The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. CIENA Corp. shares valued at $186,627 were sold by SMITH GARY B on Apr 15 ’24. At $44.80 per share, SMITH GARY B sold 4,166 shares. The insider’s holdings dropped to 385,109 shares worth approximately $17.25 million following the completion of this transaction.
Also, Rothenstein David M sold 3,500 shares, netting a total of over 160,090 in proceeds. Following the sale of shares at $45.74 each, the insider now holds 224,711 shares.
Before that, Cumello Joseph had sold 3,156 shares from its account. In a trade valued at $144,355, the SVP, General Mgr. Blue Planet traded CIENA Corp. shares for $45.74 each. Upon closing the transaction, the insider’s holdings decreased to 3,156 shares, worth approximately $2.29 million.
As published in their initiating research note from Citigroup on April 12, 2024, CIENA Corp. [CIEN] has been a Sell and the price target has been revised to $44. Analysts at Exane BNP Paribas started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid April. As of January 12, 2024, Evercore ISI has increased its “an In-line” rating to a “an Outperform” for CIEN. Earlier on September 28, 2023, Stifel initiated its rating. Their recommendation was “a Buy” for CIEN stock.
Analyzing CIEN Stock Performance
During the last five days, there has been a drop of approximately -4.15%. Over the course of the year, CIENA Corp. shares have dropped approximately -0.47%. Shares of the company reached a 52-week high of $63.24 on 03/04/24 and a 52-week low of $44.20 on 04/16/24. A 50-day SMA is recorded $52.41, while a 200-day SMA reached $46.91. Nevertheless, trading volume fell to 1.32 million shares from 1.74 million shares the previous day.
Support And Resistance Levels for CIENA Corp. (CIEN)
According to the 24-hour chart, there is a support level at 44.61, which, if violated, would cause prices to drop to 44.42. In the upper region, resistance lies at 45.07. The next price resistance is at 45.34. RSI (Relative Strength Index) is 29.97 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.41, which suggests the price will decrease in the coming days. Percent R is at 90.42%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
