Ciena Corporation (CIEN) Expected to Announce Earnings of $0.12 Per Share

Brokerages expect Ciena Corporation (NYSE:CIEN) to report earnings per share (EPS) of $0.12 for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Ciena’s earnings. The lowest EPS estimate is $0.10 and the highest is $0.15. Ciena reported earnings per share of $0.26 in the same quarter last year, which indicates a negative year-over-year growth rate of 53.8%. The business is scheduled to report its next quarterly earnings results on Wednesday, March 14th.

On average, analysts expect that Ciena will report full-year earnings of $1.21 per share for the current financial year, with EPS estimates ranging from $1.06 to $1.32. For the next fiscal year, analysts expect that the company will report earnings of $1.59 per share, with EPS estimates ranging from $1.40 to $1.78. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Ciena.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The business had revenue of $744.40 million during the quarter, compared to analysts’ expectations of $736.91 million. During the same quarter in the prior year, the firm earned $0.44 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year.

CIEN has been the subject of a number of research reports. Stifel Nicolaus reiterated a “buy” rating and set a $30.00 price objective on shares of Ciena in a research report on Tuesday, September 26th. Needham & Company LLC reiterated a “buy” rating and set a $28.00 price objective (down previously from $31.00) on shares of Ciena in a research report on Monday, September 25th. Nomura reiterated a “buy” rating and set a $28.00 price objective on shares of Ciena in a research report on Wednesday, September 20th. B. Riley reduced their price objective on Ciena from $30.50 to $28.00 and set a “buy” rating for the company in a research report on Tuesday, December 5th. Finally, Raymond James Financial set a $33.00 price objective on Ciena and gave the company a “buy” rating in a research report on Thursday, December 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and nineteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.48.

In other Ciena news, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, October 12th. The stock was sold at an average price of $21.74, for a total transaction of $173,920.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $21.56, for a total value of $43,120.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 218,217 shares of company stock valued at $4,630,015. 1.45% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of CIEN. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Ciena by 11.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock valued at $127,000 after purchasing an additional 517 shares during the period. Advisor Group Inc. raised its position in Ciena by 6.4% during the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock valued at $151,000 after purchasing an additional 604 shares during the period. Howe & Rusling Inc. purchased a new stake in Ciena during the third quarter valued at approximately $158,000. First Quadrant L P CA purchased a new stake in Ciena during the third quarter valued at approximately $183,000. Finally, Koch Industries Inc. purchased a new stake in Ciena during the second quarter valued at approximately $235,000.

Ciena (NYSE:CIEN) opened at $21.79 on Wednesday. Ciena has a one year low of $19.40 and a one year high of $27.98. The company has a quick ratio of 1.68, a current ratio of 1.93 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $3,130.00, a price-to-earnings ratio of 3.15, a PEG ratio of 1.37 and a beta of 1.67.

Ciena declared that its board has authorized a share repurchase program on Thursday, December 7th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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About Ciena

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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