Wealth High Governance Asset Management Ltda. Takes Position in Ciena Corporation $CIEN

Wealth High Governance Asset Management Ltda. acquired a new stake in Ciena Corporation (NYSE:CIEN) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 23,936 shares of the communications equipment provider’s stock, valued at approximately $9,293,000. Ciena comprises approximately 3.3% of Wealth High Governance Asset Management Ltda.’s investment portfolio, making the stock its 9th biggest position.

Several other institutional investors also recently modified their holdings of CIEN. SmartHarvest Portfolios LLC increased its stake in shares of Ciena by 1.8% in the 1st quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock valued at $443,000 after acquiring an additional 20 shares during the last quarter. Modera Wealth Management LLC boosted its stake in Ciena by 1.8% during the 1st quarter. Modera Wealth Management LLC now owns 1,685 shares of the communications equipment provider’s stock worth $654,000 after acquiring an additional 29 shares during the last quarter. Whittier Trust Co. boosted its stake in Ciena by 9.5% during the 1st quarter. Whittier Trust Co. now owns 358 shares of the communications equipment provider’s stock worth $139,000 after acquiring an additional 31 shares during the last quarter. Parallel Advisors LLC grew its holdings in Ciena by 0.8% during the fourth quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock valued at $1,194,000 after purchasing an additional 43 shares during the period. Finally, Transamerica Financial Advisors LLC grew its holdings in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 44 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Marc D. Graff sold 126 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $58,741.20. Following the completion of the transaction, the chief financial officer directly owned 126,955 shares in the company, valued at approximately $59,186,421. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the completion of the sale, the senior vice president owned 42,741 shares in the company, valued at $19,921,580.10. This trade represents a 2.73% 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 sold a total of 18,675 shares of company stock worth $9,387,576 in the last ninety days. 0.58% of the stock is owned by insiders.

Analyst Ratings Changes

CIEN has been the topic of several analyst reports. Morgan Stanley increased their target price on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. Barclays boosted their price target on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a report on Friday, June 5th. B. Riley Financial upped their price objective on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Northland Securities set a $450.00 price objective on Ciena in a research note on Friday, June 5th. Finally, TD Cowen lifted their target price on Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $530.56.

Ciena Stock Performance

Shares of CIEN opened at $377.33 on Monday. 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 Corporation has a twelve month low of $84.41 and a twelve month high of $637.51. The firm’s 50 day moving average price is $457.45 and its two-hundred day moving average price is $414.78. The firm has a market cap of $53.41 billion, a P/E ratio of 125.78 and a beta of 1.30.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating 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 company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the company earned $0.42 earnings per share. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, analysts forecast that Ciena Corporation will post 5.4 EPS for the current fiscal 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.