InsiderStreet Equity Research

Produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation for any investor. Do not rely on it for any investment decision.

Last Close

$332.73

2026-10-16

Market Cap

$47.2B

Volume

3.2M

52-Wk High

$637.51

52-Wk Low

$159.56

Trailing PE

72.0

P/S

7.84

Gross Margin

44.1%

Net Margin

10.9%

ROE

23%

ROIC

12%

Piotroski

8/9

Altman Z

6.9

1-Yr Return

+95.0%

5-Yr Return

+704.0%

Ciena Corporation is a global technology company focused on telecommunications infrastructure. It delivers integrated solutions â including specialized hardware, software applications, and professional services â designed to facilitate the efficient transmission, routing, switching, aggregation, delivery, and overall management of video, data, and voice traffic across communication networks worldwide. Within its Networking Platforms division, Ciena develops and supplies advanced hardware and integrated solutions. These products are specifically engineered to optimize the convergence of various optical transport methods (like coherent optical transport and optical transport network switching) with packet switching, enabling high-performance data handling. The product portfolio spans a range of packet-optical platforms (e.g., the 6500, 5400, and Z-Series), reconfigurable switching systems (such as the 5430), Waveserver interconnect systems, and dedicated switches for service delivery and aggregation (including the 3000 and 5000 families). This segment also provides the essential operating system software and advanced features embedded within its hardware offerings. Ciena's Blue Planet Automation Software and Services arm is dedicated to intelligent network automation. It offers solutions for orchestrating services across multiple network domains, maintaining precise network inventory, optimizing data routes, coordinating virtualized network functions (NFV), and delivering insightful analytics, alongside related support. The Platform Software and Services segment provides unified management platforms, exemplified by its OneControl system, as well as other software tools for comprehensive network planning, operational control, and ongoing oversight. Finally, the Global Services segment delivers end-to-end client support. This includes strategic consulting, detailed network architecture design, expert installation and deployment, ongoing maintenance, and comprehensive training programs. The company distributes its cutting-edge products and services to network operators through both direct sales forces and indirect channel partners. Established in 1992, Ciena Corporation maintains its corporate headquarters in Hanover, Maryland.

SectorTechnologyIndustryCommunication EquipmentExchangeNYSEMarket Cap$47.2BEmployees9,080 (SEC-filed)CEOGary SmithIPO1997-02-07CountryUS

8150 Maple Lawn Boulevard, Fulton, MD 20759 · Tel 410 694 5700 · ciena.com

INSIDERSTREET SCORE75 / 100Street mean $483.27 (15 analysts, last qtr) — their number, not ours

INSIDER CONSENSUS SIGNALROUTINE SELLING — LOW SIGNAL$54M sold / 6 mo, zero open-market buys

1 Year vs S&P 500 · CIEN +95.0% · S&P 500 +15.9% · spread +79.2pp

7 Years vs S&P 500 · CIEN +704.0% · S&P 500 +189.9% · spread +514.1pp

Both charts indexed to 100 at the start of their window and drawn on a single shared scale, so the gap to the benchmark is the gap you see. Adjusted closes throughout.

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INSIDERSTREET
SCORE75of 100

Score Breakdown

Profitability	65/100
Growth	78/100
Momentum	100/100
Quality	87/100
Earnings Quality	68/100
Balance Sheet	91/100
Value	27/100
Risk (safety)	100/100
Overall	74.5/100

Each component is a diagnostic reading on its own 0-100 scale. The overall score is computed separately from the underlying financials and is not the average of the rows above — components are not equally weighted and three of them (Momentum, Value, Risk) are derived partly from price rather than from the business.

Peer Comparison — IS Score

Symbol	IS Score
UI	85
LITE	45
MSI	66
ZBRA	63
VIAV	31
VSAT	38
CIEN	75

IS Score Trend — quarterly

15 quarters, 23 Q1 to 26 Q3. Peak 75 in 26 Q3, latest 75 — +0 since. Fell in 0 of the last 4 quarters. Dashed line marks 40 on the 0-100 scale.

BUSINESS QUALITY75 / 100IS Score 74.5 / 100 · +0.0 from peak of 75

Fundamental factor model, quarterly. Measures how the business is doing - not where the price is going.

