23,936 Shares in Ciena Corporation $CIEN Bought by Wealth High Governance Asset Management Ltda.

Wealth High Governance Asset Management Ltda. purchased a new position in shares of Ciena Corporation (NYSE:CIEN) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,936 shares of the communications equipment provider’s stock, valued at approximately $9,293,000. Ciena makes up about 3.3% of Wealth High Governance Asset Management Ltda.’s portfolio, making the stock its 9th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the company. Transamerica Financial Advisors LLC grew its position in shares of Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after acquiring an additional 44 shares during the period. Asset Dedication LLC raised its holdings in shares of Ciena by 2,100.0% in the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock valued at $34,000 after purchasing an additional 84 shares during the period. Truvestments Capital LLC raised its holdings in shares of Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 48 shares during the period. Bogart Wealth LLC lifted its stake in Ciena by 635.7% in the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after purchasing an additional 89 shares during the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new stake in Ciena in the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of research analyst reports. Raymond James Financial lifted their price target on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. UBS Group restated a “buy” rating on shares of Ciena in a research note on Tuesday, July 28th. Zacks Research raised Ciena from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their target price on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Finally, Citigroup boosted their target price on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Insider Buying and Selling

In related news, SVP Joseph Cumello sold 1,586 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the sale, the senior vice president directly owned 42,872 shares in the company, valued at $19,992,499.76. The trade was a 3.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $457.02, for a total value of $1,349,123.04. Following the completion of the transaction, the chief executive officer directly owned 266,605 shares in the company, valued at approximately $121,843,817.10. This represents a 1.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 18,675 shares of company stock valued at $9,387,576 in the last ninety days. 0.58% of the stock is currently owned by company insiders.

Ciena Stock Up 0.1%

Shares of CIEN opened at $377.33 on Monday. Ciena Corporation has a 52 week low of $84.41 and a 52 week high of $637.51. The firm has a market cap of $53.41 billion, a P/E ratio of 125.78 and a beta of 1.30. The firm’s 50-day simple moving average is $457.45 and its 200 day simple moving average is $414.78. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the business posted $0.42 earnings per share. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current year.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.