Ciena Co. Forecasted to Earn FY2024 Earnings of $1.02 Per Share (NYSE:CIEN)

Ciena Co. (NYSE:CIEN) – Stock analysts at Zacks Research decreased their FY2024 EPS estimates for Ciena in a research report issued to clients and investors on Wednesday, September 25th. Zacks Research analyst R. Department now anticipates that the communications equipment provider will earn $1.02 per share for the year, down from their previous forecast of $1.18. The consensus estimate for Ciena’s current full-year earnings is $1.15 per share. Zacks Research also issued estimates for Ciena’s Q4 2024 earnings at $0.36 EPS, Q3 2025 earnings at $0.41 EPS, FY2025 earnings at $1.28 EPS, Q3 2026 earnings at $0.65 EPS and FY2026 earnings at $2.22 EPS.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The business had revenue of $942.30 million for the quarter, compared to analysts’ expectations of $928.31 million. During the same period in the prior year, the company posted $0.36 EPS. The business’s revenue for the quarter was down 11.8% on a year-over-year basis.

Other research analysts also recently issued research reports about the company. B. Riley cut their price target on Ciena from $68.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Rosenblatt Securities lifted their target price on shares of Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Morgan Stanley increased their price target on shares of Ciena from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Needham & Company LLC restated a “buy” rating and set a $65.00 price objective on shares of Ciena in a research report on Thursday, September 5th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $59.00 target price on shares of Ciena in a research note on Thursday, September 5th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.00.

Ciena Stock Performance

NYSE CIEN opened at $61.45 on Monday. The business has a 50 day moving average price of $54.24 and a 200 day moving average price of $50.17. The company has a market capitalization of $8.83 billion, a P/E ratio of 59.09, a PEG ratio of 7.93 and a beta of 0.94. Ciena has a 1-year low of $39.94 and a 1-year high of $63.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.06 and a quick ratio of 2.99.

Insider Transactions at Ciena

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction on Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the transaction, the senior vice president now owns 205,421 shares in the company, valued at approximately $11,552,877.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Jason Phipps sold 2,200 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total transaction of $135,278.00. Following the completion of the sale, the senior vice president now owns 91,149 shares in the company, valued at approximately $5,604,752.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the sale, the senior vice president now directly owns 205,421 shares of the company’s stock, valued at approximately $11,552,877.04. The disclosure for this sale can be found here. Insiders have sold a total of 9,200 shares of company stock worth $502,953 in the last three months. Company insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On Ciena

Several institutional investors have recently bought and sold shares of the business. UBS Group AG lifted its holdings in shares of Ciena by 15.4% during the 4th quarter. UBS Group AG now owns 201,552 shares of the communications equipment provider’s stock valued at $9,072,000 after acquiring an additional 26,870 shares in the last quarter. Corient Private Wealth LLC grew its stake in shares of Ciena by 13.7% in the fourth quarter. Corient Private Wealth LLC now owns 28,384 shares of the communications equipment provider’s stock valued at $1,278,000 after buying an additional 3,415 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Ciena by 79.3% in the fourth quarter. Hsbc Holdings PLC now owns 90,699 shares of the communications equipment provider’s stock valued at $4,082,000 after buying an additional 40,102 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Ciena by 3.2% during the 4th quarter. Stifel Financial Corp now owns 119,628 shares of the communications equipment provider’s stock valued at $5,384,000 after buying an additional 3,692 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in Ciena by 21.7% during the 4th quarter. Allianz Asset Management GmbH now owns 58,657 shares of the communications equipment provider’s stock worth $2,640,000 after acquiring an additional 10,466 shares in the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

About Ciena

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.