Insider Selling: Phipps Jason, Ciena Corporation [CIEN] SVP Global Sales and Marketing divested 2,249 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Ciena Corporation shares valued at $91,737 were sold by Phipps Jason on Sep 21. At $40.79 per share, Phipps Jason sold 2,249 shares. The insider’s holdings dropped to 75,050 shares worth approximately $3.08 million following the completion of this transaction.


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Also, HAMILTON RICK sold 2,540 shares, netting a total of over 103,607 in proceeds. Following the sale of shares at $40.79 each, the insider now holds 64,247 shares.

Before that, SMITH GARY B had sold 3,542 shares from its account. In a trade valued at $146,450, the President, CEO traded Ciena Corporation shares for $41.35 each. Upon closing the transaction, the insider’s holdings decreased to 3,542 shares, worth approximately $16.69 million.

As published in a research note from JP Morgan on September 06, 2022, Ciena Corporation [CIEN] has been rated down from an Overweight to a Neutral and the price target has been revised to $45 from $62. This represents a 8.8% premium over Thursday’s closing price. Analysts at Morgan Stanley upgraded the stock from ‘”an Equal-weight”‘ to ‘”an Overweight”‘ outlook in a report released in mid August. As of August 04, 2022, MKM Partners has initiated its “Buy” rating for CIEN. Earlier on June 03, 2022, B. Riley Securities upgraded its rating. Their new recommendation was “a Buy” for CIEN stock which previously was a “a Neutral”.

Analyzing CIEN’s Price Performance

On Thursday, Ciena Corporation [NYSE: CIEN] rose 0.74% to $41.04. The stock’s lowest price that day was $40.49, but it reached a high of $41.31 in the same session. During the last five days, there has been a drop of approximately -2.75%. Over the course of the year, Ciena Corporation shares have dropped approximately -46.68%. Shares of the company reached a 52-week high of $77.38 on 01/03/22 and a 52-week low of $40.17 on 09/20/22. A 50-day SMA is recorded $49.19, while a 200-day SMA reached $57.15. Nevertheless, trading volume fell to 2.08 million shares from 1.8 million shares the previous day.

Support And Resistance Levels for Ciena Corporation (CIEN)

According to the 24-hour chart, there is a support level at 40.58, which, if violated, would cause prices to drop to 40.13. In the upper region, resistance lies at 41.40. The next price resistance is at 41.77. RSI (Relative Strength Index) is 28.13 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.80, which suggests the price will decrease in the coming days. Percent R is at 85.48%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Ciena Corporation subject to short interest?

Stocks of Ciena Corporation saw a sharp steep in short interest on Jul 14, 2022 dropping by 100000.0 shares to 3.73 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 3.83 million shares. A decline of -2.68% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.44 of the overall float, the days-to-cover ratio (short ratio) decline to 2.44.

Which companies own the most shares of Ciena Corporation (CIEN)?

According to The Vanguard Group, Inc. filings, the company currently owns 14,348,221 shares, which is about 9.58% of the total CIEN shares outstanding. The investor’s shares have appreciated by 183,806 from its previous 13-F filing of 14164415.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $628,604,414. Fidelity Management & Research Co reduced a -2.19% interest valued at $436.2 million while AllianceBernstein LP sold a -341,149 stake. A total of -84,155 shares of Ciena Corporation were sold by SSgA Funds Management, Inc. during the quarter, and 76,785 were bought by Neuberger Berman Investment Advis. In its current portfolio, Congress Asset Management Co. LLP holds 3,178,104 shares valued at $161.26 million.

In terms of Ciena Corporation share price expectations, FactSet research, analysts set an average price target of $58.76 in the next 12 months, up nearly 42.37% from the previous closing price of $40.74. Analysts anticipate Ciena Corporation stock to reach $71.00 by 2022, with the lowest price target being $45.00. In spite of this, 19 analysts ranked Ciena Corporation stock as an Overweight at the end of 2022. On April 05, 2022, UBS assigned a price target of “a Neutral” to the stock and initiated coverage with a $66.

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