What the executives and directors of Ciena actually did with their own shares, decoded from three years of SEC Form 4 filings.
The tape: three years of insider trades
Every marker sits at the exact price reported on the Form 4. The line is the monthly median of all prices insiders reported, so the chart needs no market feed; the gray strip is routine flow (vestings, tax withholding, gifts) that headlines love to miscount as selling.
Where the shares went, last 12 months
Every Form 4 movement decomposed: what flowed in (grants, vested equity, purchases) and what flowed out (tax withholding, plan sales, discretionary sales, gifts). Counted in shares, because grants carry no price.
Skin in the game
Directly held shares as reported after each trade, indexed to 100 five years back. Direct holdings only: trust and family-entity positions are per-entity in the filings and do not sum honestly, so this chart refuses to guess. The steps are the trades.
Who holds what
| Insider | Role | Shares held | Buys 12 m | Sales 12 m |
|---|---|---|---|---|
| MOYLAN JAMES E JR SVP Finance, CFO | CFO | 378.2K | — | — |
| SMITH GARY B President, CEO | CEO | 249K | — | $46.3M |
| Rothenstein David M SVP and Chief Strategy Officer | Officer | 182.7K | — | $8.9M |
| NETTLES PATRICK H Executive Chairman | Officer | 165.7K | — | — |
| FITT LAWTON W | Director | 129.8K | — | — |
| Graff Marc D. SVP & Chief Financial Officer | CFO | 112.5K | — | $115K |
| Kosaraju Sheela SVP and General Counsel | Officer | 88.1K | — | $2.5M |
| McFeely Scott SVP, Networking Platforms | Officer | 85.1K | — | — |
| Phipps Jason SVP Global Sales and Marketing | Officer | 62.4K | — | $15.8M |
| GALLAGHER PATRICK | Director | 51.4K | — | $2.6M |
| Claflin Bruce L. | Director | 50.8K | — | $1.2M |
| Cumello Joseph SVP, General Mgr. Blue Planet | Officer | 42.9K | — | $4.4M |
| DiPerna Dino SVP Global R&D | Officer | 40K | — | $2.4M |
| Gage Brodie SVP Global Products & Supply | Officer | 39.6K | — | $4.7M |
Open-market trade log
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-03 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $379.81 | $1.1M |
| 2026-07-15 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $421.10 | $1.2M |
| 2026-07-15 | Rothenstein David M (Officer) | Planned sale (10b5-1) | 2,500 | $420.91 | $1.1M |
| 2026-07-15 | DiPerna Dino (Officer) | Planned sale (10b5-1) | 391 | $449.15 | $176K |
| 2026-07-15 | Gage Brodie (Officer) | Planned sale (10b5-1) | 1,200 | $449.15 | $539K |
| 2026-07-01 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $468.83 | $1.4M |
| 2026-07-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 2,629 | $466.20 | $1.2M |
| 2026-07-01 | Kosaraju Sheela (Officer) | Planned sale (10b5-1) | 2,013 | $466.20 | $938K |
| 2026-07-01 | Graff Marc D. (CFO) | Planned sale (10b5-1) | 126 | $466.20 | $59K |
| 2026-06-26 | Cumello Joseph (Officer) | Planned sale (10b5-1) | 1,586 | $466.33 | $740K |
| 2026-06-24 | Graff Marc D. (CFO) | Planned sale (10b5-1) | 126 | $449.36 | $57K |
| 2026-06-15 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $457.02 | $1.3M |
| 2026-06-15 | Rothenstein David M (Officer) | Planned sale (10b5-1) | 2,500 | $457.07 | $1.1M |
| 2026-06-15 | Gage Brodie (Officer) | Planned sale (10b5-1) | 1,200 | $466.10 | $559K |
| 2026-06-01 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $565.92 | $1.7M |
| 2026-05-15 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $562.05 | $1.7M |
| 2026-05-15 | Rothenstein David M (Officer) | Planned sale (10b5-1) | 2,500 | $562.39 | $1.4M |
| 2026-05-15 | Gage Brodie (Officer) | Planned sale (10b5-1) | 1,200 | $570.65 | $685K |
| 2026-05-01 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $537.74 | $1.6M |
| 2026-04-15 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $467.47 | $1.4M |
| 2026-04-15 | Rothenstein David M (Officer) | Planned sale (10b5-1) | 2,500 | $467.65 | $1.2M |
| 2026-04-15 | DiPerna Dino (Officer) | Planned sale (10b5-1) | 1,322 | $471.79 | $624K |
