29 Dec President Jonathan Cartu Claims – $821.83 Million in Sales Expected for Ciena Co. (NYSE:CIEN)…
Analysts forecast that Ciena Co. (NYSE:CIEN) will announce sales of $821.83 million for the current quarter, according to Zacks. Seven analysts have made estimates for Ciena’s earnings, with estimates ranging from $816.00 million to $829.24 million. Ciena posted sales of $778.53 million during the same quarter last year, which would indicate a positive year over year growth rate of 5.6%. The company is expected to issue its next earnings report on Tuesday, March 3rd.
According to Zacks, analysts expect that Ciena will report full-year sales of $3.80 billion for the current fiscal year, with estimates ranging from $3.78 billion to $3.85 billion. For the next year, analysts forecast that the business will post sales of $4.06 billion, with estimates ranging from $3.98 billion to $4.11 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Ciena.
Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 12th. The communications equipment provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). Ciena had a net margin of 7.09% and a return on equity of 13.67%. The company had revenue of $968.00 million during the quarter, compared to the consensus estimate of $966.28 million. During the same period last year, the company earned $0.53 earnings per share. Ciena’s revenue for the quarter was up 8.8% on a year-over-year basis.
A number of research firms have recently commented on CIEN. Morgan Stanley raised their price objective on shares of Ciena from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. MKM Partners set a $51.00 price objective on shares of Ciena and gave the stock a “buy” rating in a report on Wednesday, September 18th. UBS Group downgraded shares of Ciena from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $43.00 to $31.00 in a report on Friday, December 6th. Piper Jaffray Companies raised shares of Ciena from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $46.00 to $50.00 in a report on Thursday, December 12th. Finally, ValuEngine raised shares of Ciena from a “sell” rating to a “hold” rating in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $48.65.
Ciena stock traded down $0.05 during mid-day trading on Monday, reaching $42.67. The company had a trading volume of 1,689,512 shares, compared to its average volume of 4,810,526. The company has a quick ratio of 2.41, a current ratio of 2.82 and a debt-to-equity ratio of 0.31. Ciena has a 52 week low of $32.37 and a 52 week high of $46.78. The company has a 50 day moving average of $38.60 and a 200-day moving average of $40.37. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 1.08 and a beta of 1.06.
In related news, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $37.76, for a total transaction of $75,520.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stephen B. Alexander sold 2,500 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $37.73, for a total transaction of $94,325.00. The disclosure for this sale can be found here. Insiders have sold a total of 101,762 shares of company stock valued at $5,308,120 in the last quarter. 1.20% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in CIEN. First Trust Advisors LP increased its position in shares of Ciena by 1,791.1% during the 3rd quarter. First Trust Advisors LP now owns 3,396,801 shares of the communications equipment provider’s stock worth $133,257,000 after purchasing an additional 3,217,184 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in Ciena in the 2nd quarter valued at about $77,706,000. Holocene Advisors LP acquired a new stake in Ciena in the 2nd quarter valued at about $53,362,000. FMR LLC increased its position in 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 acquiring an additional 1,072,632 shares in the last quarter. Finally, Menora Mivtachim Holdings LTD. acquired a new stake in Ciena in the 3rd quarter valued at about $40,458,000. Institutional investors and hedge funds own 91.05% of the company’s stock.
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.
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