Ciena (NYSE:CIEN) Issues Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Ciena (NYSE:CIEN) announced its earnings results on Thursday. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18, FiscalAI reports. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion.

Ciena Stock Down 0.6%

Shares of CIEN opened at $623.07 on Thursday. Ciena has a 52 week low of $70.77 and a 52 week high of $637.51. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $88.10 billion, a price-to-earnings ratio of 396.86 and a beta of 1.24. The stock’s 50-day moving average price is $512.98 and its 200-day moving average price is $351.19.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CIEN shares. Morgan Stanley upped their target price on Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a research report on Monday, April 20th. Barclays upped their target price on Ciena from $279.00 to $372.00 and gave the company an “overweight” rating in a research report on Friday, March 6th. Weiss Ratings raised Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 27th. UBS Group upped their target price on Ciena from $230.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. Finally, Rosenblatt Securities increased their price objective on Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $420.39.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $565.92, for a total transaction of $1,670,595.84. Following the transaction, the chief executive officer owned 269,557 shares in the company, valued at approximately $152,547,697.44. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $570.65, for a total value of $684,780.00. Following the transaction, the senior vice president owned 43,941 shares of the company’s stock, valued at approximately $25,074,931.65. This represents a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 44,174 shares of company stock valued at $19,502,359. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Ciena

Institutional investors have recently modified their holdings of the company. Transamerica Financial Advisors LLC grew its stake in shares of Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares in the last quarter. Truvestments Capital LLC grew its stake in shares of Ciena by 45.3% in the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 48 shares in the last quarter. Acumen Wealth Advisors LLC acquired a new stake in shares of Ciena in the fourth quarter valued at $40,000. Zions Bancorporation National Association UT acquired a new stake in shares of Ciena in the fourth quarter valued at $50,000. Finally, Atlas Capital Advisors Inc. acquired a new stake in shares of Ciena in the fourth quarter valued at $70,000. 91.99% of the stock is owned by institutional investors and hedge funds.

About Ciena

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.