PRICE STRUCTUREBEARISHTechnical Score 26 / 100 · Power -49 · 2 of 22 indicator votes bullish

Vote share across trend, momentum, volume, volatility and pattern families. Describes where the price is, not where it is going.

These two disagree — business quality 75, price structure 26 out of 100, so the business reads better than the price does. We publish the disagreement rather than resolving it: they answer different questions, and the gap between them is information, not an error.

Trigger	Where it stands now	What it would mean
IS Score reaches 75 and holds two consecutive quarters	now 74.5	would move us up one band
IS Score stops falling - one quarter higher than the prior	last four: 67 → 71 → 73 → 75	the direction matters more than the level
Technical vote share back above 50%	now 9%	price structure no longer broken
Institutional holder count rises two quarters running	peak 1,229 → now 1,229	fewer institutions willing to hold is our clearest warning

We publish these so the view can be shown to be wrong. If none of them move and our reading does, we owe you an explanation.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.

Site Convergence Score2 of 4top 13% of 29,420 symbols

Sources Aligned— of 3independent disclosures

Congress (180d)7 buys2026-05-29

Insider Buys (180d)0none disclosed

ETF Funds (30d)1299 up / 1057 downnet +242 funds

Congressional and insider figures are disclosed purchases in the trailing 180 days; ETF figures are COUNTS OF FUNDS whose holding changed in 30 days, not dollars. Coincidence of separate disclosures, not coordination. An absent source means nothing qualifying was disclosed in its window.

Institutions holding — 12 quarters

Peak 1,229 · latest 1,229 (+0 from peak).

Quarter	Holders	13F shares	Value	Reported own%	Guard
2026 Q2	1,229	133.8M	$62.5B	94.2%
2026 Q1	1,084	134.3M	$49.4B	94.5%
2025 Q4	856	149.2M	$30.6B	105.0%	ex-outlier 90.1%
2025 Q3	689	139.2M	$19.8B	98.0%
2025 Q2	565	141.0M	$11.4B	99.3%
2025 Q1	548	136.6M	$8.1B	96.1%
2024 Q4	534	140.2M	$11.2B	98.7%
2024 Q3	463	142.2M	$8.4B	100.1%	ex-outlier 84.8%
2024 Q2	453	140.0M	$6.6B	98.6%
2024 Q1	470	137.2M	$6.8B	96.6%
2023 Q4	450	134.0M	$6.6B	94.3%
2023 Q3	467	135.0M	$6.7B	95.0%

How to read ownership above 100%. A 13F reports the positions a manager has investment discretion over, and where two or more managers share discretion over the same block, each one reports it. Summed across filers, the total can therefore exceed the shares actually outstanding without anything being wrong. We publish the figure as filed rather than netting it down, and flag separately any quarter where the arithmetic is not merely high but impossible.

Why 2025-12 reads 105.00%. Institutions cannot hold more of a company than exists. The reported 149.2M shares exceed the 142.1M outstanding, and a single filer accounts for the excess: FMR LLC reports 21,128,210 shares against 21,158,386 the prior quarter, a 1x jump, which alone would be 14.9% of the company. Excluding that filing, ownership is 90.1%. We publish both figures. 13F filings are due 45 days after quarter end and amendments keep arriving after that, so the newest quarter is provisional by construction - this is what an unsettled quarter looks like.

Why 2024-09 reads 100.10%. Institutions cannot hold more of a company than exists. The reported 142.2M shares exceed the 142.1M outstanding, and a single filer accounts for the excess: FMR LLC reports 21,664,066 shares against 21,555,659 the prior quarter, a 1x jump, which alone would be 15.2% of the company. Excluding that filing, ownership is 84.8%. We publish both figures. 13F filings are due 45 days after quarter end and amendments keep arriving after that, so the newest quarter is provisional by construction - this is what an unsettled quarter looks like.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Insider	Role	Date	Type	Shares	Value	Post-Txn Owned
Smith Gary B	director, President & CEO	2026-10-01	SELL	2,952	$1.09M	228,407
Phipps Jason	EVP & Chief Customer Officer	2026-10-01	SELL	2,629	$0.93M	57,388
Kosaraju Sheela	EVP & Chief Legal Officer	2026-10-01	SELL	2,101	$0.75M	84,065
Graff Marc D.	EVP & Chief Financial Officer	2026-10-01	SELL	97	$0.03M	107,136
Cumello Joseph	EVP & General Mgr.	2026-09-25	SELL	1,586	$0.57M	39,570
Claflin Bruce L.	director	2026-09-24	SELL	2,857	$1.02M	8,279
Nevens Thomas Michael	director	2026-09-24	GIFT	2,797	—	3,492
Nevens Thomas Michael	director	2026-09-23	SELL	3,738	$1.34M	6,289

