-year high of $61.51. The firm’s fifty day simple moving average is $53.92 and its 200-day simple moving average is $48.86. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.43 and a quick ratio of 2.98. The stock has a market capitalization of $8.77 billion, a P/E ratio of 24.03, a PEG ratio of 1.41 and a beta of 0.85.

In other Ciena news, CFO James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Monday, January 11th. The shares were sold at an average price of $52.24, for a total value of $104,480.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 2,500 shares of the firm’s stock in a transaction dated Thursday, January 21st. The shares were sold at an average price of $54.44, for a total transaction of $136,100.00. The disclosure for this sale can be found here. Insiders have sold a total of 41,065 shares of company stock valued at $2,209,101 over the last three months. 0.95% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of CIEN. Spring Creek Capital LLC grew its position in shares of Ciena by 364.0% during the 4th quarter. Spring Creek Capital LLC now owns 4,652,391 shares of the communications equipment provider’s stock worth $245,879,000 after buying an additional 3,649,669 shares during the period. Norges Bank acquired a new stake in Ciena during the 4th quarter worth $135,287,000. UBS Asset Management Americas Inc. raised its stake in Ciena by 851.2% during the 4th quarter. UBS Asset Management Americas Inc. now owns 2,802,104 shares of the communications equipment provider’s stock worth $148,091,000 after buying an additional 2,507,510 shares during the period. BlackRock Inc. raised its stake in Ciena by 8.9% during the 4th quarter. BlackRock Inc. now owns 14,792,049 shares of the communications equipment provider’s stock worth $781,761,000 after buying an additional 1,206,685 shares during the period. Finally, FMR LLC raised its stake in shares of Ciena by 605.3% in the 1st quarter. FMR LLC now owns 1,249,825 shares of the communications equipment provider’s stock valued at $46,669,000 after purchasing an additional 1,072,632 shares during the period. Hedge funds and other institutional investors own 83.98% of the company’s stock.

About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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