Insider Selling: Ciena Corp. CFO Sells 1,000 Shares of Stock (CIEN)
Ciena Corp. (NASDAQ:CIEN) CFO James Moylan, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $23.96, for a total transaction of $23,960.00. Following the transaction, the chief financial officer now directly owns 388,159 shares of the company’s stock, valued at approximately $9,300,290. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of Ciena Corp. (NASDAQ:CIEN) traded down 1.96% during mid-day trading on Thursday, hitting $23.46. 2,440,558 shares of the company’s stock traded hands. Ciena Corp. has a 1-year low of $14.14 and a 1-year high of $27.94. The stock has a 50-day moving average of $22.54 and a 200-day moving average of $22.92. The company’s market cap is $2.433 billion.
Ciena Corp. (NASDAQ:CIEN) last posted its quarterly earnings results on Thursday, December 12th. The company reported $0.16 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.24 by $0.08. The company had revenue of $583.40 million for the quarter, compared to the consensus estimate of $568.51 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The company’s revenue for the quarter was up 25.3% on a year-over-year basis. On average, analysts predict that Ciena Corp. will post $0.89 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Ciena Corp. in a research note to investors on Friday, December 13th. They now have a $26.00 price target on the stock, down previously from $27.00. Separately, analysts at UBS AG cut their price target on shares of Ciena Corp. to $23.00 in a research note to investors on Friday, December 13th. They now have a “neutral” rating on the stock. Finally, analysts at RBC Capital upgraded shares of Ciena Corp. from a “market perform” rating to an “outperform” rating in a research note to investors on Friday, December 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $25.88.
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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