6-mo decomposition (Form 4)	Txns	Shares	Value	Signal weight
S — Open-market sales	64	128,371	$54.2M	Counted
F — Tax withholding	104	78,373	$30.2M	None — compensation
G — Gifts	1	2,797	—	None
P — Open-market purchases	0	0	$0	Counted — none occurred

Monthly Net Insider Flow (000 shares)

Net of acquisitions minus dispositions, all Form 4 types.

Signal Summary

SignalRoutine Selling — Low Signal

Open-Market Sells$54.2M64 txns / 6 mo

Open-Market Buys$0.0M0 txns / 6 mo

ClusterNone active3+ insiders / 21 days

Filed	Filer	Shares registered	Est. proceeds
2026-10-15	Brodie Gage	1,200	$0.4M
2026-10-15	Dino Diperna	890	$0.3M
2026-10-15	David Rothenstein	2,500	$0.9M
2026-10-15	Gary B. Smith	14,760	$5.3M
Trailing 12 mo	60 filings	362,013	$105M

Filed	Form	Reporting person	% of class	Shares
2026-09-03	SCHEDULE 13G/A	JPMORGAN CHASE & CO.	3.90%	5.6M sh
2026-08-06	SCHEDULE 13G/A	Abigail P. Johnson	13.50%	19.1M sh
2026-04-29	SCHEDULE 13G	Vanguard Portfolio Management	5.22%	7.4M sh
2026-04-29	SCHEDULE 13G	Vanguard Capital Management	7.47%	10.6M sh

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Member	Chamber	Trade	Size band	Traded	Disclosed
Ro Khanna	House	SELL	$1,001 - $15,000	2026-09-25	2026-10-09
Ro Khanna	House	SELL	$1,001 - $15,000	2026-09-11	2026-10-09
Gilbert Cisneros	House	BUY	$1,001 - $15,000	2026-05-29	2026-06-09
Alan Armstrong	Senate	BUY	$1,001 - $15,000	2026-03-30	2026-07-20

House 12-Mo14 trades8 purchases

Senate 12-Mo1 trades1 purchases

CoverageSTOCK Act filings30-45 day disclosure lag

13F Filers (last complete Q)1,084

13F Shares134M94.5% of shares out

New / Closed320 / 78positions, QoQ

Increased / Reduced317 / 366positions, QoQ

Put/Call (13F)0.93option positions

Free Float99.5%141M sh

2.8 · Largest Reporting 13F Managers

Manager	Shares	Value
Wealth Enhancement Advisory Servic	388,761	$160M
Assenagon Asset Management S.A.	266,384	$94M
Fjarde Ap-Fonden /Fourth Swedish N	47,996	$17M
Mn Services Vermogensbeheer B.V.	41,200	$14M
Czech National Bank	40,672	$14M
Harbour Capital Advisors, Llc	38,567	$14M

EDGAR 13F holdings as of 2026-09-30; filer values normalized to dollars.

2.9 · Top ETF & Fund Ownership

Fund	Weight	Position
FDGRX	2.1%	$2.0B
FGCKX	2.1%	$2.0B
VITSX	0.1%	$1.6B
VSMPX	0.1%	$1.6B
VTI	0.1%	$1.6B
VTSAX	0.1%	$1.6B

13F Filers Holding CIEN — quarterly

Institutional Put/Call — quarterly

Daily short-sale volume as % of volume reported in FINRA's short-sale file — a flow measure, not short interest; dashed = 50-day average.

