TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
David M. Rothenstein, the Senior Vice President and Chief Strategy Officer at Ciena Corp (NYSE:CIEN), recently sold 2,500 shares of the company’s common stock. The network technology company, currently valued at $8.56 billion, has seen its stock trade at $60.33, with analysts setting price targets ranging from $44 to $100. According to InvestingPro analysis, the stock is trading above its Fair Value. The sale, executed on April 15, was carried out under a pre-established Rule 10b5-1 trading plan. The shares were sold at a weighted average price of $59.474, with transaction prices ranging from $59.29 to $59.89. Following this transaction, Rothenstein retains direct ownership of 204,870 shares, which include unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs). While this insider sale occurred, InvestingPro data shows the company maintains strong liquidity with a current ratio of 3.65, and management has been actively buying back shares. Get access to 10+ additional ProTips and comprehensive analysis in the Pro Research Report.
In other recent news, CIENA Corporation reported first-quarter revenue of $1.07 billion, surpassing both UBS’s and consensus estimates. The earnings per share were $0.64, exceeding projections, with a gross margin of 44.7%. Despite these positive results, UBS lowered its price target for CIENA from $85 to $73, maintaining a Neutral rating due to non-recurring items boosting the gross margin. Meanwhile, Stifel analysts reiterated a Buy rating with a $95 price target, emphasizing CIENA’s strategic focus on artificial intelligence and data center advancements. Evercore ISI sustained its ’In Line’ rating with a $68 price target, noting CIENA’s shift towards a components-based business model and potential revenue from coherent lite pluggables. Additionally, CIENA successfully completed a network trial with Lumen Technologies, achieving a 1.2 terabit wavelength over 1,800 miles. This trial demonstrated significant advancements in high-speed optical innovation, benefiting AI and next-generation applications. CIENA’s shareholders also approved board nominees and ratified auditors at the recent annual meeting, reflecting continued support for the company’s leadership and financial oversight practices.
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