CIEN Ciena Corporation
XNYS
361.34
Delayed
Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
CIEN
$361.34
—
Key stats
$361.34
Pre-market
$344.60
-4.63%
- 52-Week Range
- $159.56 – $637.51
- YTD
- +46.85%
- IV Rank (30D)
- 32.32
- Straddle Price
- $59.00
- P/C Vol Ratio
- 0.79
- Market Cap
- $48.5B
- Open
- $354.56
- Day Range
- $349.87 – $363.97
- Volume
- 3,016,466
- Prev Close
- $341.95
Fair Value
MODEL: LONG
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 5.15% |
| Beta vs SPY | 1.29 |
| Cost of Equity (CAPM) | 11.28% (VRP-adj) |
| WACC | 10.99% |
| Volatility Risk Premium | -9.5pp (IV − HV30), ERP adj -25bps |
| Effective Tax Rate | 9.8% |
| Rev. Growth (YoY, DCF input) | +23.6% |
| DCF Horizon | 10 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.10 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.8B |
| Return on Equity (TTM) | 21.4% |
| Book / Price | 5.8% |
| Gross Margin (TTM) | 44.1% |
| FCF Margin (TTM) | 13.5% |
| Debt / Equity | 1.06 |
| Quality Score | 3/6 — normal (10y DCF) |
| SMA 50 | $375.10 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $379.70 |
| Bollinger Width / SMA20 | 10.1% (drives anchor stability) |
| Net Debt | $0.8B |
| Market Cap | $53B |
Peers used for multiples: AMD, CSCO, GOOGL, LITE, MU, NVDA, VRT, WDC
60-Day Conviction
83%
20-Day Fair Value
≈ by Nov 20, 2026
$362.40
α +0.3%
rank 46%
conviction
21%
40-Day Fair Value
≈ by Dec 21, 2026
$367.98
α +1.8%
rank 49%
conviction
58%
60-Day Fair Value
≈ by Jan 19, 2027
$372.23
α +3.0%
rank 50%
conviction
83%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $210.76 | 19% | |
| DDM (Gordon) | n/a | 0% | |
| Peer P/E | $133.55 | 9% | median 27.1× · 7 peers |
| Peer EV/EBITDA | $164.90 | 9% | median 26.8× · 8 peers |
| Peer P/B | $297.26 | 2% | median 14.2× · 8 peers |
| Peer P/S | $451.40 | 6% | median 9.9× · 8 peers |
| Market Anchor (SMA50) | $375.10 | 38% | stability 99% (BB-width) |
| Options Expected (B-L 30d) | $354.58 | 19% | 66 strikes · skew +0.12 |
As of 2026-10-22 · updated
Related
About
- Industry (SIC)
- TELEPHONE & TELEGRAPH APPARATUS (3661) · industry map
- Exchange
- XNYS
- Market Cap
- $48.5B
- Employees
- 9,080
- List Date
- 1997-02-07
- CIK
- 0000936395
- Next Earnings
- 2026-12-10 (Pre-Market)
- EPS Forecast
- $1.77 (8 est.)
- Headquarters
- Hanover, MD
- Homepage
- https://www.ciena.com
Ciena is a leader in high-speed optical connectivity, providing systems, components, and automation software for telecom providers and enterprises, such as data centers, to enable long-distance connectivity. The company operates through four primary business segments: networking platforms, platform software and services, Blue Planet automation software, and global services. While telecom carriers remain important customers, cloud providers and hyperscalers now drive a significant portion of the business. To meet the demands of AI data centers, customers are adopting Ciena's WaveLogic 6 platfor…
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 4.32% | -14.31% | 2.52% | 17.41% | 4.69% | 2.34% | 2.83% |
| Feb | -4.90% | 3.45% | -7.32% | 5.34% | -6.52% | 29.87% | 3.32% |
| Mar | 3.21% | -9.91% | 8.18% | -18.72% | -19.09% | 9.75% | -4.43% |
| Apr | -10.83% | -9.62% | -11.92% | -6.02% | 9.13% | 27.01% | -0.37% |
| May | 2.94% | -10.01% | 1.19% | 3.30% | 12.08% | 8.40% | 2.98% |
| Jun | 6.34% | -11.00% | -9.65% | 0.54% | -0.51% | -13.88% | -4.69% |
| Jul | 0.59% | 13.06% | -0.24% | 10.47% | 15.89% | -18.34% | 3.57% |
| Aug | -1.21% | -1.93% | 19.09% | 12.40% | 6.03% | -2.04% | 5.39% |
| Sep | -9.72% | -11.10% | -2.50% | 11.27% | 55.65% | -2.36% | 6.87% |
| Oct | 3.94% | 16.06% | -10.52% | 3.35% | 25.18% | -4.69%* | 5.55% |
| Nov | 8.99% | -6.26% | 8.32% | 8.99% | 7.73% | -- | 5.55% |
| Dec | 28.35% | 14.07% | -3.72% | 21.99% | 16.40% | -- | 15.42% |
| Total | 30.37% | -29.28% | -10.53% | 86.28% | 189.29% | 28.75% | 49.15% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $379.70
SMA 50: $375.10
SMA 200: $401.60
Current: $361.34
EMA 12: $368.99
EMA 26: $373.53
MACD: -4.5342 | Signal: -6.6393
BULLISH
ADX (14): 16.61
RANGE
+DI: 20.80
−DI: 26.86
Momentum Oscillators
RSI (14): 47.03
NEUTRAL
Stoch %K: 15.62
Stoch %D: 11.18
Williams %R: -74.21
Volume & Volatility
BB Upper: $452.76
BB Lower: $306.64
NEUTRAL
OBV: 168,254,797
Vol SMA 20: 2,935,039
Vol ROC: -10.86%
ATR: $26.18
True Range: $22.02
HV 20: 91.3%
HV 30: 82.8%
HV 60: 82.6%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
CIENA CORPORATION (CIEN) - COMPREHENSIVE STOCK ANALYSIS
Executive Summary
Overall Assessment: BULLISH with 7/10 Confidence
Investment Thesis: Ciena exhibits a classic "strong momentum clash with overbought technicals" setup, where exceptional fundamental catalysts (surging earnings estimates, AI data center tailwinds, subsea expansion) are driving price appreciation faster than technical indicators can digest. The stock has rallied 10.6% above its 200-day moving average ($393.38 to $435.81) on positive sentiment, but extreme overbought conditions (RSI 68.42, Stochastic %K 94.17, price at upper Bollinger Band $408.45) suggest near-term pullback risk despite bullish longer-term narratives.
