Insider Selling: Ciena SVP Sells $28,185 in Stock (CIEN)
Ciena (NASDAQ:CIEN) SVP James Richard Dodd, Jr. unloaded 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $18.79, for a total value of $28,185.00. Following the completion of the transaction, the senior vice president now directly owns 113,554 shares of the company’s stock, valued at approximately $2,133,680. The sale was disclosed in a legal 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 analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $28.27.
Shares of Ciena (NASDAQ:CIEN) traded up 1.75% on Monday, hitting $19.15. The stock had a trading volume of 578,003 shares. Ciena has a 52 week low of $18.00 and a 52 week high of $27.94. The stock has a 50-day moving average of $20.11 and a 200-day moving average of $21.43. The company’s market cap is $2.022 billion.
Ciena (NASDAQ:CIEN) last issued its quarterly earnings data on Thursday, June 5th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. 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.
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