Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. CIENA Corp. shares valued at $161,175 were sold by Rothenstein David M on Jun 17 ’24. At $46.05 per share, Rothenstein David M sold 3,500 shares. The insider’s holdings dropped to 217,711 shares worth approximately $10.48 million following the completion of this transaction.
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Also, Cumello Joseph sold 1,289 shares, netting a total of over 59,358 in proceeds. Following the sale of shares at $46.05 each, the insider now holds 48,594 shares.
Before that, SMITH GARY B had sold 4,166 shares from its account. In a trade valued at $199,927, the President, CEO traded CIENA Corp. shares for $47.99 each. Upon closing the transaction, the insider’s holdings decreased to 4,166 shares, worth approximately $17.94 million.
As published in a research note from Morgan Stanley on June 12, 2024, CIENA Corp. [CIEN] has been rated up from an Equal-weight to an Overweight and the price target has been revised to $55 from $53. Analysts at Raymond James downgraded the stock from ‘”a Strong buy”‘ to ‘”an Outperform”‘ outlook in a report released in early June. As of May 30, 2024, Rosenblatt has decreased its “Buy” rating to a “Neutral” for CIEN. Earlier on April 12, 2024, Citigroup initiated its rating. Their recommendation was “a Sell” for CIEN stock.
Analyzing CIEN Stock Performance
During the last five days, there has been a surge of approximately 2.53%. Over the course of the year, CIENA Corp. shares have jumped approximately 6.98%. Shares of the company reached a 52-week high of $63.24 on 03/04/24 and a 52-week low of $43.30 on 04/22/24. A 50-day SMA is recorded $47.52, while a 200-day SMA reached $48.02. Nevertheless, trading volume fell to 1.05 million shares from 1.12 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 47.64, which, if violated, would cause prices to drop to 47.14. In the upper region, resistance lies at 48.60. The next price resistance is at 49.06. RSI (Relative Strength Index) is 52.42 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.53, which suggests the price will decrease in the coming days. Percent R is at 21.00%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