Key Drivers:
- Earnings estimate expansion with 36.82% upside potential per Wall Street consensus
- AI-driven optical networking tailwinds in data center interconnect market
- Strategic subsea infrastructure expansion (ACE & ECHO upgrades)
- High institutional interest (49.14% volume ROC, elevated call flow)
Primary Risks:
- Extreme overbought conditions across all momentum oscillators
- High beta (2.51) amplifies downside volatility in market corrections
- MACD bearish crossover (-2.93 histogram) contradicts price strength
- Technical breakdown likely near-term before resuming uptrend
Technical Analysis
Trend Direction Analysis
| Timeframe | Direction | Strength | Notes | |-----------|-----------|----------|-------| | Short-term (1-4 weeks) | BULLISH | Strong | Price $435.81 >> SMA20 $358.11 (+21.7%), extreme momentum | | Medium-term (1-3 months) | BULLISH | Moderate | Price above SMA50 $375.11 (+16.2%), but overbought setup suggests consolidation | | Long-term (3-12 months) | BULLISH | Strong | Price well above SMA200 $393.38 (+10.6%), structural AI/optical tailwinds intact |
Uptrend Quality: The stock has separated decisively from all three key moving averages, indicating a strong impulse move. However, the magnitude of the rally (+21.7% from SMA20) in a ranging market (ADX 12.27 indicates weak trend strength) suggests acceleration is unsustainable without consolidation.
Support & Resistance Levels
| Level | Type | Distance | Interpretation | |-------|------|----------|-----------------| | $408.45 | Resistance (Upper BB) | -6.3% downside | Current price touching upper Bollinger Band; strong resistance | | $375.11 | Support (SMA50) | -13.9% downside | First significant support; confluence point for mean reversion | | $358.11 | Support (SMA20/BB Mid) | -17.8% downside | Secondary support; represents recent consolidation base | | $393.38 | Support (SMA200) | -9.7% downside | Long-term trend support; psychological barrier | | $307.78 | Support (Lower BB) | -29.3% downside | Maximum downside in mean-reversion scenario |
Breakout Level: $445+ would confirm sustained uptrend; Breakdown Level: Closes below $375.11 would signal trend reversal to neutral.
Momentum Signals
RSI (14): 68.42 — NEUTRAL/APPROACHING OVERBOUGHT
- Reading sits just below the 70 overbought threshold but in upper zone (neutral 30-70 range technically, but >60 shows strong momentum)
- This is elevated but not yet at extreme overbought levels like Stochastic indicators
- Suggests room for continued strength, but momentum is moderating (not accelerating)
- Typical pullback occurs once RSI crosses above 70
MACD: 6.76 / Signal Line: 9.69 / Histogram: -2.93 — BEARISH CROSSOVER
- Critical Divergence Alert: MACD (6.76) is trading BELOW its signal line (9.69)
- Negative histogram (-2.93) indicates recent bearish crossover or deteriorating momentum
- This is a red flag against price momentum — suggests rallying price is losing momentum support
- MACD failure often precedes technical pullback within 3-5 trading days
- Signal Conflict: Price making new highs while MACD fails = classic sign of momentum exhaustion
Stochastic %K: 94.17 / %D: 90.05 — EXTREME OVERBOUGHT
- %K at 94.17 is in extreme overbought territory (>80 considered overbought, >90 extreme)
- %D at 90.05 confirms sustained overbought condition
- Both readings indicate imminent mean-reversion pressure within 1-3 trading sessions
- Stochastic overbought has ~75% probability of pullback to at least SMA20 ($358.11)
Williams %R: -0.25 — EXTREME OVERBOUGHT
- Reading near -0 indicates maximum overbought pressure
- Reinforces Stochastic signal for near-term pullback
Consensus: Momentum oscillators show extreme compression across the board. This is the single most important technical warning signal — CIEN is overbought by 3-4 different oscillators simultaneously. Short-term pullback risk is HIGH despite bullish longer-term setup.
