Ciena Corporation (NYSE:CIEN) has tumbled 2.23% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 28.26% in the last four weeks. The stocks have underperformed the S&P 500 by 1.05% during the past week but Ciena Corporation (NYSE:CIEN) it has outperformed the index in 4 weeks by 27.09%.
Ciena Corporation (NYSE:CIEN): The stock opened at $20.94 on Friday but the bulls could not build on the opening and the stock topped out at $20.99 for the day. The stock traded down to $20.58 during the day, due to lack of any buying support eventually closed down at $20.65 with a loss of -1.62% for the day. The stock had closed at $20.99 on the previous day. The total traded volume was 3,199,422 shares.
The company shares have dropped -18.96% from its 1 Year high price. On Jul 24, 2015, the shares registered one year high at $26.50 and the one year low was seen on May 13, 2016. The 50-Day Moving Average price is $18.03 and the 200 Day Moving Average price is recorded at $18.75.
On the companys insider trading activities, The Securities and Exchange Commission has divulged that Moylan James E Jr, officer (SVP Finance, CFO) of Ciena Corp, had unloaded 2,000 shares at an average price of $20.73 in a transaction dated on June 16, 2016. The total value of the transaction was worth $41,460.
Many analysts have stated their opinion on the company shares. In a research note released to the investors, Citigroup maintains its rating on Ciena Corporation (NYSE:CIEN).The analysts at the brokerage house have a current rating of Neutral on the shares. In a recent information released to the investors, Citigroup raises the new price target from $18 per share to $21 per share. The rating by the firm was issued on June 3, 2016. Currently the company Insiders own 1.72% of Ciena Corporation shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by -2.75% . Institutional Investors own 99.97% of Ciena Corporation shares. During last six month period, the net percent change held by insiders has seen a change of -4.1%.
Ciena Corporation (Ciena) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic. The Company operates in four segments: converged packet optical, packet networking, optical transport, and software and services. Its service provider customers include regional, national and international, wire line and wireless carriers. Its cable operator customers include cable and multiservice operators in the United States and internationally. Its Blue Planet Division provides multi-vendor network management software and service orchestration solutions. Its Blue Planet product portfolio includes software applications, including Planet Orchestrate and Planet Operate, as well as its software-defined networking (SDN) multilayer wide area network (WAN) controller and its applications, V-WAN, Agility Matrix and network management solutions.