Latest Session36.1%2026-10-15

20-Day Avg50.1%50-day 43.5%

TrendRising20d vs 50d

By Market CenterQ: 36% · N: 37% · B: 55%latest session

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Weekly Notional ($B)

Where CIEN Trades in the Dark

ATS Venue (4-wk)	Shares	Avg trade
Incr Intelligent Cross Llc	3.2M	44 sh
Ubsa Ubs Ats	2.8M	52 sh
Sgmt Sigma X2	1.9M	43 sh
Ebxl Level Ats	1.4M	26 sh
Mspl Ms Pool (Ats-4)	1.2M	146 sh
Mlix Instinct X	1.1M	62 sh

Where a dollar of Ciena Corporation revenue goes. All values FY2025 filings, live.

Region	Revenue	Share
North America	$3.0B	74%
EMEA	$649M	16%
Asia Pacific	$414M	10%

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CIEN (live moat model)Peer median: UI · LITE · MSI · ZBRA · VIAV

Component scores from the live moat model. Peer median illustrative.

Moat score 44/100 — Weak; primary source Efficient Scale.

3.8 · Employees (SEC filings)

Officer	Title
Gary Smith	Chief Executive Officer, President & Director
Marc D. Graff	Senior Vice President & Chief Financial Officer
Jason Phipps	Senior Vice President of Global Customer Engagement
David Rothenstein	Senior Vice President, Chief Strategy Officer & Corporate Secretary

Revenue ($B)

EPS ($) — GAAP diluted actual, street-basis estimate

Actual bars are GAAP diluted EPS from the filed income statement; the lighter forward bars are street-basis consensus. The two are different measures and are not comparable quarter to quarter.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Quarterly EPS — Actual vs. Consensus

Beats (>2%)5 of 6recent quarters

Avg Surprise+12.3%

Next Report2026-12-10

Income Quality1.61OCF ÷ net income

Beat Rate—%0 of 0 quarters

Current Streak0longest 0

Avg EPS Surprise—%median —%

Surprise Trend—last 4 vs prior 4

Period	EPS est.	EPS actual	EPS surprise	Rev est. ($M)	Rev actual ($M)	Rev surprise

Announcement dates to . Consensus as it stood at each report. Revenue surprise shown where both estimate and actual are filed. A beat record is history, not a forecast.

Profit Margins (%)

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Revenue by Segment — Stacked

Live segmentation data.

YoY Growth Heatmap — Income Lines

YoY growth	FY21	FY22	FY23	FY24	FY25
Revenue	+2.5%	+0.3%	+20.8%	-8.5%	+18.8%
Gross profit	+4.3%	-10.6%	+22.1%	-8.7%	+23.9%
Operating income	+2.7%	-51.2%	+49.6%	-50.3%	+62.5%
Net income	+38.4%	-69.4%	+66.7%	-67.1%	+46.9%

$B · FY ends	FY21	FY22	FY23	FY24	FY25
Revenue	3.6	3.6	4.4	4.0	4.8
Cost of revenue	2.0	2.2	2.6	2.4	2.8
Gross profit	1.6	1.4	1.7	1.6	2.0
R&D expense	0.4	0.5	0.7	0.7	0.8
SG&A expense	0.6	0.6	0.7	0.7	0.8
Operating income	0.5	0.3	0.4	0.2	0.3
EBITDA	0.6	0.4	0.6	0.4	0.4
D&A	0.1	0.1	0.1	0.1	0.1
Pretax income	0.5	0.2	0.3	0.1	0.2
Income tax	-0.0	0.0	0.1	0.0	0.0
Net income	0.5	0.2	0.3	0.1	0.1
Diluted EPS ($)	3.19	1.00	1.71	0.58	0.85
Diluted shares (M)	157	152	149	146	145

