Ciena (NYSE:CIEN) announced its quarterly earnings results on Thursday. The communications equipment provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.21, RTT News reports. The business had revenue of $960.60 million for the quarter, compared to the consensus estimate of $930.64 million. Ciena had a net margin of 6.77% and a return on equity of 13.82%. Ciena’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period last year, the company posted $0.48 EPS.
Shares of CIEN opened at $39.52 on Friday. The stock has a market capitalization of $6.14 billion, a P/E ratio of 22.51, a P/E/G ratio of 1.32 and a beta of 1.13. Ciena has a twelve month low of $28.23 and a twelve month high of $46.78. The company has a 50 day moving average of $42.43 and a 200-day moving average of $40.25. The company has a quick ratio of 2.36, a current ratio of 2.83 and a debt-to-equity ratio of 0.33.
Several analysts have commented on the stock. UBS Group dropped their target price on shares of Ciena from $46.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday. Needham & Company LLC restated a “hold” rating on shares of Ciena in a report on Tuesday, September 3rd. Barclays raised their target price on shares of Ciena from $50.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday. Stifel Nicolaus set a $54.00 target price on shares of Ciena and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Piper Jaffray Companies raised their target price on shares of Ciena from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, June 6th. Nine investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $48.50.
Several institutional investors and hedge funds have recently modified their holdings of the company. Flagship Harbor Advisors LLC grew its stake in shares of Ciena by 98.5% in the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock valued at $26,000 after buying an additional 320 shares in the last quarter. Tobam bought a new position in shares of Ciena in the second quarter valued at $33,000. Mizuho Securities Co. Ltd. bought a new position in shares of Ciena in the first quarter valued at $37,000. Coastal Capital Group Inc. bought a new position in shares of Ciena in the second quarter valued at $41,000. Finally, FinTrust Capital Advisors LLC bought a new position in shares of Ciena in the first quarter valued at $57,000. 88.05% of the stock is owned by institutional investors.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, 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 solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.