Analysts Expect Ciena Co. (CIEN) Will Announce Earnings of $0.29 Per Share

Equities analysts expect Ciena Co. (NYSE:CIEN) to report $0.29 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Ten analysts have provided estimates for Ciena’s earnings. The highest EPS estimate is $0.31 and the lowest is $0.27. Ciena reported earnings per share of $0.24 during the same quarter last year, which indicates a positive year-over-year growth rate of 20.8%. The business is scheduled to report its next quarterly earnings report on Thursday, June 1st.

According to Zacks, analysts expect that Ciena will report full-year earnings of $1.36 per share for the current financial year, with EPS estimates ranging from $1.35 to $1.37. For the next fiscal year, analysts forecast that the business will report earnings of $1.62 per share, with EPS estimates ranging from $1.54 to $1.70. Zacks’ EPS calculations are a mean average based on a survey of research analysts that cover Ciena.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Wednesday, March 8th. The communications equipment provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.29 by $0.03. The company earned $621.50 million during the quarter, compared to analysts’ expectations of $632.29 million. Ciena had a return on equity of 23.37% and a net margin of 2.79%. Ciena’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 EPS.

A number of analysts recently commented on CIEN shares. Deutsche Bank AG upgraded Ciena from a “hold” rating to a “buy” rating in a research report on Tuesday, January 31st. MKM Partners reiterated a “buy” rating and set a $30.00 price objective on shares of Ciena in a research report on Wednesday, February 22nd. Bank of America Corp cut Ciena from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $26.39 to $28.00 in a research report on Friday, March 3rd. They noted that the move was a valuation call. Cowen and Company reiterated an “outperform” rating and set a $35.00 price objective on shares of Ciena in a research report on Monday, March 6th. Finally, B. Riley reiterated a “buy” rating and set a $33.75 price objective on shares of Ciena in a research report on Monday, March 6th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Ciena has an average rating of “Buy” and an average target price of $28.13.

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In related news, VP Andrew C. Petrik sold 4,434 shares of the business’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $25.48, for a total transaction of $112,978.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Jason Phipps sold 1,320 shares of the business’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $23.95, for a total value of $31,614.00. The disclosure for this sale can be found here. Insiders sold a total of 80,410 shares of company stock worth $1,911,982 over the last ninety days. Corporate insiders own 1.45% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in Ciena by 116.2% in the fourth quarter. Renaissance Technologies LLC now owns 4,032,274 shares of the communications equipment provider’s stock valued at $98,428,000 after buying an additional 2,167,574 shares during the period. Norges Bank bought a new position in Ciena during the fourth quarter valued at approximately $32,862,000. Peregrine Capital Management LLC bought a new position in Ciena during the third quarter valued at approximately $23,047,000. Rothschild Asset Management Inc. bought a new position in Ciena during the third quarter valued at approximately $18,158,000. Finally, BlackRock Fund Advisors raised its position in Ciena by 7.8% in the third quarter. BlackRock Fund Advisors now owns 7,746,132 shares of the communications equipment provider’s stock valued at $168,866,000 after buying an additional 563,065 shares during the period. 95.25% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Ciena (NYSE:CIEN) traded down 0.50% during midday trading on Friday, reaching $21.77. 1,801,676 shares of the company traded hands. The stock’s 50-day moving average is $23.30 and its 200-day moving average is $23.07. Ciena has a 1-year low of $15.61 and a 1-year high of $26.84. The stock has a market capitalization of $3.08 billion, a P/E ratio of 35.75 and a beta of 1.66.

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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