Insider Selling: Ciena VP Sells 1,500 Shares of Stock (CIEN)
Ciena (NASDAQ:CIEN) VP David M. Rothenstein sold 1,500 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $22.23, for a total value of $33,345.00. Following the completion of the sale, the vice president now directly owns 243,516 shares of the company’s stock, valued at approximately $5,413,361. The sale was disclosed in a filing with the SEC, which is available at this link.
CIEN has been the subject of a number of recent research reports. 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, June 6th. Separately, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Ciena in a research note on Thursday, June 5th. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ciena in a research note on Tuesday, June 3rd. They now have a $22.00 price target on the stock, down previously from $25.00. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. Ciena presently has a consensus rating of “Buy” and a consensus target price of $27.88.
Ciena (NASDAQ:CIEN) traded down 1.02% on Wednesday, hitting $22.28. 2,055,422 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 $20.08 and its 200-day moving average is $22.12. The company’s market cap is $2.353 billion.
Ciena (NASDAQ:CIEN) last issued its quarterly earnings data 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. On average, analysts predict that Ciena will post $0.96 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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