Insider Selling: Ciena VP Sells 1,500 Shares of Stock (CIEN)
Ciena (NASDAQ:CIEN) VP David M. Rothenstein unloaded 1,500 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $19.43, for a total value of $29,145.00. Following the sale, the vice president now directly owns 246,516 shares of the company’s stock, valued at approximately $4,789,806. The transaction was disclosed in a document filed with the SEC, which is available at this link.
A number of analysts have recently weighed in on CIEN shares. Analysts at National Alliance Securities initiated coverage on shares of Ciena in a research note on Tuesday, April 8th. They set a “buy” rating and a $27.00 price target on the stock. Separately, analysts at RBC Capital downgraded shares of Ciena from an “outperform” rating to a “sector perform” rating in a research note on Friday, March 28th. They now have a $28.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Ciena in a research note on Wednesday, March 12th. They now have a $24.00 price target on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the stock. Ciena presently has a consensus rating of “Buy” and an average price target of $27.22.
Shares of Ciena (NASDAQ:CIEN) traded down 0.10% on Thursday, hitting $19.88. The stock had a trading volume of 2,918,115 shares. Ciena has a 52 week low of $14.14 and a 52 week high of $27.94. The stock’s 50-day moving average is $22.79 and its 200-day moving average is $23.4. The company’s market cap is $2.088 billion.
Ciena (NASDAQ:CIEN) last issued its quarterly earnings data on Thursday, March 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $533.70 million for the quarter, compared to the consensus estimate of $533.75 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, analysts predict that Ciena will post $0.88 earnings per share for the current fiscal year.
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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