Ciena (CIEN)
Builds coherent optical networks and high-speed interconnects for carriers and cloud providers.
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Supplies optical transport systems, coherent pluggables, routing platforms, network-control software, automation, and services to cloud and telecommunications networks. Networking Platforms generates most revenue, while demand depends on customer capacity spending and is concentrated among a small number of large cloud and service providers.
Builds optical networking systems, coherent pluggable transceivers, routing and switching platforms, and high-speed interconnects for cloud providers, telecommunications carriers, cable operators, governments, and enterprises. Networking Platforms is the core business: WaveLogic coherent technology powers the 6500, Waveserver, Reconfigurable Line System, and pluggable portfolio from access and metro networks through long-haul, submarine, and data-center links.
Navigator software controls and plans these networks, while Blue Planet automates and analyzes multi-vendor operations. Global Services provides implementation, maintenance, support, learning, and advisory work. Product demand follows large customers' network-capacity investments, while global sales are subject to trade, tariff, and export controls. The Americas contribute most revenue, and a small group of cloud and service-provider customers accounts for roughly half of sales.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Evercore ISI | Upgrade | Target: $375 | Target: $550 |
| Sep 21, 2026 | Evercore ISI Group | Upgrade | ||
| Sep 17, 2026 | Barclays | Reiterate | Rating: —Target: $475 | Target: $548 |
| Sep 17, 2026 | Northland Securities | Target | Target: $500 | Target: $550 |
| Sep 17, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $425 | Target: $450 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Aug 1, 2026Cash & short-term investments $2.63B · Total debt $237.2M · Total assets $8.00B · Shareholders' equity $3.06B
- Revenue
- $1.67B
- Operating income
- $301.2M
- Net income
- $266.4M
No dividends on record.
| Institutions | ≈ 91.87% | 130.27M shares | |
|---|---|---|---|
| 1,290 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 1.21% | 1.72M shares | |
| 20 holders · as of Sep 17, 2026 | |||
| Other | ≈ 6.92% | 9.82M shares | |
| remainder | |||
141.81M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 13.48% | 19.11M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 8.97% | 12.72M | as of Jun 30, 2026 |
JPMorgan Chase & CoInstitution | 7.90% | 11.21M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.51% | 9.23M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.42% | 7.68M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Brodie Gage | officer: EVP & Chief Product & | −1,200 | $324.86 |
| Sep 15, 2026 | Gary B. Smith | director, officer: President & CEO | −2,952 | $330.18 |
| Sep 16, 2026 | Dino DiPerna | officer: EVP & Chief R&D Officer | −249 | $350.00 |
| Sep 15, 2026 | Dino DiPerna | officer: EVP & Chief R&D Officer | −249 | $324.86 |
| Sep 15, 2026 | David M. Rothenstein | officer: EVP & Chief Strategy Officer | −2,500 | $330.48 |
- Nokia (ADR)
Head-to-head rival in coherent optical systems and IP/optical convergence.
- Cisco Systems
Acacia coherent pluggables and Routed Optical Networking rival.
- Hewlett Packard Enterprise
Post-Juniper rival in IP routing, DCI, and AI-network orchestration.
- Arista Networks
AI data-center switching and scale-across DCI rival.
- Marvell Technology
Merchant coherent DSP and 1.6T ZR/ZR+ pluggable rival for DCI.
- Broadcom
Merchant switch silicon, co-packaged optics, and coherent DSP rival.
- ADTRAN
Open optical networking and fiber broadband access rival.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ciena | $372.20 | +1.71% | $51.80B | 81.7 | 35.9 | 8.6 | +37.0% |
| Nokia (ADR) | $10.54 | −3.66% | $59.11B | 77.4 | 25.0 | 2.5 | +2.3% |
| Cisco Systems | $107.16 | −3.86% | $439.31B | 33.5 | 20.9 | 6.9 | +17.6% |
| Hewlett Packard Enterprise | $61.05 | −1.13% | $81.78B | 32.2 | 13.4 | 2.0 | +33.5% |
| Arista Networks | $205.46 | +0.02% | $258.66B | 64.8 | 44.2 | 24.5 | +37.7% |
| Marvell Technology | $262.51 | +1.99% | $225.40B | 85.3 | 48.0 | 23.9 | +36.6% |
| Broadcom | $362.95 | +0.08% | $1.73T | 46.3 | 20.9 | 19.4 | +85.5% |
| ADTRAN | $7.22 | +0.14% | $584.0M | — | 20.3 | 0.5 | +6.1% |
| Median | 55.6 | 20.9 | 6.9 | +33.5% |