Operating CF$1B

CapEx$0B

Free cash flow$1B

SBC$0B

Buybacks$0B

Net cash change$0B

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Balance Sheet — Full

$B	FY22	FY23	FY24	FY25
Cash & equivalents	1.0	1.0	0.9	1.1
ST investments	0.2	0.1	0.3	0.2
Receivables (net)	1.1	1.2	1.2	1.0
Total current assets	3.4	3.6	3.5	3.6
PP&E (net)	0.3	0.3	0.4	0.0
Goodwill + intangibles	0.4	0.7	0.6	0.7
Total assets	5.1	5.6	5.6	5.9
Accounts payable	0.5	0.3	0.4	0.5
Short-term debt	0.0	0.0	0.0	0.0
Deferred revenue	0.1	0.2	0.2	0.2
Total current liabilities	1.0	0.9	1.0	1.3
Long-term debt	1.1	1.5	1.5	1.5
Total liabilities	2.4	2.8	2.8	3.1
Shareholders' equity	2.7	2.8	2.8	2.7

Cash Flow Statement — Full

$B	FY22	FY23	FY24	FY25
Net income	0.2	0.3	0.1	0.1
D&A	0.1	0.1	0.1	0.1
Stock-based compensation	0.1	0.1	0.2	0.2
Working capital change	(0.6)	(0.4)	0.1	0.2
Operating cash flow	(0.2)	0.2	0.5	0.8
Capital expenditures	(0.1)	(0.1)	(0.1)	(0.1)
Investing cash flow	(0.1)	(0.4)	(0.3)	(0.2)
Buybacks	(0.5)	(0.3)	(0.3)	(0.3)
Dividends paid	0.0	0.0	0.0	0.0
Debt issuance / (repay)	0.4	0.5	(0.0)	(0.0)
Financing cash flow	(0.1)	0.2	(0.3)	(0.4)
Free cash flow	(0.3)	0.1	0.4	0.7

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Balance Sheet Structure ($B)

Cash Generation vs Capex ($B)

Left: what the balance sheet is made of — the gap between the assets bar and the liabilities bar is book equity. Right: whether the capex bar is covered by the operating-cash bar; where it is not, the difference was funded externally and free cash flow goes negative.

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
PROFITABILITY
ROE	18.1%	5.3%	9.2%	3.0%	4.4%	23%
ROA	11.1%	3.1%	4.8%	1.5%	2.1%	8.2%
ROIC	25.7%	7.8%	8.9%	4.2%	8.2%	11.6%
Gross margin	44.2%	39.4%	39.9%	39.8%	41.5%	44.1%
Operating margin	14.6%	7.1%	8.8%	4.8%	6.5%	14.1%
Net margin	13.8%	4.2%	5.8%	2.1%	2.6%	10.9%
EBITDA margin	17.3%	10.2%	12.6%	8.7%	8.1%	16.1%
FCF margin	12.8%	-7.1%	1.4%	9.3%	13.9%	—
VALUATION
P/E	17.01	46.71	24.49	111.22	224.00	72.0
P/B	2.82	2.63	2.19	3.32	10.12	15.5
P/S	2.35	1.97	1.42	2.33	5.79	7.84
P/FCF	18.41	-27.62	100.44	24.88	41.53	65.6
EV/EBITDA	12.31	19.42	12.25	27.74	72.28	46.3
EV/Revenue	2.13	1.98	1.55	2.42	5.85	7.5
Earnings yield	5.9%	2.1%	4.1%	0.9%	0.4%	1.38%
FCF yield	5.4%	-3.6%	1.0%	4.0%	2.4%	1.52%

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
LEVERAGE & SOLVENCY
Current ratio	3.48	3.25	3.81	3.52	2.73	3.80
Quick ratio	3.07	2.34	2.68	2.70	2.09	3.17
Debt / equity	0.27	0.44	0.58	0.58	0.58	0.08
Debt / assets	16.5%	23.4%	29.6%	28.9%	27.0%	3.0%
Net debt / EBITDA	-1.28	0.10	0.98	1.09	0.71	-2.27
Interest coverage	16.01	4.88	4.68	2.24	2.75	—

