Ciena Co. to Post FY2024 Earnings of $1.02 Per Share, Zacks Research Forecasts (NYSE:CIEN)

Ciena Co. (NYSE:CIEN) – Analysts at Zacks Research lowered their FY2024 EPS estimates for Ciena in a note issued to 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 prior estimate 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.

A number of other research analysts have also recently commented on CIEN. Citigroup raised shares of Ciena from a “sell” rating to a “buy” rating and upped their target price for the company from $44.00 to $68.00 in a research report on Monday, September 23rd. Needham & Company LLC reissued a “buy” rating and set a $65.00 price target on shares of Ciena in a research report on Thursday, September 5th. Stifel Nicolaus upped their target price on shares of Ciena from $62.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. B. Riley cut their target price on shares of Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. Finally, Rosenblatt Securities upped their target price on shares of Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Ciena has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Ciena Trading Down 1.0 %

NYSE CIEN opened at $61.81 on Monday. The firm’s 50-day moving average is $53.81 and its two-hundred day moving average is $50.01. Ciena has a 12 month low of $39.94 and a 12 month 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. The stock has a market capitalization of $8.88 billion, a P/E ratio of 59.43, a PEG ratio of 7.93 and a beta of 0.94.

Ciena (NYSE:CIEN) last posted its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, beating 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 company had revenue of $942.30 million for the quarter, compared to analysts’ expectations of $928.31 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. Ciena’s revenue for the quarter was down 11.8% compared to the same quarter last year.

Insider Transactions at Ciena

In other news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.81, for a total transaction of $170,835.00. Following the transaction, the senior vice president now directly owns 212,421 shares in the company, valued at $10,368,269.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On Ciena

Several hedge funds have recently modified their holdings of CIEN. Kapitalo Investimentos Ltda acquired a new stake in Ciena in the fourth quarter valued at $30,000. Register Financial Advisors LLC acquired a new stake in Ciena in the first quarter valued at $33,000. Headlands Technologies LLC acquired a new stake in Ciena in the first quarter valued at $40,000. Canton Hathaway LLC acquired a new stake in Ciena in the second quarter valued at $40,000. Finally, Covestor Ltd lifted its holdings in Ciena by 339.5% in the first quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock valued at $60,000 after acquiring an additional 937 shares during the period. 91.99% 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, optical transport network switching, IP routing, and switching services.