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A company insider recently sold 2,712 shares of CIENA Corp. [CIEN]. Should You Sale?

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 $130,962 were sold by Phipps Jason on Jul 01 ’24. At $48.29 per share, Phipps Jason sold 2,712 shares. The insider’s holdings dropped to 96,000 shares worth approximately $4.5 million following the completion of this transaction.

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Also, DiPerna Dino sold 490 shares, netting a total of over 23,662 in proceeds. Following the sale of shares at $48.29 each, the insider now holds 40,825 shares.

Before that, Rothenstein David M had sold 3,500 shares from its account. In a trade valued at $161,175, the SVP and Chief Strategy Officer traded CIENA Corp. shares for $46.05 each. Upon closing the transaction, the insider’s holdings decreased to 3,500 shares, worth approximately $10.21 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 drop of approximately -1.59%. Over the course of the year, CIENA Corp. shares have jumped approximately 4.20%. 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 $47.80, while a 200-day SMA reached $48.00. Nevertheless, trading volume fell to 0.58 million shares from 1.01 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 46.46, which, if violated, would cause prices to drop to 45.96. In the upper region, resistance lies at 47.52. The next price resistance is at 48.08. RSI (Relative Strength Index) is 45.48 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.15, which suggests the price will decrease in the coming days. Percent R is at 66.88%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

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