Ciena (CIEN) Releases Earnings Results, Misses Estimates By $0.04 EPS
Ciena (NYSE:CIEN) posted its quarterly earnings data on Thursday. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04), Bloomberg Earnings reports. The firm had revenue of $744.40 million for the quarter, compared to the consensus estimate of $736.91 million. Ciena had a return on equity of 25.53% and a net margin of 4.99%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.44 earnings per share.
Ciena (NYSE:CIEN) opened at $21.17 on Thursday. Ciena has a 52-week low of $19.40 and a 52-week high of $27.98. The company has a market capitalization of $3,059.24, a P/E ratio of 15.54, a P/E/G ratio of 0.87 and a beta of 1.67. The company has a current ratio of 2.92, a quick ratio of 2.50 and a debt-to-equity ratio of 0.99.
CIEN has been the subject of a number of research reports. Stifel Nicolaus reiterated a “buy” rating on shares of Ciena in a report on Friday, November 3rd. Citigroup upgraded Ciena from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $23.87 to $29.00 in a report on Wednesday, August 30th. BidaskClub downgraded Ciena from a “sell” rating to a “strong sell” rating in a report on Saturday, November 4th. Nomura decreased their price objective on Ciena from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, September 1st. Finally, Zacks Investment Research downgraded Ciena from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $29.30.
In other news, VP James Frodsham sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $22.00, for a total value of $44,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gary B. Smith sold 12,634 shares of the firm’s stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $21.25, for a total value of $268,472.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,052 shares of company stock valued at $1,898,778. Insiders own 1.45% of the company’s stock.
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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