Wealth High Governance Capital Ltda Makes New $10.88 Million Investment in Ciena Corporation $CIEN

Wealth High Governance Capital Ltda purchased a new stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 28,032 shares of the communications equipment provider's stock, valued at approximately $10,883,000. Ciena comprises 3.3% of Wealth High Governance Capital Ltda's investment portfolio, making the stock its 9th biggest holding.

Other hedge funds have also modified their holdings of the company. Asset Dedication LLC lifted its holdings in shares of Ciena by 2,100.0% during the first quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider's stock worth $34,000 after purchasing an additional 84 shares during the period. Bogart Wealth LLC boosted its position in Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider's stock valued at $40,000 after buying an additional 89 shares during the last quarter. Transamerica Financial Advisors LLC boosted its position in Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider's stock valued at $25,000 after buying an additional 44 shares during the last quarter. Western Wealth Management LLC acquired a new position in Ciena in the 1st quarter worth approximately $49,000. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in Ciena by 85.5% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider's stock worth $55,000 after buying an additional 65 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Joseph Cumello sold 1,586 shares of the business's stock in a transaction that occurred 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the transaction, the senior vice president directly owned 42,741 shares of the company's stock, valued at approximately $19,921,580.10. The trade was 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. Over the last three months, insiders sold 18,675 shares of company stock valued at $9,387,576. 0.58% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on CIEN shares. Stifel Nicolaus set a $615.00 price objective on shares of Ciena in a research note on Friday, May 29th. Bank of America increased their price objective on shares of Ciena from $550.00 to $660.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Zacks Research raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 2nd. Barclays boosted their target price on shares of Ciena from $372.00 to $607.00 and gave the company an "overweight" rating in a research report on Friday, June 5th. Finally, UBS Group reaffirmed a "buy" rating on shares of Ciena in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $530.56.

Ciena Price Performance

NYSE: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 company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $53.41 billion, a PE ratio of 125.78 and a beta of 1.30. The stock's 50-day moving average price is $457.45 and its 200-day moving average price is $414.78.

Ciena (NYSE:CIEN - Get Free Report) last announced 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. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.Ciena's revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 EPS. As a group, equities analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.

About Ciena

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.