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
EFFICIENCY
Asset turnover	0.80	0.73	0.82	0.71	0.83	0.75
Receivables turnover	4.04	3.52	3.93	3.67	4.74	4.9
DSO (days)	90	104	93	100	77	75
DPO (days)	59	72	58	56	62	71
Cash conversion cycle	97	141	173	185	120	98
GROWTH (YoY)
Revenue growth	2.5%	0.3%	20.8%	-8.5%	18.8%	—
Net income growth	38.4%	-69.4%	66.7%	-67.1%	46.9%	—
EPS growth	38.3%	-67.9%	68.0%	-66.6%	47.4%	—
FCF growth	12.4%	-156.0%	124.0%	504.1%	77.3%	—
PER SHARE ($)
EPS (diluted, TTM)	3.19	1.03	1.72	0.58	0.85	4.61
Book value / share	19.27	18.19	19.26	19.29	18.76	21.52
Revenue / share	23.11	24.36	29.66	27.51	32.79	42.38
FCF / share	2.95	-1.73	0.42	2.57	4.57	5.06
Cash / share	10.24	7.70	7.54	8.57	8.99	18.51
SHAREHOLDER RETURN & SCORES
Buyback yield	1.6%	7.7%	4.5%	3.1%	1.2%	1.01%
Altman Z-Score	3.31	2.24	2.10	2.54	5.94	6.9
Piotroski F-Score	6	2	6	5	8	8/9
Beneish M-Score	-2.26	-2.07	-2.22	-2.76	-3.10	-2.57

Model	Score	Zone	Note
Piotroski F-Score	8 / 9	Strong
Altman Z-Score	6.9	Safe (>2.99)	Safe
Income quality	1.61	Cash-backed	OCF ÷ net income
Beneish M-Score	-2.57	Non-manipulator	vs −2.22 threshold

DuPont Decomposition (TTM)	Value
Tax burden	0.90
Interest burden	0.94
Operating margin	12.9%
Asset turnover	0.88×
Financial leverage	2.35×
= ROE	22%

Growth Quality (live)	Value
Revenue stability	0.77
Earnings stability	0.03
Earnings persistence	0.50
Revenue CAGR 3y	12.5%
EPS CAGR 3y	44.8%
FCF CAGR 3y	—

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NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Buyback Yield1.01%

Dividend Yield0.00%none paid

Total Shareholder Return0.94%cash yield

SBC / Revenue0.5%dilution pressure

Company	Mkt cap	P/E	ROE	Net margin	Rev growth	Piotroski	1-yr ret
UI	$36.4B	37.9	91%	30.4%	+27.2%	7/9	-20.1%
LITE	$74.7B	-8.9	-240%	—	+83.2%	5/9	+404.9%
MSI	$76.6B	36.1	92%	17.8%	+10.3%	7/9	+6.3%
ZBRA	$17.5B	34.5	15%	15.0%	+12.7%	6/9	+25.5%
VIAV	$8.2B	-260.0	-3%	7.4%	+40.0%	6/9	—
VSAT	$8.1B	-226.3	-1%	-4.5%	+1.3%	6/9	—
AAOI	$6.4B	-97.0	-5%	-11.9%	+61.8%	3/9	—
CSCO	$423.4B	32.0	27%	22.4%	+11.8%	8/9	—

1-yr returns computed from adjusted price history; peers without a tracked series show —.

Buy

42 Analysts

Str Sell (0)Sell (0)Hold (9)Buy (33)Str Buy (0)

Mean Target (qtr)$483.2715 targets

Target vs. Price+45.2%last-quarter mean

Next Report2026-12-10street $2.05

Consensus estimates	Revenue mean	High / Low	EPS mean	High / Low	# EPS est.
FY2026	$6.43B	$6.45B / $6.41B	$7.17	$7.25 / $7.05	11
FY2027	$8.45B	$8.56B / $8.36B	$11.85	$12.66 / $8.50	8
FY2028	$10.95B	$12.11B / $9.85B	$17.53	$18.95 / $15.49	6

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Street Price Target — Trajectory

Window	Avg Target	vs. Price	# Targets
Last Month	$495.00	+48.8%	2
Last Quarter	$483.27	+45.2%	15
Last Year	$394.26	+18.5%	50
All Time	$223.85	-32.7%	107

Rolling mean of published targets vs. last close $332.73. Aggregated from StreetInsider, Benzinga, Pulse 2.0.

Third-Party Composite Rating

B-

DCF

2/5

ROE

4/5

ROA

4/5

Debt/Eq

3/5

P/E

1/5

P/B

1/5

Independent quant composite as of 2026-10-16; components scored 1–5 (5 best). Shown for contrast with the InsiderStreet Score — methodologies differ.