Bollinger Bands Analysis
- Upper Band: $408.45 — Price is currently $27.36 ABOVE the upper band (price at $435.81)
- Signal: OVERBOUGHT with extreme deviation
- Interpretation: Price touching/exceeding upper Bollinger Band historically leads to mean reversion toward middle band ($358.11) or lower band ($307.78)
- Volatility Regime: Band width of 28.11 is moderate; not a squeeze indicating building volatility into breakout
- Trading Pattern: Stock has extended well beyond 2 standard deviations; mean reversion to middle band (-17.8%) is statistically likely within 5-10 trading days
Volume Analysis
Volume SMA 20: 2,602,227 shares
- Current volume data not provided, but Volume Rate of Change: +49.14% indicates volume is running 49% ABOVE the 20-day average
- Interpretation: Heavy institutional accumulation during this rally; not a weak-volume move
- Positive Signal: High volume on upside confirms conviction, suggests institutional buyers holding through overbought conditions
- This reduces probability of flash-crash style reversal but increases probability of organized pullback/consolidation
On-Balance Volume: 172,086,499
- OBV at elevated levels; positive trend suggests accumulation phase
- Confirms that volume profile supports bullish interpretation despite overbought technicals
Volume Flow Options Data: 334 calls vs 120 puts (2.78:1 call/put)
- Call volume dominance indicates institutions expecting continued strength
- Put/Call Volume Ratio of 0.36 is bullish — only 36 puts for every 100 calls
- This options flow suggests institutional players are leaning into the overbought condition rather than fading it
- Suggests possible institutional conviction that earnings will support price
News & Sentiment Analysis
Recent Headlines Summary (Last 10 Articles)
Positive Catalysts Identified:
-
Earnings Expansion Theme (Oct 2, 2026) — Two headlines on 10/2 signal "surging earnings estimates" with 36.82% upside consensus from Wall Street analysts
- Timing Note: Oct 2 is TODAY (analysis date), suggesting recent analyst upgrades or positive earnings preannouncement
- This is high-impact timing — aligns with current price surge
-
AI Data Center Interconnect Opportunity (Sept 22) — Market narrative about distributed AI workloads driving demand for high-speed optical connectivity
- Critical: This directly supports CIEN's core business (optical networking)
- Positioned CIEN as beneficiary of structural AI infrastructure buildout
- Relates to price strength: This narrative supports longer-term uptrend thesis
-
Subsea Infrastructure Expansion (Sept 22) — "Ciena Expands Global Subsea Footprint With ACE & ECHO Upgrades"
- ACE (Aqua Coherent) and ECHO
Generated
News
All CIEN news →
Cloud demand is outpacing component supply, with BofA projecting 35%-40% revenue growth in 2026.
The sharp moves could partly be a reaction to recent cautious commentary on AI spending.
Showing 1–10 of 26
Page 1 of 3
Earnings History
14 of 23 under expected move
Avg Expected Move
10.82%
Avg Actual Move
9.39%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2021-03-04 | Pre-Market | 9.04% | 3.34% | 0.37x | Within |
| 2021-06-03 | Pre-Market | 6.58% | 7.30% | 1.11x | Exceeded |
| 2021-09-02 | Pre-Market | 7.10% | 2.87% | 0.40x | Within |
| 2021-12-09 | Pre-Market | 9.86% | 15.64% | 1.59x | Exceeded |
| 2022-02-15 | Pre-Market | 3.62% | 7.38% | 2.04x | Exceeded |
| 2022-06-02 | Pre-Market | 8.96% | 1.30% | 0.15x | Within |
| 2022-09-01 | Pre-Market | 10.37% | 10.37% | 1.00x | Within |
| 2022-12-08 | Pre-Market | 11.05% | 19.96% | 1.81x | Exceeded |
| 2023-03-06 | Pre-Market | 9.37% | 3.67% | 0.39x | Within |
| 2023-06-06 | Pre-Market | 11.64% | 10.76% | 0.92x | Within |
| 2023-08-31 | Pre-Market | 9.96% | 15.80% | 1.59x | Exceeded |
| 2023-12-07 | Pre-Market | 9.40% | 1.20% | 0.13x | Within |
| 2024-03-07 | Pre-Market | 13.96% | 14.72% | 1.05x | Exceeded |
| 2024-06-06 | Pre-Market | 10.93% | 0.66% | 0.06x | Within |
| 2024-09-04 | Pre-Market | 13.50% | 0.76% | 0.06x | Within |
| 2024-12-12 | Pre-Market | 10.38% | 15.45% | 1.49x | Exceeded |
| 2025-03-11 | Pre-Market | 14.73% | 2.41% | 0.16x | Within |
| 2025-06-05 | Pre-Market | 12.58% | 12.92% | 1.03x | Exceeded |
| 2025-09-04 | Pre-Market | 13.55% | 23.31% | 1.72x | Exceeded |
| 2025-12-11 | Pre-Market | 13.21% | 9.25% | 0.70x | Within |
| 2026-03-05 | Pre-Market | 13.39% | 12.88% | 0.96x | Within |
| 2026-06-04 | Pre-Market | 14.66% | 13.66% | 0.93x | Within |
| 2026-09-03 | Pre-Market | 11.11% | 10.36% | 0.93x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
CIEN Options Activity & IV Rank
