Insider Selling: James E. Moylan, Jr. Sells 1,000 Shares of Ciena Stock (CIEN)
Ciena (NASDAQ:CIEN) CFO James E. Moylan, Jr. sold 1,000 shares of the company’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $21.96, for a total transaction of $21,960.00. Following the completion of the sale, the chief financial officer now directly owns 370,337 shares of the company’s stock, valued at approximately $8,132,601. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of Ciena (NASDAQ:CIEN) traded up 0.09% during mid-day trading on Friday, hitting $22.17. The stock had a trading volume of 1,288,224 shares. Ciena has a 52 week low of $18.00 and a 52 week high of $27.94. The stock’s 50-day moving average is $21.06 and its 200-day moving average is $22.08. The company’s market cap is $2.341 billion.
Ciena (NASDAQ:CIEN) last posted its quarterly earnings results on Thursday, June 5th. The company reported $0.17 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.02 earnings per share. Ciena’s revenue was up 10.3% compared to the same quarter last year. On average, analysts predict that Ciena will post $0.96 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. 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 analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $27.88.
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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