CIEN +95.0% vs S&P 500 +15.9% — spread +79.2pp

Sector — XLK +29.0%

Peer Set — indexed to 100

All series indexed to 100 at the start of the window, adjusted closes.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Candlesticks with SMA 20/50 overlay, Bollinger (20,2σ) band, volume, and Wilder RSI(14) — computed from live daily OHLCV.

Moving Average	Value	Distance	% Distance	Signal
SMA 20	$381.86	-49.13	-12.87%	Below
SMA 50	$377.91	-45.18	-11.96%	Below
SMA 200	$399.92	-67.19	-16.80%	Below
EMA 9	$378.90	-46.17	-12.19%	Below
EMA 21	$380.44	-47.71	-12.54%	Below
EMA 50	$384.33	-51.60	-13.43%	Below
EMA 200	$370.08	-37.35	-10.09%	Below

Series and readings from the nightly technical-indicator history — identical data to the site's ribbon chart. Supertrend segments colored by direction.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

TECHNICAL VERDICTBEARISHPower Score -492 of 22 indicator votes bullish

Family Scores (site weights)

Trend 30%0

Momentum 25%10

Volume 20%44

Volatility 10%67

Patterns 15%50

This Week9% bullishof 11 price-based votes

4 Weeks Ago27%-18 pts since

12 Weeks Ago18%-9 pts since

ReadStabilizingweek-over-week trajectory

Price vs SMA 20$381.86

Price vs SMA 50$377.91

Price vs SMA 200$399.92

EMA 9/21 Cross378.9/380.4

SMA 50/200Death

ADX DirectionADX 16

Supertrend$427

Parabolic SAR$442

SMA Slope-0.780

RSI39.5

Stochastic K/D13/28

StochRSI K/D0/12

Williams %R-98

CCI-97

TSI vs Signal1.9

CMO-20.9

ROC-14.88%

OBV SignalDistrib

Chaikin MF0.200

MFI53

Force Index-18M

Elder Ray Bull-25.84

RSI (14)30 oversold · 70 overbought

Stochastic %Kvs %D 28

Money Flowvolume-weighted RSI

ADXtrend strength · <20 weak

Williams %Rinverted scale

Level	Value	Level	Value
Pivot / R1 / R2	$349.17 / $365.18 / $373.85	S1 / S2	$340.50 / $324.49
Bollinger (20,2)	$311.98 – $451.75	Squeeze	Off
52-wk range	$159.56 – $637.51	Off 52-wk high	-47.8%
ATR (14)	$27.28 (8.2%)	Historical vol	91.0%

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

+0.5%Jan55%

+5.2%Feb65%

+0.4%Mar48%

+1.1%Apr50%

+1.1%May60%

+0.2%Jun50%

+1.1%Jul60%

+0.6%Aug45%

-1.0%Sep30%

+1.7%Oct50%

+3.7%Nov70%

+8.0%Dec75%

Sample: 20 years — treat short histories as suggestive, not statistical.

Computed from live weekly prices	CIEN	S&P 500
Weekly volatility (σ, 1y)	9.46%	1.83%
Best / worst week (1y)	+23.7% / -18.1%	—
Max drawdown (5y, monthly)	-45.3%	—
1-week VaR (95%)	-16.5%	—
Beta (5y)	1.31	1.00

CIEN EQUITY WEATHER (LIVE)STORMY · -42

Trend-34

Momentum-61

Volume-29

Volatility-60

Breadth-17

MARKET REGIME (2026-10-16)NEUTRAL

VIX19.99Normal

Dow TheoryConfirmed Bearish

SPY / QQQ TSI7.2 / 4.7trend strength

Sector Strength46/100breadth average

Average sentiment of 577 stories, weekly buckets, −1 to +1.

