In the latest trading session, Ciena (CIEN) closed at $52.85, marking a -1.14% move from the previous day. This change lagged the S&P 500's daily loss of 0.34%. Elsewhere, the Dow lost 0.5%, while the tech-heavy Nasdaq lost 0.73%.Coming into today, shares of the developer of high-speed networking technology had lost 0.3% in the past month. In that same time, the Computer and Technology sector gained 7.57%, while the S&P 500 gained 5.71%.Wall Street will be looking for positivity from CIEN as it approaches its next earnings report date. In that report, analysts expect CIEN to post earnings of $0.83 per share. This would mark year-over-year growth of 16.9%. Our most recent consensus estimate is calling for quarterly revenue of $969.81 million, up 0.96% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $2.91 per share and revenue of $3.69 billion, which would represent changes of +37.91% and +3.36%, respectively, from the prior year.It is also important to note the recent changes to analyst estimates for CIEN. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.12% lower. CIEN is currently sporting a Zacks Rank of #3 (Hold).Investors should also note CIEN's current valuation metrics, including its Forward P/E ratio of 18.35. For comparison, its industry has an average Forward P/E of 18.35, which means CIEN is trading at a no noticeable deviation to the group.Also, we should mention that CIEN has a PEG ratio of 1.15. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Fiber Optics industry currently had an average PEG ratio of 1.15 as of yesterday's close.The Fiber Optics industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 105, which puts it in the top 42% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ciena Corporation (CIEN): Free Stock Analysis Report To read this article on Zacks.com click here.