Ciena (NYSE:CIEN) Posts Earnings Results

Ciena (NYSE:CIEN) released its quarterly earnings data on Wednesday. The communications equipment provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09, Briefing.com reports. Ciena had a return on equity of 7.16% and a net margin of 3.71%. The business had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same period in the prior year, the firm posted $0.36 EPS. The business’s revenue for the quarter was down 11.8% on a year-over-year basis.

Ciena Trading Down 4.6 %

Ciena stock opened at $52.43 on Friday. The firm has a 50-day moving average price of $51.00 and a two-hundred day moving average price of $49.99. Ciena has a 52-week low of $39.94 and a 52-week high of $63.24. The firm has a market capitalization of $7.53 billion, a price-to-earnings ratio of 50.41, a PEG ratio of 6.02 and a beta of 0.94. The company has a quick ratio of 2.76, a current ratio of 3.88 and a debt-to-equity ratio of 0.53.

Insider Activity

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

Analyst Ratings Changes

A number of research firms recently weighed in on CIEN. Rosenblatt Securities raised their price target on shares of Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday. B. Riley reduced their price target on Ciena from $68.00 to $66.00 and set a “buy” rating for the company in a report on Friday, June 7th. Bank of America restated a “neutral” rating and set a $59.00 price objective on shares of Ciena in a report on Thursday. Morgan Stanley increased their target price on Ciena from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $65.00 price target on shares of Ciena in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

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.