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 on the open market in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $20.48, for a total value of $30,720.00. Following the completion of the transaction, the vice president now directly owns 238,885 shares in the company, valued at approximately $4,892,365. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
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 equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $27.88.
Ciena (NASDAQ:CIEN) opened at 19.90 on Friday. 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 $21.29 and its 200-day moving average is $21.94. The company’s market cap is $2.101 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. Analysts expect that Ciena will post $0.96 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.