CIEN IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 71.8%
7-DTE IV: 76.3%
Expected Move: $59.00
7-DTE Move: $33.90
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 712
Put Volume: 562
P/C Volume: 0.789
NEUTRAL
Call OI: 4,168
Put OI: 8,768
P/C OI: 2.104
Total OI: 12,936
ATM Options Pricing
ATM Call: $29.50
ATM Put: $29.50
Call %: 8.2%
Put %: 8.2%
Chain Summary
Chain Volume: 17,839
Chain OI: 105,652
Last Updated: 10/21/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 37th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
37%
vs own history
GEX tilt
+0.07
OI-weighted, today
Vanna tilt
+0.39
δ-sensitivity to IV
Charm tilt
-0.37
δ-decay vs time
Vanna tilt +0.39: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.37: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 267 ATM contracts, 27k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
100%
+22.2
pts
EXTREME
as of Oct 21 · ATM 75.4% / Wing 97.5%
30 DTE / 10d
26%
+4.2
pts
EXTREME
as of Oct 21 · ATM 70.2% / Wing 74.4%
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)34.7MediumOct 21
IV Rank (30 DTE)32.3MediumOct 21
Straddle Price (30 DTE)$59.00Oct 21
Beta Analysis
Risk Metrics
Beta: 2.6767
Alpha: 64.86%
Correlation: 0.4473
R-Squared: 20.0%
Stock Volatility: 76.0%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
High volatility - stock moves more than market
Beta & Alpha Over Time
Notable investors who own CIEN
6 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Citadel Hedge fund Ken Griffin | $105.0M | #392 of 6285 | +52.4% | 13F | |
| Point72 Hedge fund Steve Cohen | $103.3M | #167 of 1945 | -61.3% | 13F | |
| Renaissance Technologies Hedge fund Jim Simons | $90.6M | #181 of 3138 | +88.9% | 13F | |
| Millennium Management Hedge fund Izzy Englander | $81.6M | #410 of 3716 | +83.5% | 13F | |
| Bridgewater Associates Hedge fund Ray Dalio | $49.6M | #80 of 997 | -29.8% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $3.0M | #1203 of 4729 | +28.0% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
CIEN Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 145,914,250 (as of 2026-08-01)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
37 filers$3.78B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $966.70M | 25.60% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $663.14M | 17.56% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $622.91M | 16.49% | 2026-06-30 |
| 4 | Wells Fargo & Company Custodian | $490.56M | 12.99% | 2026-06-30 |
| 5 | BNP Paribas Financial Markets Custodian | $490.56M | 12.99% | 2026-06-30 |
| 6 | Walleye Trading LLC | $118.13M | 3.13% | 2026-06-30 |
| 7 | Point72 Asset Management, L.P. | $82.81M | 2.19% | 2026-06-30 |
| 8 | NOMURA HOLDINGS INC | $42.09M | 1.11% | 2026-06-30 |
| 9 | Squarepoint Ops LLC | $37.09M | 0.98% | 2026-06-30 |
| 10 | TUDOR INVESTMENT CORP ET AL | $32.77M | 0.87% | 2026-06-30 |
| 11 | D. E. Shaw & Co., Inc. Custodian | $28.65M | 0.76% | 2026-06-30 |
| 12 | Royal Bank of Canada Custodian | $24.53M | 0.65% | 2026-06-30 |
| 13 | Millennium Management LLC Custodian | $23.15M | 0.61% | 2026-06-30 |
| 14 | Wolverine Trading, LLC Custodian | $21.01M | 0.56% | 2025-09-30 |
| 15 | Nishkama Capital, LLC | $19.43M | 0.51% | 2026-06-30 |
| 16 | Allianz Asset Management GmbH | $16.88M | 0.45% | 2026-06-30 |
| 17 | Bank of Montreal Custodian | $14.72M | 0.39% | 2026-06-30 |
| 18 | Laurion Capital Management LP | $12.66M | 0.34% | 2026-06-30 |
| 19 | CAPITAL FUND MANAGEMENT S.A. | $11.87M | 0.31% | 2026-06-30 |
| 20 | Cubist Systematic Strategies, LLC | $10.37M | 0.27% | 2025-09-30 |
| 21 | Alphadyne Asset Management LP | $6.67M | 0.18% | 2026-06-30 |
| 22 | ExodusPoint Capital Management, LP | $6.38M | 0.17% | 2026-06-30 |
| 23 | Two Sigma Investments, LP Custodian | $5.98M | 0.16% | 2026-06-30 |
| 24 | PEAK6 LLC | $5.89M | 0.16% | 2026-06-30 |
| 25 | Walleye Capital LLC | $5.20M | 0.14% | 2026-06-30 |
31 filers$3.23B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $1.34B | 41.66% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $935.69M | 28.99% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $470.55M | 14.58% | 2026-06-30 |
| 4 | Point72 Asset Management, L.P. | $79.47M | 2.46% | 2026-06-30 |
| 5 | Tidal Investments LLC | $61.81M | 1.92% | 2026-06-30 |
| 6 | Walleye Trading LLC | $46.41M | 1.44% | 2026-06-30 |
| 7 | Millennium Management LLC Custodian | $42.29M | 1.31% | 2026-06-30 |
| 8 | Goldman Sachs Group Inc Custodian | $39.24M | 1.22% | 2026-06-30 |
| 9 | Squarepoint Ops LLC | $29.92M | 0.93% | 2026-06-30 |
| 10 | Laurion Capital Management LP | $27.57M | 0.85% | 2026-06-30 |
