Ciena (NYSE:CIEN) Releases Earnings Results, Beats Expectations By $0.09 EPS

Ciena (NYSE:CIEN) issued its quarterly earnings data on Wednesday. The communications equipment provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.09, Briefing.com reports. Ciena had a net margin of 3.71% and a return on equity of 7.16%. The firm had revenue of $942.30 million for the quarter, compared to the consensus estimate of $928.31 million. During the same period last year, the firm posted $0.36 EPS. Ciena’s quarterly revenue was down 11.8% compared to the same quarter last year.

Ciena Stock Down 4.6 %

NYSE CIEN opened at $52.43 on Friday. Ciena has a 12 month low of $39.94 and a 12 month high of $63.24. The company has a market capitalization of $7.53 billion, a P/E ratio of 50.41, a PEG ratio of 6.02 and a beta of 0.94. The company’s 50 day simple moving average is $51.00 and its 200 day simple moving average is $49.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.88 and a quick ratio of 2.76.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CIEN shares. Raymond James cut Ciena from a “strong-buy” rating to an “outperform” rating and cut their price target for the company from $59.00 to $54.00 in a report on Thursday, June 6th. Bank of America reaffirmed a “neutral” rating and set a $59.00 target price on shares of Ciena in a research note on Thursday. Barclays increased their price target on Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday. Needham & Company LLC reissued a “buy” rating and set a $65.00 price target on shares of Ciena in a report on Thursday. Finally, Stifel Nicolaus upped their price objective on shares of Ciena from $62.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $59.15.

Insider Buying and Selling

In other Ciena news, SVP Jason Phipps sold 2,712 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $48.29, for a total value of $130,962.48. Following the transaction, the senior vice president now owns 96,000 shares of the company’s stock, valued at $4,635,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Ciena news, SVP Jason Phipps sold 2,712 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $48.29, for a total transaction of $130,962.48. Following the sale, the senior vice president now owns 96,000 shares in the company, valued at approximately $4,635,840. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.81, for a total transaction of $170,835.00. Following the completion of the sale, the senior vice president now owns 212,421 shares of the company’s stock, valued at approximately $10,368,269.01. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by insiders.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.