Ciena (NYSE:CIEN) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Ciena (NYSE:CIENGet Free Report) announced its earnings results on Thursday. The communications equipment provider reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12, RTT News reports. The company had revenue of $910.80 million during the quarter, compared to analysts’ expectations of $895.80 million. Ciena had a return on equity of 7.16% and a net margin of 3.71%. Ciena’s revenue for the quarter was down 19.6% on a year-over-year basis. During the same period last year, the business posted $0.59 EPS.

Ciena Stock Down 5.8 %

Shares of NYSE:CIEN opened at $45.76 on Friday. The firm has a 50 day simple moving average of $47.59 and a 200-day simple moving average of $49.27. Ciena has a twelve month low of $39.94 and a twelve month high of $63.24. The company has a current ratio of 3.88, a quick ratio of 3.12 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $6.62 billion, a PE ratio of 44.00, a P/E/G ratio of 3.36 and a beta of 0.99.

Insider Activity at Ciena

In related news, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $50.19, for a total value of $175,665.00. Following the completion of the sale, the senior vice president now directly owns 230,001 shares of the company’s stock, valued at $11,543,750.19. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Ciena news, CEO Gary B. Smith sold 4,166 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $47.99, for a total transaction of $199,926.34. Following the transaction, the chief executive officer now directly owns 372,611 shares of the company’s stock, valued at approximately $17,881,601.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $50.19, for a total value of $175,665.00. Following the transaction, the senior vice president now directly owns 230,001 shares in the company, valued at approximately $11,543,750.19. The disclosure for this sale can be found here. Insiders have sold 29,307 shares of company stock valued at $1,414,330 in the last ninety days. Insiders own 0.83% of the company’s stock.

Analyst Upgrades and Downgrades

CIEN has been the topic of several recent research reports. Raymond James downgraded shares of Ciena from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $59.00 to $54.00 in a research note on Thursday. JPMorgan Chase & Co. cut their price objective on Ciena from $67.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Evercore ISI lifted their target price on Ciena from $57.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. BNP Paribas assumed coverage on Ciena in a research note on Thursday, April 11th. They set an “outperform” rating and a $57.00 target price for the company. Finally, StockNews.com raised Ciena from a “sell” rating to a “hold” rating in a research report on Friday, March 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.58.

Read Our Latest Research Report on Ciena

About Ciena

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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.

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Earnings History for Ciena (NYSE:CIEN)

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