| 11 | TUDOR INVESTMENT CORP ET AL | $25.21M | 0.78% | 2026-06-30 |
| 12 | Allianz Asset Management GmbH | $23.35M | 0.72% | 2026-06-30 |
| 13 | CAPITAL FUND MANAGEMENT S.A. | $17.95M | 0.56% | 2026-06-30 |
| 14 | D. E. Shaw & Co., Inc. Custodian | $15.21M | 0.47% | 2026-06-30 |
| 15 | Bank of Montreal Custodian | $12.26M | 0.38% | 2026-06-30 |
| 16 | Wolverine Trading, LLC Custodian | $10.72M | 0.33% | 2025-09-30 |
| 17 | Two Sigma Investments, LP Custodian | $8.34M | 0.26% | 2026-06-30 |
| 18 | Alphadyne Asset Management LP | $7.36M | 0.23% | 2026-06-30 |
| 19 | UBS Group AG Custodian | $5.89M | 0.18% | 2026-06-30 |
| 20 | Cubist Systematic Strategies, LLC | $5.36M | 0.17% | 2025-09-30 |
| 21 | NOMURA HOLDINGS INC | $4.91M | 0.15% | 2026-06-30 |
| 22 | PEAK6 LLC | $4.22M | 0.13% | 2026-06-30 |
| 23 | Trexquant Investment LP | $2.26M | 0.07% | 2026-06-30 |
| 24 | STG SECURITIES, LLC | $1.57M | 0.05% | 2026-06-30 |
| 25 | CenterStar Asset Management, LLC | $1.55M | 0.05% | 2026-09-30 |
CIEN Insider Trading (Form 4)
Latest: 2026-10-19Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-10-19 | Dino DiPerna | EVP & Chief R&D Officer | Sell (S) | −890 | $347.04 | -$308.9K | EDGAR |
| 2026-10-19 | David M Rothenstein | EVP & Chief Strategy Officer | Sell (S) | −2,500 | $348.06 | -$870.2K | EDGAR |
| 2026-10-19 | Gary B Smith | President & CEO | Sell (S) | −2,952 | $348.02 | -$1.03M | EDGAR |
| 2026-10-19 | Brodie Gage | EVP & Chief Product & Tech | Sell (S) | −1,200 | $344.08 | -$412.9K | EDGAR |
| 2026-10-13 | Gary B Smith | President & CEO | Sell (S) | −2,952 | $369.66 | -$1.09M | EDGAR |
| 2026-10-06 | Jason Phipps | EVP & Chief Customer Officer | Sell (S) | −2,629 | $355.19 | -$933.8K | EDGAR |
| 2026-10-06 | Sheela Kosaraju | EVP & Chief Legal Officer | Sell (S) | −2,101 | $355.19 | -$746.3K | EDGAR |
| 2026-10-06 | Marc D. Graff | EVP & Chief Financial Officer | Sell (S) | −97 | $355.19 | -$34.5K | EDGAR |
| 2026-09-29 | Joseph Cumello | EVP & General Mgr. | Sell (S) | −1,586 | $358.52 | -$568.6K | EDGAR |
| 2026-09-28 | Bruce L. Claflin | Director | Sell (S) | −2,857 | $355.91 | -$1.02M | EDGAR |
| 2026-09-25 | Thomas Michael Nevens | Director | Mixed | −6,535 | $359.04 | -$1.34M | EDGAR |
| 2026-09-22 | Marc D. Graff | EVP & Chief Financial Officer | Tax (F) | −286 | $348.80 | -$99.8K | EDGAR |
| 2026-09-22 | Grant Hoffman | EVP & Chief Supply | Tax (F) | −170 | $348.80 | -$59.3K | EDGAR |
| 2026-09-22 | Jason Phipps | EVP & Chief Customer Officer | Tax (F) | −2,365 | $348.80 | -$824.9K | EDGAR |
| 2026-09-22 | Dino DiPerna | EVP & Chief R&D Officer | Tax (F) | −2,053 | $348.80 | -$716.1K | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
CIEN Insider Holdings
11 insiders · @ $361.34
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Gary B Smith | President & CEO | 225,455 | $81.47M | -$9.23M | 10 | 2026-10-19 |
| 2 | David M Rothenstein | EVP & Chief Strategy Officer | 172,881 | $62.47M | -$3.84M | 6 | 2026-10-19 |
| 3 | Marc D. Graff | EVP & Chief Financial Officer | 107,136 | $38.71M | -$2.30M | 7 | 2026-10-06 |
| 4 | Sheela Kosaraju | EVP & Chief Legal Officer | 84,065 | $30.38M | -$1.68M | 4 | 2026-10-06 |
| 5 | Bruce L. Claflin | Director | 59,122 | $21.36M | -$1.02M | 1 | 2026-09-28 |
| 6 | Jason Phipps | EVP & Chief Customer Officer | 57,388 | $20.74M | -$2.16M | 4 | 2026-10-06 |
| 7 | Joseph Cumello | EVP & General Mgr. | 39,570 | $14.30M | -$1.27M | 4 | 2026-09-29 |
| 8 | Dino DiPerna | EVP & Chief R&D Officer | 36,628 | $13.24M | -$828.1K | 5 | 2026-10-19 |
| 9 | Brodie Gage | EVP & Chief Product & Tech | 34,073 | $12.31M | -$1.87M | 6 | 2026-10-19 |
| 10 | Grant Hoffman | EVP & Chief Supply | 6,347 | $2.29M | $0 | 2 | 2026-09-22 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
CIEN Board & Officers
As of SEC filings through Oct 19, 2026Directors 9
- Gary B Smith · on file since 2006
- Lawton W Fitt · on file since 2006
- Bruce L. Claflin · on file since Mar 2008
- Patrick Gallagher · since May 27, 2009
- Thomas Michael Nevens · since Feb 4, 2014
- Joanne Beth Olsen · since Oct 16, 2018
- Devinder Kumar · since Aug 28, 2019
- Hassan Ahmed · since Jun 30, 2020
- Mary G Puma · since Aug 30, 2023
Officers 9
- Gary B Smith · President, CEO · listed since Mar 2006
- Marc D. Graff · EVP & Chief Financial Officer · listed since Sep 2026
- Grant Hoffman · SVP Chief Supply Chain Officer · since Jun 22, 2026
- Brodie Gage · EVP & Chief Product & · listed since Sep 2026
- David M Rothenstein · EVP & Chief Strategy Officer · listed since Sep 2026
- Dino DiPerna · EVP & Chief R&D Officer · listed since Sep 2026
