Zacks: Brokerages Expect Ciena Co. (NYSE:CIEN) Will Post Quarterly Sales of $827.65 Million

Brokerages expect Ciena Co. (NYSE:CIEN) to post sales of $827.65 million for the current quarter, according to Zacks. 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 posted sales of $894.05 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 7.4%. The company is scheduled to issue 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 financial year, with estimates ranging from $3.55 billion to $3.59 billion. For the next fiscal year, analysts expect that the firm will post sales of $3.84 billion, with estimates ranging from $3.80 billion to $3.92 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Ciena.

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

Several research analysts have recently issued reports on the company. Citigroup lifted their price target on Ciena from $55.00 to $65.00 in a research note on Thursday, February 25th. Rosenblatt Securities boosted their target price on shares of Ciena from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Monday, March 8th. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and boosted their target price for the company from $49.00 to $65.00 in a research note on Thursday, January 21st. Morgan Stanley boosted their target price on shares of Ciena from $46.00 to $50.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 15th. Finally, Barclays boosted their target price on shares of Ciena from $54.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, December 11th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $59.08.

Shares of NYSE:CIEN traded up $0.61 during midday trading on Friday, hitting $56.61. 39,877 shares of the stock were exchanged, compared to its average volume of 1,405,276. The stock has a market cap of $8.77 billion, a P/E ratio of 24.03, a PEG ratio of 1.41 and a beta of 0.85. The company has a current ratio of 3.43, a quick ratio of 2.98 and a debt-to-equity ratio of 0.27. Ciena has a twelve month low of $38.03 and a twelve month high of $61.51. The company has a 50 day moving average price of $53.92 and a 200-day moving average price of $48.86.

In other Ciena news, SVP Rick Hamilton sold 9,678 shares of the company’s stock in a transaction that occurred on Friday, February 5th. The stock was sold at an average price of $55.28, for a total value of $534,999.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, January 11th. The stock was sold at an average price of $52.24, for a total value of $104,480.00. 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 in the last quarter. Company insiders own 0.95% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Ciena by 8.9% in the 4th quarter. BlackRock Inc. now owns 14,792,049 shares of the communications equipment provider’s stock worth $781,761,000 after acquiring an additional 1,206,685 shares during the period. Primecap Management Co. CA boosted its holdings in Ciena by 32.3% in the 4th quarter. Primecap Management Co. CA now owns 113,510 shares of the communications equipment provider’s stock worth $5,999,000 after acquiring an additional 27,700 shares during the period. Voloridge Investment Management LLC acquired a new position in shares of Ciena in the 3rd quarter valued at approximately $7,170,000. GoalVest Advisory LLC purchased a new position in shares of Ciena during the 4th quarter valued at approximately $2,189,000. Finally, Engineers Gate Manager LP grew its position in shares of Ciena by 132.0% during the third quarter. Engineers Gate Manager LP now owns 21,231 shares of the communications equipment provider’s stock worth $843,000 after buying an additional 12,081 shares in the last quarter. Hedge funds and other institutional investors own 83.98% of the company’s stock.

Ciena Company Profile

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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