Brokers Offer Predictions for Ciena Co.’s FY2023 Earnings (NYSE:CIEN)

Ciena Co. (NYSE:CIEN) – Equities research analysts at Zacks Research boosted their FY2023 earnings per share (EPS) estimates for Ciena in a report released on Thursday, September 14th. Zacks Research analyst H. Sadavartia now expects that the communications equipment provider will post earnings per share of $1.92 for the year, up from their previous forecast of $1.83. The consensus estimate for Ciena’s current full-year earnings is $1.95 per share. Zacks Research also issued estimates for Ciena’s Q1 2024 earnings at $0.30 EPS, Q2 2024 earnings at $0.50 EPS, Q3 2024 earnings at $0.53 EPS, Q4 2024 earnings at $0.61 EPS, FY2024 earnings at $1.94 EPS, Q2 2025 earnings at $0.76 EPS, Q3 2025 earnings at $0.76 EPS and FY2025 earnings at $2.88 EPS.

A number of other equities research analysts have also issued reports on CIEN. Raymond James dropped their target price on Ciena from $70.00 to $63.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, June 7th. Bank of America dropped their target price on Ciena from $62.00 to $59.00 in a research report on Friday, June 16th. Evercore ISI lifted their target price on Ciena from $47.00 to $52.00 and gave the company an “in-line” rating in a research report on Friday, September 1st. Barclays lowered their price target on Ciena from $66.00 to $59.00 and set an “overweight” rating on the stock in a research report on Friday, September 1st. Finally, Rosenblatt Securities lifted their target price on Ciena from $57.00 to $65.00 in a research note on Friday, September 1st. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $61.35.

Ciena Trading Down 0.6 %

NYSE CIEN opened at $48.81 on Monday. The firm has a market cap of $7.22 billion, a P/E ratio of 32.98, a P/E/G ratio of 1.67 and a beta of 0.91. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.95 and a quick ratio of 2.71. The stock’s 50-day moving average is $43.64 and its 200-day moving average is $45.52. Ciena has a one year low of $38.33 and a one year high of $54.25.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.08. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.04 billion. Ciena had a return on equity of 10.00% and a net margin of 5.23%. Ciena’s revenue was up 23.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share.

Insider Buying and Selling at Ciena

In related news, SVP Jason Phipps sold 3,833 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $42.59, for a total value of $163,247.47. Following the transaction, the senior vice president now directly owns 88,104 shares of the company’s stock, valued at approximately $3,752,349.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Scott Mcfeely sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $41.20, for a total transaction of $82,400.00. Following the transaction, the senior vice president now owns 92,892 shares of the company’s stock, valued at $3,827,150.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jason Phipps sold 3,833 shares of Ciena stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $42.59, for a total transaction of $163,247.47. Following the sale, the senior vice president now directly owns 88,104 shares of the company’s stock, valued at approximately $3,752,349.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,207 shares of company stock worth $1,470,999. Insiders own 0.99% of the company’s stock.

Hedge Funds Weigh In On Ciena

Large investors have recently made changes to their positions in the business. Orion Capital Management LLC acquired a new position in shares of Ciena during the 1st quarter worth about $26,000. BOKF NA purchased a new stake in shares of Ciena in the 1st quarter valued at approximately $30,000. Belpointe Asset Management LLC purchased a new position in shares of Ciena during the 4th quarter worth approximately $33,000. BerganKDV Wealth Management LLC purchased a new position in shares of Ciena during the 2nd quarter worth approximately $32,000. Finally, Farther Finance Advisors LLC boosted its position in shares of Ciena by 63.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 849 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 331 shares during the period. 90.02% of the stock is owned by institutional investors and hedge funds.

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, IP routing, and switching services.