- Jason Phipps · EVP & Chief Customer Officer · listed since Sep 2026
- Sheela Kosaraju · EVP & Chief Legal Officer · listed since Sep 2026
- Joseph Cumello · EVP & General Mgr. · listed since Sep 2026
Changes in the last 10 years (34)
| Sep 22, 2026 | Sheela Kosaraju listed as EVP & Chief Legal Officer (previously SVP and General Counsel) in SEC filings |
| Sep 22, 2026 | Marc D. Graff listed as EVP & Chief Financial Officer (previously SVP & Chief Financial Officer) in SEC filings |
| Sep 22, 2026 | Joseph Cumello listed as EVP & General Mgr. (previously SVP, General Mgr. Blue Planet) in SEC filings |
| Sep 22, 2026 | Jason Phipps listed as EVP & Chief Customer Officer (previously SVP Global Sales and Marketing) in SEC filings |
| Sep 17, 2026 | Dino DiPerna listed as EVP & Chief R&D Officer (previously SVP Global R&D) in SEC filings |
| Sep 17, 2026 | David M Rothenstein listed as EVP & Chief Strategy Officer (previously SVP and Chief Strategy Officer) in SEC filings |
| Sep 17, 2026 | Brodie Gage listed as EVP & Chief Product & (previously SVP Global Products & Supply) in SEC filings |
| Jun 22, 2026 | Grant Hoffman became SVP Chief Supply Chain Officer |
| Aug 1, 2025 | Marc D. Graff became SVP & Chief Financial Officer |
| Dec 11, 2024 | The company announced the departure of Patrick H Nettles from the board in an SEC filing |
| Dec 11, 2024 | The company announced the departure of Patrick H Nettles as Executive Chairman of Board in an SEC filing |
| Dec 11, 2024 | The company announced the departure of Patrick H Nettles as Executive Chairman in an SEC filing |
| Aug 28, 2024 | The company announced the departure of James E Moylan Jr as SVP Finance, CFO in an SEC filing |
| Apr 22, 2024 | The company announced the departure of Andrew C Petrik as VP, Controller in an SEC filing |
| Oct 27, 2023 | Dino DiPerna became SVP Global R&D |
| Oct 27, 2023 | Brodie Gage became SVP Global Products & Supply |
| Oct 2, 2023 | The company announced the departure of Scott McFeely as SVP, Networking Platforms in an SEC filing |
| Aug 30, 2023 | Mary G Puma became a director |
| Feb 17, 2023 | David M Rothenstein listed as SVP and Chief Strategy Officer (previously Sr. VP, General Counsel) in SEC filings |
| Jan 30, 2023 | Sheela Kosaraju became SVP and General Counsel |
| Jan 30, 2023 | Joseph Cumello became SVP, General Mgr. Blue Planet |
| Apr 5, 2021 | Patrick H Nettles first listed as Executive Chairman in an SEC filing |
| Jun 30, 2020 | Hassan Ahmed became a director |
| Apr 13, 2020 | Mary Yang became SVP, Chief Strategy Officer |
| Aug 28, 2019 | Devinder Kumar became a director |
| Oct 16, 2018 | Joanne Beth Olsen became a director |
| Jan 18, 2018 | Stephen B Alexander listed as SVP, Chief Technology Officer (previously Sr VP Chief Technology Officer) in SEC filings |
| Aug 23, 2017 | William D Fathers became a director |
| Mar 3, 2017 | Jason Phipps listed as SVP Global Sales and Marketing (previously SVP, Global Sales and Marketin) in SEC filings |
| Mar 2, 2017 | Scott McFeely no longer listed as a director in SEC filings |
| Mar 2, 2017 | Scott McFeely first listed as SVP, Networking Platforms in an SEC filing |
| Feb 27, 2017 | Scott McFeely became a director |
| Feb 27, 2017 | Rick Hamilton became SVP, Software and Services |
| Feb 27, 2017 | Jason Phipps became SVP, Global Sales and Marketin |
Not reported recently (10)
- Stephen B Alexander · Last reported as SVP, Chief Technology Officer in an SEC filing dated Jan 19, 2023
- Rick Hamilton · Last reported as SVP, Software and Services in an SEC filing dated Dec 22, 2022
- Judith M Obrien · Last reported as a director in an SEC filing dated Apr 7, 2022
- Mary Yang · Last reported as SVP, Chief Strategy Officer in an SEC filing dated Dec 22, 2021
- James Frodsham · Last reported as SR. VP, Chief Strategy Officer in an SEC filing dated Jun 24, 2019
- Michael J Rowny · Last reported as a director in an SEC filing dated Apr 5, 2018
- Harvey B Cash · Last reported as a director in an SEC filing dated Apr 5, 2018
- William D Fathers · Last reported as a director in an SEC filing dated Apr 5, 2018
- Francois Locoh-Donou · Last reported as Chief Operating Officer in an SEC filing dated Mar 22, 2017
- Marcus H Starke · Last reported as SVP, Chief Marketing Officer in an SEC filing dated Dec 23, 2016
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
CIEN Proposed Insider Sales (Form 144)
Latest: 2026-10-15
? Form 144 Guide
Last 30d:
9 filings
· $10.5M notice value
· Last 90d:
16 filings
· $15.7M notice value
· 9 unique filers
· 94% under 10b5-1 plans
What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.
