Ciena Corp
In the published model solve dated 2026-Q2, anchored at $378.80, Ciena Corp (CIEN) is priced for today's economics sustained for ~20.7 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Half the revenue comes from five buyers: the 10-K reports that ⟦"Sales to our five largest customers contributed 49.7% of our revenue in fiscal 2025 and 43.8% of our revenue in fiscal 2024."⟧ • Optical Networking is 68% of revenue, and the trailing operating margin is 10.0%, which is hardware economics being valued at roughly 105 dollars for each dollar of annual operating profit. • The order book is the thing to watch, since the company says the growth in it reflects ⟦"the increased demand fo
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1,045 institutional managers reported holding CIEN in 13F filings for the quarter ended 2026-03-31. Together they hold about 85% of the company; the top 10 hold 52%. 287 opened new positions that quarter. Held by FMR (Fidelity), Vanguard Group, BlackRock, among others. On the short side, 4.8M shares were sold short as of the 2026-06-15 count, about 3% of shares outstanding (1.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CIEN has cut its share count 8.6% over the past five years, spending $1.50B on repurchases. It pays no dividend. Cash returned over the past three years: $996.13M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at CIEN over the trailing three years. Absence is a fact about the company, not a signal. 19 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CIEN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-06-08 | -8.9% | -2.0% |
| 2023-09-07 | +12.3% | -10.1% |
| 2023-12-16 | -3.1% | +28.6% |
| 2024-03-08 | -12.4% | -9.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CIEN's latest 8-K filings: 2026-06-11 (items 1.01, 2.03, 3.02, 8.01, 9.01); 2026-06-08 (items 8.01, 9.01); 2026-06-04 (items 2.02, 9.01); 2026-03-31 (items 5.07); 2026-03-05 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.