Ciena (NYSE:CIEN) Posts Earnings Results, Misses Estimates By $0.04 EPS

Posted by on Jun 2nd, 2022

Ciena (NYSE:CIEN – Get Rating) announced its quarterly earnings results on Thursday. The communications equipment provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04), MarketWatch Earnings reports. The company had revenue of $949.20 million during the quarter, compared to analysts’ expectations of $950.86 million. Ciena had a net margin of 13.23% and a return on equity of 13.17%. The company’s revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.52 earnings per share.

Shares of NYSE CIEN traded down $0.64 during trading on Thursday, reaching $50.71. 166,734 shares of the company traded hands, compared to its average volume of 1,415,153. The firm’s fifty day simple moving average is $55.36 and its 200 day simple moving average is $62.79. The stock has a market cap of $7.71 billion, a P/E ratio of 16.41, a PEG ratio of 1.36 and a beta of 0.87. Ciena has a 12-month low of $48.16 and a 12-month high of $78.28. The company has a current ratio of 4.16, a quick ratio of 3.56 and a debt-to-equity ratio of 0.38.

A number of analysts have recently weighed in on CIEN shares. Rosenblatt Securities lowered their price objective on Ciena from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, May 23rd. StockNews.com started coverage on Ciena in a research report on Thursday, March 31st. They issued a “hold” rating for the company. UBS Group started coverage on Ciena in a research report on Tuesday, April 5th. They issued a “neutral” rating and a $66.00 price objective for the company. Morgan Stanley lowered their price objective on Ciena from $67.00 to $64.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 25th. Finally, Loop Capital raised their price objective on Ciena from $87.00 to $92.00 in a research report on Wednesday, February 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Ciena currently has a consensus rating of “Buy” and an average price target of $77.44.

In related news, SVP Scott Mcfeely sold 5,000 shares of Ciena stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $54.20, for a total value of $271,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $54.11, for a total value of $189,385.00. The disclosure for this sale can be found here. Insiders have sold a total of 30,828 shares of company stock valued at $1,732,259 in the last quarter. Company insiders own 0.94% of the company’s stock.

Several institutional investors have recently made changes to their positions in CIEN. EverSource Wealth Advisors LLC purchased a new stake in Ciena during the 4th quarter worth approximately $74,000. Neo Ivy Capital Management purchased a new stake in Ciena during the 4th quarter worth approximately $136,000. Forum Financial Management LP purchased a new stake in Ciena during the 4th quarter worth approximately $200,000. Canada Pension Plan Investment Board purchased a new stake in Ciena during the 1st quarter worth approximately $203,000. Finally, Wealthsource Partners LLC purchased a new stake in Ciena during the 4th quarter worth approximately $244,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Ciena Company Profile (Get Rating)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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Earnings History for Ciena (NYSE:CIEN)

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