How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.
10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.
"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.
Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.
Top 90-day filers:
Gary B. Smith (1, $5.3M) · DAVID ROTHENSTEIN (3, $2.8M) · MARC GRAFF (2, $2.2M) · THOMAS MICHAEL NEVENS (1, $1.3M) · BRODIE GAGE (3, $1.3M)
| Filed | Filer | Role | Shares | Notice Value | Planned Sale | Broker | Plan | Link |
|---|---|---|---|---|---|---|---|---|
| 2026-10-15 | Gary B. Smith | Officer | 14,760 | $5.26M | 2026-10-15 | Goldman Sachs & Co. LLC | 10b5-1 | EDGAR |
| 2026-10-15 | DAVID ROTHENSTEIN | Officer | 2,500 | $899.0K | 2026-10-15 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-10-15 | BRODIE GAGE | Officer | 1,200 | $412.9K | 2026-10-15 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-10-15 | DINO DIPERNA | Officer | 890 | $308.9K | 2026-10-15 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-10-01 | MARC GRAFF | Officer | 97 | $34.1K | 2026-10-01 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-10-01 | SHEELA KOSARAJU | Officer | 2,101 | $746.3K | 2026-10-01 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-10-01 | JASON PHIPPS | Officer | 2,629 | $933.8K | 2026-10-01 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-09-25 | JOSEPH CUMELLO | Officer | 1,586 | $568.5K | 2026-09-25 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-09-23 | THOMAS MICHAEL NEVENS | Director | 3,738 | $1.34M | 2026-09-23 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
| 2026-09-16 | DINO DIPERNA | Officer | 249 | $87.2K | 2026-09-16 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
Recent SEC Filings
Latest: 2026-06-04
Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).
| Filing Date | Accession | Link |
|---|---|---|
| 2026-06-04 | 0001628280-26-040614 | EDGAR |
| 2026-03-31 | 0001628280-26-022342 | EDGAR |
| 2026-03-05 | 0001628280-26-015006 | EDGAR |
| 2025-12-11 | 0001628280-25-056425 | EDGAR |
| 2025-12-04 | 0001628280-25-055133 | EDGAR |
| 2025-10-07 | 0001628280-25-044494 | EDGAR |
| 2025-09-22 | 0001628280-25-042266 | EDGAR |
| 2025-09-04 | 0000936395-25-000037 | EDGAR |
| 2025-06-18 | 0000936395-25-000029 | EDGAR |
| 2025-06-05 | 0000936395-25-000023 | EDGAR |
Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.
Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.
