Ciena (NYSE:CIEN) Updates Q3 2021 Earnings Guidance

Ciena (NYSE:CIEN) updated its third quarter 2021 earnings guidance on Tuesday. The company provided earnings per share guidance of $- for the period. The company issued revenue guidance of $950 million-980 million, compared to the consensus revenue estimate of $962.26 million.

A number of equities analysts recently commented on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their target price on shares of Ciena from $65.00 to $70.00 and gave the stock a buy rating in a research note on Friday, June 4th. Zacks Investment Research raised shares of Ciena from a sell rating to a hold rating and set a $60.00 price target for the company in a research report on Tuesday, February 16th. Raymond James boosted their price target on shares of Ciena from $52.00 to $57.00 and gave the company an outperform rating in a research report on Thursday, March 4th. B. Riley boosted their price target on shares of Ciena from $50.00 to $53.00 and gave the company a neutral rating in a research report on Friday, June 4th. They noted that the move was a valuation call. Finally, Citigroup boosted their price target on shares of Ciena from $65.00 to $70.00 and gave the company a buy rating in a research report on Friday, June 4th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Ciena has an average rating of Buy and a consensus target price of $60.07.

CIEN traded down $0.50 on Friday, hitting $58.51. 22,454 shares of the company were exchanged, compared to its average volume of 1,436,761. The company has a quick ratio of 3.06, a current ratio of 3.57 and a debt-to-equity ratio of 0.25. The business has a fifty day moving average price of $54.42. Ciena has a fifty-two week low of $38.03 and a fifty-two week high of $61.51. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 24.97, a P/E/G ratio of 1.68 and a beta of 0.81.

Ciena (NYSE:CIEN) last issued its earnings results on Wednesday, June 2nd. The communications equipment provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. The company had revenue of $833.90 million for the quarter, compared to analyst estimates of $829.15 million. Ciena had a net margin of 10.77% and a return on equity of 14.97%. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.76 earnings per share. On average, sell-side analysts predict that Ciena will post 2.27 earnings per share for the current fiscal year.

In other news, SVP Stephen B. Alexander sold 2,000 shares of the stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $54.56, for a total value of $109,120.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP David M. Rothenstein sold 2,500 shares of the stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $54.56, for a total transaction of $136,400.00. The disclosure for this sale can be found here. Insiders sold 33,387 shares of company stock worth $1,795,338 over the last quarter. Company insiders own 0.96% of the company’s stock.

Ciena Company Profile

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 and Estimates for Ciena (NYSE:CIEN)

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