| 2026-04-15 | DiPerna Dino (Officer) | Planned sale (10b5-1) | 1,507 | $471.79 | $711K |
| 2026-04-15 | Gage Brodie (Officer) | Planned sale (10b5-1) | 1,200 | $471.79 | $566K |
| 2026-04-01 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $415.51 | $1.2M |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 162 | $417.07 | $68K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 400 | $415.20 | $166K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 460 | $407.48 | $187K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 500 | $402.83 | $201K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 500 | $409.49 | $205K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 600 | $406.45 | $244K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 750 | $403.90 | $303K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 1,029 | $416.56 | $429K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 1,708 | $414.16 | $707K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 1,735 | $401.58 | $697K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 2,100 | $405.07 | $851K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 2,279 | $413.35 | $942K |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 3,100 | $411.23 | $1.3M |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 3,250 | $408.75 | $1.3M |
| 2026-04-01 | Phipps Jason (Officer) | Planned sale (10b5-1) | 3,441 | $412.24 | $1.4M |
| 2026-04-01 | Kosaraju Sheela (Officer) | Planned sale (10b5-1) | 2,012 | $401.71 | $808K |
| 2026-03-27 | Cumello Joseph (Officer) | Planned sale (10b5-1) | 1,773 | $394.82 | $700K |
| 2026-03-24 | Gage Brodie (Officer) | Planned sale (10b5-1) | 5,000 | $405.00 | $2M |
| 2026-03-16 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $359.53 | $1.1M |
| 2026-03-16 | Rothenstein David M (Officer) | Planned sale (10b5-1) | 2,500 | $345.00 | $863K |
| 2026-03-02 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $354.64 | $1M |
| 2026-02-17 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $299.51 | $884K |
| 2026-02-17 | Rothenstein David M (Officer) | Planned sale (10b5-1) | 2,500 | $300.20 | $751K |
| 2026-02-02 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,952 | $265.60 | $784K |
| 2026-01-15 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 2,993 | $247.65 | $741K |
| 2026-01-15 | Phipps Jason (Officer) | Planned sale (10b5-1) | 21.4K | $247.89 | $5.3M |
| 2026-01-15 | Kosaraju Sheela (Officer) | Planned sale (10b5-1) | 382 | $246.23 | $94K |
| 2026-01-15 | DiPerna Dino (Officer) | Planned sale (10b5-1) | 2,527 | $246.23 | $622K |
| 2026-01-12 | GALLAGHER PATRICK (Director) | Planned sale (10b5-1) | 11.6K | $227.45 | $2.6M |
| 2026-01-12 | Cumello Joseph (Officer) | Planned sale (10b5-1) | 11.9K | $229.82 | $2.7M |
| 2026-01-09 | Rothenstein David M (Officer) | Planned sale (10b5-1) | 2,500 | $219.28 | $548K |
| 2026-01-05 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 83.6K | $229.44 | $19.2M |
| 2026-01-02 | Kosaraju Sheela (Officer) | Planned sale (10b5-1) | 1,748 | $241.00 | $421K |
| 2025-12-22 | SMITH GARY B (CEO) | Planned sale (10b5-1) | 6,800 | $233.46 | $1.6M |
| 2025-12-15 | NEVENS THOMAS MICHAEL (Director) | Discretionary sale | 8,554 | $224.66 | $1.9M |
“Since trade” compares with the latest insider-implied price, not a market quote; this site carries no market data by design.
Filing hygiene
How to read this
A Form 4 transaction code decides everything. P is an open-market purchase and S an open-market sale; those two are the only codes where an insider chose to trade. A is a grant, M an option exercise or vesting, F shares withheld to cover tax, G a gift. Most “insiders dumped billions” headlines are code F and M mechanics.
Sales flagged 10b5-1 run on a plan the insider adopted in advance; since 2023 every Form 4 carries that flag. Buys have historically predicted returns, sales mostly have not, and this page states filings, not advice.