This space intentionally left blank — the next section begins on the following page

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Overall-41.8-22.0 vs industry

Trend-34.1-12.3 vs industry

Momentum-60.7-31.3 vs industry

Volume-28.6-23.4 vs industry

Reading	CIEN	Communication Equipment n=537	Technology n=6,969	All US symbols n=70,435
Overall	-41.8	-19.8	-20.7	-20.5
Trend	-34.1	-21.8	-20.8	-21.3
Momentum	-60.7	-29.3	-28.5	-15.8
Volume	-28.6	-5.2	+0.0	-3.8

Trend, momentum and volume are computed per company. Volatility and breadth are market-regime values shared by every symbol in the universe, so they are reported once under Market Regime rather than compared here - a company cannot differ from its sector on a constant.

Executive	Total comp	Structure
Gary B. Smith President and CEO	$18.5M	94% equity+incentive
Marc D. Graff SVP and CFO	$13.0M	83% equity+incentive
Jason M. Phipps SVP, Global Customer Engagem	$5.2M	89% equity+incentive
David M. Rothenstein SVP, Chief Strategy Off	$4.2M	86% equity+incentive
Dino DiPerna SVP, Global R&D	$3.8M	87% equity+incentive

Pillar (live disclosure scores)	Score
Environmental	75
Social	74
Governance	76
Composite ESG	75

Composite ESG Trend

Filed	8-K contents	Items
2026-09-03	Earnings Release; Exhibits	2.02,9.01
2026-06-11	Material Agreement; Financial Obligation; Unregistered Equity Sales; O	1.01,2.03,3.02,8.01,9.01
2026-06-08	Other Events; Exhibits	8.01,9.01
2026-06-04	Earnings Release; Exhibits	2.02,9.01
2026-03-31	Shareholder Vote	5.07
2026-03-05	Results of Operations and Financial Condition; Financial Statements an	2.02,9.01
2025-12-11	Results of Operations and Financial Condition; Financial Statements an	2.02,9.01
2025-12-04	Departure/Election of Directors; Appointment of Officers	5.02

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.

DISCLOSURES. This document is produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation tailored to any person. Data is sourced as of the dates shown and may no longer be current. InsiderStreet.ai is not a registered investment adviser or broker-dealer. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Do not make any investment decision based on this document. © 2026 InsiderStreet.ai — all rights reserved. Redistribution prohibited.

Data domain	Source	Coverage for this report
Price & volume	market_db.historical_prices	52 rows
Fundamentals	income_statements_annual	6 rows · 2020 to 2025
Reported vs consensus	fact/earnings_calendar	24 rows · 2020-12-10 to 2026-09-03
Analyst estimates	dim/forward_estimates	3 rows · 2026-11-01 to 2028-11-01
Institutional ownership (13F)	holdings_db.institutional_ownership_summary	89 rows · 2003 to 2026
Insider transactions (Form 4)	edgar/form4	12 rows · 2026-09-20 to 2026-10-01
Proposed sales (Form 144)	edgar/form144	1 record
Beneficial ownership (13D/G)	edgar/13dg	4 rows · 2026-04-29 to 2026-09-03
Short-sale volume (FINRA)	edgar/short_volume_daily	60 rows · 2026-07-23 to 2026-10-15
Dark pool (ATS, tier 1)	edgar/darkpool_weekly	12 rows · 2026-06-15 to 2026-08-31
ETF & fund holding	etf_holdings_changelog (30d)	1 record
Peer set	stock_peers_dynamic	8 rows
Industry medians	industry_medians	1 record
Congressional trades	congress_db (House + Senate)	1 record
ESG	fact/esg_disclosures	1 record

Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.

Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)

Score Breakdown

Peer Comparison — IS Score

IS Score Trend — quarterly

Ciena Corporation (CIEN)

Institutions holding — 12 quarters

Ciena Corporation (CIEN)

Monthly Net Insider Flow (000 shares)

Signal Summary

Ciena Corporation (CIEN)

2.8 · Largest Reporting 13F Managers

2.9 · Top ETF & Fund Ownership

13F Filers Holding CIEN — quarterly

Institutional Put/Call — quarterly

Ciena Corporation (CIEN)

Where CIEN Trades in the Dark

Ciena Corporation (CIEN)

3.8 · Employees (SEC filings)

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)

Balance Sheet — Full

Cash Flow Statement — Full

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)

Street Price Target — Trajectory

Third-Party Composite Rating

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)

Family Scores (site weights)

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)

Ciena Corporation (CIEN)