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 Ciena stock on the open market in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $20.88, for a total transaction of $20,880.00. Following the sale, the chief financial officer now directly owns 367,337 shares in the company, valued at approximately $7,669,997. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
CIEN has been the subject of a number of recent research reports. Analysts at RBC Capital cut their price target on shares of Ciena from $24.00 to $21.00 in a research note on Tuesday, August 19th. They now have a “sector perform” rating on the stock. Separately, analysts at Zacks downgraded shares of Ciena from an “outperform” rating to a “neutral” rating in a research note on Monday, August 18th. They now have a $20.00 price target on the stock. Finally, 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. Ciena currently has an average rating of “Buy” and a consensus price target of $27.31.
Shares of Ciena (NASDAQ:CIEN) traded down 0.63% during mid-day trading on Thursday, hitting $20.47. 1,526,036 shares of the company’s stock traded hands. 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 $19.73 and a 200-day moving average of $21.26. The company’s market cap is $2.161 billion. Ciena also was the recipient of unusually large options trading on Wednesday. Investors bought 9,556 put options on the company. This represents an increase of 566% compared to the typical volume of 1,434 put options.
Ciena (NASDAQ:CIEN) last announced its 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 $0.95 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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