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Can Ciena Corporation (CIEN) Run Higher on Strong Earnings Estimate Revisions?

Zacks Equity Research
Updated

Ciena Corporation CIEN is the network specialist company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on CIEN’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Ciena Corporation could be a solid choice for investors.

Current Quarter Estimates for CIEN

In the past 30 days, four estimates have gone higher for Ciena Corporation while two have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 27 cents a share 30 days ago, to 29 cents today, a move of 7.4%.

Current Year Estimates for CIEN

Meanwhile, Ciena Corporation's current year figures are also looking quite promising, with eight estimates moving higher in the past month, compared to one lower. The consensus estimate trend has also seen a boost for this time frame, increasing from $1.24 per share 30 days ago to $1.37 per share today, an increase of 10.5%.

Ciena Corporation Price and Consensus

Ciena Corporation Price and Consensus | Ciena Corporation Quote

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Bottom Line

The stock has also started to move higher lately, adding 9.3% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Zacks Investment Research