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 $135,278 were sold by Phipps Jason on Oct 01 ’24. At $61.49 per share, Phipps Jason sold 2,200 shares. The insider’s holdings dropped to 91,149 shares worth approximately $6.24 million following the completion of this transaction.
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Also, JASON PHIPPS purchased 2,200 shares, netting a total of over 135,278 in proceeds.
Before that, Cumello Joseph had sold 1,289 shares from its account. In a trade valued at $72,493, the SVP, General Mgr. Blue Planet traded CIENA Corp. shares for $56.24 each. Upon closing the transaction, the insider’s holdings decreased to 1,289 shares, worth approximately $2.97 million.
As published in a research note from Exane BNP Paribas on October 09, 2024, CIENA Corp. [CIEN] has been rated down from an Outperform to a Neutral and the price target has been revised to $67 from $59. Analysts at JP Morgan downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in early October. As of September 23, 2024, Citigroup has increased its “Sell” rating to a “Buy” for CIEN. Earlier on September 05, 2024, BofA Securities downgraded its rating. Their new recommendation was “a Neutral” for CIEN stock which previously was a “a Buy”.
Analyzing CIEN Stock Performance
During the last five days, there has been a surge of approximately 4.98%. Over the course of the year, CIENA Corp. shares have jumped approximately 52.19%. Shares of the company reached a 52-week high of $68.52 on 10/10/24 and a 52-week low of $43.30 on 04/22/24. A 50-day SMA is recorded $56.26, while a 200-day SMA reached $51.41. Nevertheless, trading volume fell to 2.46 million shares from 3.06 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 67.42, which, if violated, would cause prices to drop to 66.34. In the upper region, resistance lies at 69.05. The next price resistance is at 69.60. RSI (Relative Strength Index) is 71.36 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.24, which suggests the price will increase in the coming days. Percent R is at 0.22%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
