Analysts Expect Ciena Co. (CIEN) Will Announce Quarterly Sales of $643.17 Million
Brokerages expect that Ciena Co. (NYSE:CIEN) will announce sales of $643.17 million for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Ciena’s earnings. The lowest sales estimate is $640.00 million and the highest is $648.00 million. Ciena posted sales of $621.50 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.5%. The company is expected to announce its next quarterly earnings report before the market opens on Tuesday, March 6th.
According to Zacks, analysts expect that Ciena will report full-year sales of $643.17 million for the current financial year, with estimates ranging from $2.91 billion to $2.95 billion. For the next year, analysts expect that the firm will report sales of $3.10 billion per share, with estimates ranging from $3.05 billion to $3.13 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Ciena.
Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). The business had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. Ciena had a net margin of 45.04% and a return on equity of 18.32%. Ciena’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 earnings per share.
Shares of Ciena (NYSE:CIEN) opened at $23.49 on Friday. The company has a market capitalization of $3,390.08, a P/E ratio of 2.94, a price-to-earnings-growth ratio of 1.50 and a beta of 1.51. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.68. Ciena has a 12 month low of $19.40 and a 12 month high of $27.98.
Ciena announced that its Board of Directors has initiated a share repurchase program on Thursday, December 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
In related news, SVP Rick Hamilton sold 3,398 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $21.22, for a total transaction of $72,105.56. Following the transaction, the senior vice president now directly owns 51,019 shares of the company’s stock, valued at approximately $1,082,623.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $21.54, for a total value of $43,080.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 226,743 shares of company stock worth $4,882,491. Company insiders own 1.38% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Ciena by 47.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after acquiring an additional 2,403 shares during the last quarter. First Quadrant L P CA acquired a new position in shares of Ciena during the 3rd quarter worth approximately $183,000. Stone Ridge Asset Management LLC acquired a new position in shares of Ciena during the 4th quarter worth approximately $225,000. Corient Capital Partners LLC acquired a new position in shares of Ciena during the 4th quarter worth approximately $230,000. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of Ciena during the 3rd quarter worth approximately $246,000.
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Ciena Company Profile
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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