Ciena (CIEN) closed at $60.95 in the latest trading session, marking a +1.72% move from the prior day. This move outpaced the S&P 500's daily gain of 0.64%. At the same time, the Dow added 0.68%, and the tech-heavy Nasdaq gained 1%.Wall Street will be looking for positivity from CIEN as it approaches its next earnings report date. On that day, CIEN is projected to report earnings of $0.83 per share, which would represent year-over-year growth of 16.9%. Meanwhile, our latest consensus estimate is calling for revenue of $971.70 million, up 1.15% from the prior-year quarter.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.92 per share and revenue of $3.69 billion. These totals would mark changes of +38.39% and +3.43%, respectively, from last year.It is also important to note the recent changes to analyst estimates for CIEN. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.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 remained stagnant. CIEN is currently a Zacks Rank #2 (Buy).In terms of valuation, CIEN is currently trading at a Forward P/E ratio of 20.53. Its industry sports an average Forward P/E of 20.53, so we one might conclude that CIEN is trading at a no noticeable deviation comparatively.Meanwhile, CIEN's PEG ratio is currently 1.28. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Fiber Optics was holding an average PEG ratio of 1.28 at yesterday's closing price.The Fiber Optics industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 5, which puts it in the top 2% 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.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.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.