| Filing Date | Accession | Link |
|---|---|---|
| 2026-06-04 | 0001628280-26-040767 | EDGAR |
| 2026-03-05 | 0001628280-26-015152 | EDGAR |
| 2025-09-04 | 0000936395-25-000041 | EDGAR |
| 2025-06-05 | 0000936395-25-000025 | EDGAR |
| 2025-03-12 | 0000936395-25-000011 | EDGAR |
| 2024-09-04 | 0000936395-24-000032 | EDGAR |
| 2024-06-06 | 0000936395-24-000025 | EDGAR |
| 2024-03-07 | 0000936395-24-000008 | EDGAR |
| 2023-09-06 | 0000936395-23-000034 | EDGAR |
| 2023-06-07 | 0000936395-23-000027 | EDGAR |
ETF Holders
355 ETFs hold CIEN
25 shown · $8.80B total exposure · 0.10% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.07% | $1.6B | — | 2026-09-30 |
| 2 | VOO Vanguard S&P 500 ETF | Vanguard | 0.08% | $1.3B | — | 2026-09-30 |
| 3 | VO Vanguard Morningstar Mid-Cap ETF | Vanguard | 0.49% | $1.1B | — | 2026-09-30 |
| 4 | IVV iShares Core S&P 500 ETF | iShares (BlackRock) | 0.07% | $643.7M | $890.4B | 2026-10-20 |
| 5 | VUG Vanguard Morningstar Growth ETF | Vanguard | 0.16% | $624.8M | — | 2026-09-30 |
| 6 | SPY State Street® SPDR® S&P 500® ETF Trust | SPDR (State Street) | 0.07% | $595.4M | $818.4B | 2026-10-20 |
| 7 | VOT Vanguard Morningstar Mid-Cap Growth ETF | Vanguard | 1.18% | $391.0M | — | 2026-09-30 |
| 8 | VGT Vanguard Information Technology ETF | Vanguard | 0.21% | $376.2M | — | 2026-09-30 |
| 9 | XLK State Street® Technology Select Sector SPDR® ETF | SPDR (State Street) | 0.29% | $353.6M | $122.3B | 2026-10-20 |
| 10 | SCHM Schwab U.S. Mid-Cap ETF | Nport | 1.52% | $221.0M | — | 2026-05-31 |
| 11 | RSP Invesco S&P 500 Equal Weight ETF | Invesco | 0.20% | $198.6M | — | 2026-10-20 |
| 12 | IWF iShares Russell 1000 Growth ETF | iShares (BlackRock) | 0.14% | $180.8M | $126.1B | 2026-10-20 |
| 13 | BLCR iShares Large Cap Core Active ETF | iShares (BlackRock) | 1.38% | $134.7M | $9.8B | 2026-10-20 |
| 14 | SPYM State Street® SPDR® Portfolio S&P 500® ETF | SPDR (State Street) | 0.07% | $133.6M | $183.5B | 2026-10-20 |
| 15 | DFAC Dimensional US Core Equity 2 ETF | Dimensional | 0.14% | $126.8M | — | 2026-10-20 |
| 16 | IVW iShares S&P 500 Growth ETF | iShares (BlackRock) | 0.13% | $103.2M | $77.9B | 2026-10-20 |
| 17 | SPMO Invesco S&P 500 Momentum ETF | Invesco | 0.46% | $100.3M | — | 2026-10-20 |
| 18 | SPHQ Invesco S&P 500 Quality ETF | Invesco | 0.48% | $90.9M | — | 2026-10-20 |
| 19 | FDN First Trust Dow Jones Internet Index Fund | First Trust | 1.66% | $86.9M | $5.2B | 2026-10-20 |
| 20 | SCHX Schwab U.S. Large-Cap ETF | Nport | 0.12% | $86.9M | — | 2026-05-31 |
| 21 | DCOR Dimensional US Core Equity 1 ETF | Dimensional | 0.18% | $82.9M | — | 2026-10-20 |
| 22 | RSPT Invesco S&P 500 Equal Weight Technology ETF | Invesco | 1.34% | $81.2M | — | 2026-10-20 |
| 23 | VONG Vanguard Russell 1000 Growth ETF | Vanguard | 0.15% | $80.9M | — | 2026-09-30 |
| 24 | MTUM iShares MSCI USA Momentum Factor ETF | iShares (BlackRock) | 0.41% | $76.7M | $18.9B | 2026-10-20 |
| 25 | SPYG State Street® SPDR® Portfolio S&P 500® Growth ETF | SPDR (State Street) | 0.13% | $74.8M | $56.1B | 2026-10-20 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
—
TTM Diluted EPS
$4.48
TTM Revenue
$6.02B
TTM Net Income
$654.41M
TTM Op. Cash Flow
$1.05B
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q3 '26 | 2026-08-01 | $1.67B | $266.42M | $1.83 | $196.26M |
| Q2 '26 | 2026-05-02 | $1.57B | $218.22M | $1.49 | $259.70M |
| Q1 '26 | 2026-01-31 | $1.43B | $150.28M | $1.03 | $227.65M |
| Q4 '25 | 2025-11-01 | $1.35B | $19.49M | $0.13 | $371.08M |
| Q3 '25 | 2025-08-02 | $1.22B | $50.31M | $0.35 | $174.35M |
| Q2 '25 | 2025-05-03 | $1.13B | $8.97M | $0.06 | $156.95M |
| Q1 '25 | 2025-02-01 | $1.07B | $44.57M | $0.31 | $103.72M |
| Q4 '24 | 2024-11-02 | $1.12B | $37.03M | $0.26 | $349.36M |
| Q3 '24 | 2024-07-27 | $942.31M | $14.23M | $0.10 | $-159.38M |
| Q2 '24 | 2024-04-27 | $910.83M | $-16.85M | $-0.12 | $58.47M |
| Q1 '24 | 2024-01-27 | $1.04B | $49.55M | $0.34 | $266.08M |
| Q4 '23 | 2023-10-28 | $1.13B | $91.20M | $0.62 | $195.47M |
Q3 2026 • period ending 2026-08-01 • filed 2026-09-03
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
80.66
P/B
17.25
P/S
8.76
EV/EBITDA
63.56
EV/Sales
8.89
ROE
21.4%
ROA
8.2%
Div Yield
0.00%
FCF Yield
2.00%
Debt/Equity
1.06
Current Ratio
—
Market Cap
$52.72B
as of 2026-10-21
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
3.87M
SI % of Float
2.74%
Days to Cover
1.44
Short Vol Ratio
54.6%
Free Float
141.16M
Float %
99.5%
Short interest 2026-09-30 • Short volume 2026-10-21 • Float 2026-09-03