Insider Selling: Ciena Corp. CEO Sells 2,900 Shares of Stock (CIEN)
Ciena Corp. (NASDAQ:CIEN) CEO Gary Smith sold 2,900 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $26.74, for a total value of $77,546.00. Following the completion of the sale, the chief executive officer now directly owns 273,455 shares in the company, valued at approximately $7,312,187. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Ciena Corp. (NASDAQ:CIEN) traded up 0.30% on Friday, hitting $26.97. The stock had a trading volume of 2,059,261 shares. Ciena Corp. has a 1-year low of $11.96 and a 1-year high of $27.66. The stock has a 50-day moving average of $24.86 and a 200-day moving average of $20.16. The company’s market cap is $2.782 billion.
Ciena Corp. (NASDAQ:CIEN) last announced its earnings results on Wednesday, September 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.07. The company had revenue of $538.40 million for the quarter, compared to the consensus estimate of $532.99 million. During the same quarter in the previous year, the company posted ($0.04) earnings per share. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. Analysts expect that Ciena Corp. will post $0.62 EPS for the current fiscal year.
CIEN has been the subject of a number of recent research reports. Analysts at RBC Capital reiterated a “buy” rating on shares of Ciena Corp. in a research note to investors on Monday. They now have a $28.00 price target on the stock. Separately, analysts at FBR Capital Markets raised their price target on shares of Ciena Corp. from $28.00 to $30.00 in a research note to investors on Monday. They now have an “outperform” rating on the stock. Finally, analysts at Needham & Company reiterated a “buy” rating on shares of Ciena Corp. in a research note to investors on Monday, October 7th. They now have a $31.00 price target on the stock, up previously from $28.00. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $25.61.
Ciena Corporation (NASDAQ:CIEN) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic.
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