Ciena (NYSE:CIEN) Stock, Quote.Headers.trade-ideas

Ciena

Ciena Corp is a network and technology company. It provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks. It serves various industries such as communication services providers, web-scale providers, cable operators, government, and large enterprises world-wide. The business activities function through Networking Platforms; Platform Software and Services; Blue Planet Automation Software, and Global Services segments. Geographically, its presence is seen in the markets of the United States, Canada, the Caribbean, Latin America, Europe, the Middle East, Africa, the Asia Pacific, Japan, and India. The maximum revenue is generated from Americas.

CIENA Corporation

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Wall Street traded slightly higher on Wednesday, rebounding after the sharp sell-off a day earlier that saw chipmakers tumble, with NVIDIA Corp. (NASDAQ:NVDA) shedding around $280 billion in market value — the largest single-day drop in history.

Stocks Rebound, Chipmakers Halt Bloodbath As Traders Upgrade Rate Cut Wagers; Tesla Rises, Dollar Tree In Free Fall: What&#39;s Driving Markets Wednesday?

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Ciena Corp (NYSE: CIEN) reported Q3 revenue of $942.3M, beating analyst estimates of $927.2M. Adjusted EPS was $0.35, above consensus of $0.26. Total Networking Platforms revenue declined by 17.4%, while Total Global Services increased by 3.5%. CFO plans to retire in 12 months. 

Ciena Q3 Earnings: Revenue And EPS Beat, Operating Margin Decline, CFO Retirement And More

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The September slump will likely continue as the index futures are sharply lower early Wednesday. Traders will likely wait and watch to see how the labor market data, due for the week, pan out and their implications for the Fed funds rate.

No Respite For US Stocks As Futures Sag, VIX Spikes 10%, Bitcoin Slides: Strategist Warns Of Further Pain In September, But Recommends Buying Dip

Ciena Corp

CIENA ORD

Ciena's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) short percent of float has risen 18.99% since its last report. The company recently reported that it has 5.75 million shares sold short, which is 5.2% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.33 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Ciena Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726675211_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Ciena has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Ciena's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Ciena's peer group average for short interest as a percentage of float is 7.27%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Peering Into Ciena's Recent Short Interest

Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) has outperformed the market over the past 10 years by 1.21% on an annualized basis producing an average annual return of 12.22%. Currently, Ciena has a market capitalization of $8.09 billion. 
Buying $1000 In CIEN: If an investor had bought $1000 of CIEN stock 10 years ago, it would be worth $3,165.82 today based on a price of $56.32 for CIEN at the time of writing.
<h3>Ciena's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726497016_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $1000 In This Stock 10 Years Ago, You Would Have $3,200 Today

B of A Securities analyst Tal Liani downgrades Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) from Buy to Neutral and announces $59 price target.

Downgrades

Price Target

Analyst Ratings

B of A Securities Downgrades Ciena to Neutral, Announces $59 Price Target

Rosenblatt analyst Mike Genovese maintains Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) with a Neutral and raises the price target from $54 to $60.

Rosenblatt Maintains Neutral on Ciena, Raises Price Target to $60

Barclays analyst Tim Long maintains Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) with a Overweight and raises the price target from $55 to $67.

Barclays Maintains Overweight on Ciena, Raises Price Target to $67

Needham analyst Ryan Koontz reiterates Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) with a Buy and maintains $65 price target.

Reiteration

Needham Reiterates Buy on Ciena, Maintains $65 Price Target

Morgan Stanley analyst Meta Marshall maintains Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) with a Overweight and raises the price target from $55 to $60.

