Published Date : 2012-06-01 09:00:00

Category : Telecommunication Services |

Ciena Shares Rise, But Company Insiders Are Dropping Stock

 

Shares of Ciena Corp. (NASDAQ:CIEN) jumped 11 percent on Thursday on better-than-expected second quarter results.

According to CBS News, the communications network product maker reported a loss that came in less severe than had been expected, and its revenue improved. But company insiders don't appear to share the same optimism as investors. The company reported a loss of 28 cents per share, compared with 66 cents per share one year earlier.

The increase was enough to convince Stuart Jeffrey of Normura Equity Research to reaffirm his "Buy " rating of the stock, and gave it a $17 price target. Ciena's stock climbed $1.32 on the news to $13.20.

But Ciena senior vice president and CTO Stephen B. Alexander sold 3,500 shares valued at  $13.40 on May 15 for a total of $46,900, despite the growing shares. And Alexander wasn't alone. In the last three months, company insiders have sold a total of $1.27 million in shares, ranging from $13.40 to $16.32 each.

With things apparently going well for the company, why would these officials be filing so many insider trades with the SEC?

Read Full Insider Report For:   CIEN  |

Related News:

Disclaimer

InsidersLab.com focuses on tracking and monitoring insider trading activities in the US stocks market. "Insider Trading" means trading activities created by company directors, senior officers, individual substantial shareholders, and institutional shareholders. InsidersLab.com does not represent, warrant, nor endorse the accuracy, reliability, completeness or timeliness of any of the information, content, views, opinions, recommendations or advertisements (collectively, the "Materials") contained on, distributed through, or linked, downloaded or accessed from any of the services contained on the website (the "Service"), nor the quality of any products, information or other materials displayed, purchased, or obtained by you as a result of an advertisement or any other information or offer in or in connection with the Service (the "Products"). InsidersLab.com collects insider trading information from different public sources such as newspapers, financial information websites, and government statistics publications. You hereby acknowledge that any reliance upon any Materials shall be at your sole risk. In particular, none of the Materials is provided on the InsidersLab.com website or emails with a view to inviting, inducing or encouraging any person to make any kind of investment decision. Securities or other investments referred to in the Materials may not be suitable for you and you should not make any kind of investment decision in relation to them without first obtaining independent investment advice from a person authorized to give it.