Ciena Corporation (NYSE:CIEN) – Research analysts at Jefferies Group reduced their Q4 2017 EPS estimates for Ciena in a research note issued to investors on Monday, according to Zacks Investment Research. Jefferies Group analyst G. Notter now forecasts that the communications equipment provider will earn $0.41 per share for the quarter, down from their previous estimate of $0.42. Jefferies Group also issued estimates for Ciena’s Q3 2018 earnings at $0.47 EPS, Q4 2018 earnings at $0.54 EPS and Q1 2019 earnings at $0.37 EPS.
A number of other research firms have also weighed in on CIEN. Stifel Nicolaus restated a “buy” rating and set a $30.00 target price on shares of Ciena in a report on Wednesday, October 4th. BidaskClub upgraded Ciena from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 25th. B. Riley restated a “buy” rating and set a $30.50 target price on shares of Ciena in a report on Sunday, September 3rd. Northland Securities restated a “buy” rating and set a $30.00 target price on shares of Ciena in a report on Sunday, September 3rd. Finally, Zacks Investment Research lowered Ciena from a “buy” rating to a “hold” rating in a report on Friday, September 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.48.
Ciena (NYSE:CIEN) last posted its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The company had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $736.91 million. Ciena had a return on equity of 18.32% and a net margin of 45.04%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 EPS.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Ciena by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock worth $311,906,000 after purchasing an additional 203,112 shares during the period. State Street Corp grew its position in Ciena by 3.9% during the 2nd quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock worth $116,319,000 after purchasing an additional 172,876 shares during the period. Neuberger Berman Group LLC grew its position in Ciena by 169.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after purchasing an additional 2,652,791 shares during the period. Schroder Investment Management Group grew its position in Ciena by 7.2% during the 3rd quarter. Schroder Investment Management Group now owns 2,982,417 shares of the communications equipment provider’s stock worth $65,822,000 after purchasing an additional 200,907 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Ciena by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,821,175 shares of the communications equipment provider’s stock worth $70,588,000 after purchasing an additional 34,088 shares during the period.
In related news, VP Andrew C. Petrik sold 3,800 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $21.22, for a total value of $80,636.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $22.17, for a total value of $44,340.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 212,217 shares of company stock worth $4,501,475. 1.45% of the stock is owned by insiders.
Ciena announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
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Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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