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Sheela Kosaraju, Senior Vice President and General Counsel at Ciena Corp (NYSE:CIEN), a $9.2 billion market cap networking equipment company with a "FAIR" InvestingPro Financial Health score, recently sold 1,381 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $60.51 each, totaling approximately $83,564. This transaction was conducted under a Rule 10b5-1 trading plan, which Kosaraju established on October 14, 2024. Following this sale, Kosaraju holds 91,998 shares, which include unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs). The stock has shown resilience with a 33.75% return over the past year, and according to InvestingPro, the company maintains strong liquidity with current assets exceeding short-term obligations by 3.65x. For deeper insights and additional ProTips, including management’s aggressive share buyback activity, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, CIENA Corporation reported strong first-quarter earnings, with revenue reaching $1.07 billion, surpassing expectations from UBS and consensus estimates. Earnings per share also exceeded projections, coming in at $0.64, compared to the anticipated $0.44. Stifel analysts maintained a Buy rating with a $95 price target, citing robust order momentum, particularly from cloud service providers. Meanwhile, UBS adjusted its price target for CIENA to $73 from $85, maintaining a Neutral rating despite the strong quarterly performance. The company anticipates second-quarter revenue to reach $1.09 billion at the midpoint, indicating continued business momentum.
Additionally, CIENA’s shareholders approved the election of directors and the ratification of PricewaterhouseCoopers LLP as the independent auditor during the recent annual meeting. In collaboration with Lumen Technologies, CIENA successfully completed a network trial, achieving a 1.2 terabit per second wavelength over 1,800 miles using its WaveLogic 6 Extreme technology. This development underscores CIENA’s leadership in high-speed optical innovation. Evercore ISI maintained its ’In Line’ rating and a $68 price target, highlighting CIENA’s strategic direction and technological advancements.
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