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Citigroup analysts initates a Sell rating for CIENA Corp. (CIEN)

CIENA Corp.’s recent filing unveils that its President, CEO SMITH GARY B unloaded Company’s shares for reported $0.19 million on May 01 ’24. In the deal valued at $46.66 per share,4,166 shares were sold. As a result of this transaction, SMITH GARY B now holds 380,943 shares worth roughly $18.7 million.

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Then, SMITH GARY B sold 4,166 shares, generating $186,627 in total proceeds. Upon selling the shares at $44.80, the President, CEO now owns 385,109 shares.

Before that, Rothenstein David M sold 3,500 shares. CIENA Corp. shares valued at $160,090 were divested by the SVP and Chief Strategy Officer at a price of $45.74 per share. As a result of the transaction, Rothenstein David M now holds 224,711 shares, worth roughly $11.03 million.

Citigroup initiated its CIENA Corp. [CIEN] rating to a Sell in a research note published on April 12, 2024; the price target was $44. A number of analysts have revised their coverage, including Exane BNP Paribas’s analysts, who began to cover the stock in mid April with a ‘”an Outperform”‘ rating. Evercore ISI also remained covering CIEN and has increased its forecast on January 12, 2024 with a “an Outperform” recommendation from previously “an In-line” rating. Stifel started covering the stock on September 28, 2023. It rated CIEN as “a Buy”.

Price Performance Review of CIEN

On Friday, CIENA Corp. [NYSE:CIEN] saw its stock jump 0.37% to $49.10. Over the last five days, the stock has gained 2.78%. CIENA Corp. shares have risen nearly 9.09% since the year began. Nevertheless, the stocks have risen 12.56% over the past one year. While a 52-week high of $63.24 was reached on 03/04/24, a 52-week low of $39.94 was recorded on 04/22/24. SMA at 50 days reached $49.25, while 200 days put it at $47.26. A total of 0.96 million shares were traded, compared to the trading of 1.58 million shares in the previous session.

Levels Of Support And Resistance For CIEN Stock

The 24-hour chart illustrates a support level at 48.65, which if violated will result in even more drops to 48.19. On the upside, there is a resistance level at 49.46. A further resistance level may holdings at 49.81. The Relative Strength Index (RSI) on the 14-day chart is 59.55, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.80, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 7.17%. Stochastics %K at 92.64% indicates the stock is a selling.

The most recent change occurred on August 28, 2023 when Needham resumed its ‘”a Buy”‘ rating for the stock and retained the price target to $50.

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