Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Ciena Corporation shares valued at $152,250 were sold by Rothenstein David M on May 15. At $43.50 per share, Rothenstein David M sold 3,500 shares. The insider’s holdings dropped to 240,975 shares worth approximately $10.88 million following the completion of this transaction.
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Also, McFeely Scott sold 2,000 shares, netting a total of over 87,000 in proceeds. Following the sale of shares at $43.50 each, the insider now holds 98,230 shares.
Before that, PETRIK ANDREW C had sold 1,000 shares from its account. In a trade valued at $43,500, the VP, CONTROLLER traded Ciena Corporation shares for $43.50 each. Upon closing the transaction, the insider’s holdings decreased to 1,000 shares, worth approximately $1.27 million.
Analyzing CIEN Stock Performance
On Thursday, Ciena Corporation [NYSE: CIEN] rose 1.87% to $45.14. The stock’s lowest price that day was $44.47, but it reached a high of $45.32 in the same session. During the last five days, there has been a surge of approximately 1.07%. Over the course of the year, Ciena Corporation shares have dropped approximately -11.46%. Shares of the company reached a 52-week high of $54.25 on 03/06/23 and a 52-week low of $42.64 on 05/09/23. A 50-day SMA is recorded $47.55, while a 200-day SMA reached $47.34. Nevertheless, trading volume fell to 0.99 million shares from 1.63 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 44.63, which, if violated, would cause prices to drop to 44.13. In the upper region, resistance lies at 45.48. The next price resistance is at 45.83. RSI (Relative Strength Index) is 48.02 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.71, which suggests the price will decrease in the coming days. Percent R is at 21.38%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Ciena Corporation subject to short interest?
Stocks of Ciena Corporation saw a sharp rise in short interest on May 14, 2023 jumping by 0.23 million shares to 4.46 million. Data from Yahoo Finance shows that the short interest on Apr 13, 2023 was 4.23 million shares. A jump of 5.16% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.12 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.12.
Which companies own the most shares of Ciena Corporation (CIEN)?
According to The Vanguard Group, Inc. filings, the company currently owns 14,369,928 shares, which is about 9.63% of the total CIEN shares outstanding. The investor’s shares have appreciated by 228,221 from its previous 13-F filing of 14141707.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $561,447,395. Fidelity Management & Research Co reduced a -1.26% interest valued at $405.03 million while AllianceBernstein LP purchased a 834,109 stake. A total of 31,333 shares of Ciena Corporation were bought by SSgA Funds Management, Inc. during the quarter, and 294,015 were bought by Neuberger Berman Investment Advis. In its current portfolio, Congress Asset Management Co. LLP holds 3,306,772 shares valued at $152.24 million.
In terms of Ciena Corporation share price expectations, FactSet research, analysts set an average price target of $63.39 in the next 12 months, up nearly 46.69% from the previous closing price of $44.31. Analysts anticipate Ciena Corporation stock to reach $74.00 by 2023, with the lowest price target being $45.00. In spite of this, 16 analysts ranked Ciena Corporation stock as an Overweight at the end of 2023.