Insider Selling: Ciena SVP Sells 9,738 Shares of Stock (CIEN)
Ciena (NASDAQ:CIEN) SVP Francois Locoh-Donou sold 9,738 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $22.00, for a total transaction of $214,236.00. Following the completion of the sale, the senior vice president now directly owns 201,060 shares of the company’s stock, valued at approximately $4,423,320. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on CIEN shares. Analysts at Cowen and Company cut their price target on shares of Ciena from $32.00 to $31.00 in a research note on Friday. Separately, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Ciena in a research note on Thursday. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ciena in a research note on Tuesday. They now have a $22.00 price target on the stock, down previously from $25.00. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $27.06.
Shares of Ciena (NASDAQ:CIEN) traded down 0.89% on Friday, hitting $22.28. 4,648,514 shares of the company’s stock traded hands. Ciena has a one year low of $18.00 and a one year high of $27.94. The stock’s 50-day moving average is $19.58 and its 200-day moving average is $22.10. The company’s market cap is $2.340 billion.
Ciena (NASDAQ:CIEN) last posted its quarterly earnings results on Thursday, June 5th. The company reported $0.17 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.13 by $0.04. The company had revenue of $560.10 million for the quarter, compared to the consensus estimate of $559.18 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. The company’s quarterly revenue was up 10.3% on a year-over-year basis. Analysts expect that Ciena will post $0.88 EPS 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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