Morgan Stanley Maintains Overweight on Ciena, Raises Price Target to $60

Wall Street traded slightly higher on Wednesday, rebounding after the sharp sell-off a day earlier that saw chipmakers tumble, with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shedding around $280 billion in market value — the largest single-day drop in history.
Investors processed fresh insights from July labor market statistics, which confirmed cooling conditions as job openings fell to their lowest level in three years, almost closing the <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40711148/july-job-openings-fall-to-3-year-lows-gap-with-unemployment-narrows-to-near-parit">gap with unemployment levels.</a>
Expectations for a Federal Reserve interest rate cut improved, with market participants now assigning a 43% implied probability of a 50-basis-point cut in September, up from 38% the previous day.
Attention now shifts to key August labor data, with the ADP private payrolls report due Thursday, followed by the official jobs report on Friday.
Major equity indices were up marginally, while bonds outperformed, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rising 0.7%, adding to Tuesday&#8217;s 1.3% gain.
Notably, chipmakers, as tracked by the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>), rose 1%. 
The U.S. dollar weakened, losing 0.4% as falling Treasury yields weighed on the currency. Gold inched up 0.2%, set to break a three-day losing streak.
Oil prices continued to decline, falling 0.7% despite OPEC+ announcing a delay in its planned production increases.
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) bounced back 1.6%, trading at $58,200.
<h1 class="wp-block-heading">Wednesday&#8217;s Performance Among Major Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,162.23</td>
<td>0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,033.77</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,985.75</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,535.16</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.2% higher to $552.98.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.2% to $411.03.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.4% to $463.53.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) increase 0.4% to $214.31.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up by 0.8%, while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.8%.</li>
</ul>
<h1 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h1>
<ul>
<li>Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) sunk 20% after missing quarterly earnings estimates and delivering a guidance cut.</li>
<li>Other stocks reacting to company earnings were Dicks Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>) down 5%, Hormel Foods Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) down 6.6% and Ciena Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) up 2.2%.</li>
<li>ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) fell 3.2% after UBS downgraded the Dutch chipmaker from Buy to Neutral, also cutting the price target. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose 5% on upbeat sales data in China. The China Passenger Car Association reported that sales of Tesla's China-made electric vehicles rose 17% compared to July and increased 3% year-over-year.</li>
<li>Companies reporting earnings after the close include Copart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>), Hewlett Packard Enterprise Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) and Caseys General Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>).</li>
</ul>
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40713134/bank-of-canada-cuts-rates-again-as-inflation-labor-market-cool-canadian-stocks-rebound-loonie-st">Bank Of Canada Cuts Rates Again As Inflation, Labor Market Cool: Canadian Stocks Rebound, Loonie Strengthens</a></li>
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Stocks Rebound, Chipmakers Halt Bloodbath As Traders Upgrade Rate Cut Wagers; Tesla Rises, Dollar Tree In Free Fall: What's Driving Markets Wednesday?

Ciena Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) reported a fiscal third-quarter 2024 revenue decline of 11.8% year-on-year to $942.3 million, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40703493/ciena-reports-fiscal-third-quarter-2024-financial-results" rel="noreferrer noopener">analyst consensus&nbsp;estimate of $927.2 million</a>.
The American telecommunications networking equipment and software services supplier reported an adjusted EPS of $0.35, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $0.26</a>.
Segments: Total Networking Platforms revenue declined by 17.4% Y/Y to $699.5 million, and Total Global Services increased by 3.5% Y/Y to $133.8 million.
Margins: The adjusted gross margin climbed by 100 bps to 43.7%. Adjusted operating margin decreased by 400 bps to 8.0%.
Two 10%-plus customers represented a total of 26.6% of revenue.
Ciena held $1.2 billion in cash and equivalents and used $(159.4) million in operating cash flow.
&#8220;We delivered strong results for the fiscal third quarter that reflect growing momentum with cloud providers and continued gradual recovery with service providers,&#8221; CEO Gary Smith said.
CFO Transition: Ciena announced that CFO James E. Moylan, Jr., <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40703530/ciena-cfo-james-e-moylan-to-retire-in-august-2025" rel="noreferrer noopener">plans to retire</a> in twelve months, effective August 28, 2025. The company will commence a search process to identify a successor. Moylan will continue to serve as CFO until a successor is in place and will assist in transitioning his responsibilities.
Ciena&nbsp;stock gained over 15% in the last 12 months.
Price Action: CIEN stock traded higher by 1.36% at $56.10 premarket at the last check on Wednesday.

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ciena.com%2F%3Fsrc%3DPR&amp;esheet=54116911&amp;newsitemid=20240903639313&amp;lan=en-US&amp;anchor=Ciena&amp;index=1&amp;md5=dec1e5cfbae5a57bd6bc9bcb5e749327">Ciena</a>&#xAE; Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) today announced that James E. Moylan, Jr., Senior Vice President and Chief Financial Officer (CFO), plans to retire in twelve months, effective August 28, 2025. Ciena intends to commence a search process to identify a successor. Mr. Moylan will continue to serve as CFO until a successor is in place and he will assist in the transition of his responsibilities.

Ciena CFO James E. Moylan to Retire in August 2025, Company To Initiate A Search Process For A Successor

The September slump will likely continue as the index futures are sharply lower early Wednesday. Traders will likely <a href="https://www.benzinga.com/markets/equities/24/09/40696921/traders-bet-aggressively-on-rate-cuts-ahead-of-jobs-data-5-etfs-to-watch-this-week">wait and watch to see how the labor market data,</a> due for the week, pan out and their implications for the Fed funds rate. Wharton Professor and WisdomTree Chief Economist Jeremy Siegel said the report will decide whether the cut is going to be 25 basis points or double as much.
Tech stocks were lower in premarket trading, with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) down over 1%. The CBOE Volatility Index, or VIX, spiked nearly 10% to $22.76. The Labor Department&#8217;s job opening data and the Beige Book and a few earnings reports are also on traders&#8217; radar. If these rule out a recession, traders may go bargain hunting to take advantage of Tuesday&#8217;s pullback. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.50%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.31%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.19%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.29%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.36% to $550.90, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slid 0.60% to $459.05, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
A tech tumble that morphed into a broader market weakness dragged stocks sharply lower on Tuesday, with a trio of weak data serving as a trigger. The Institute for Supply Management&#8217;s manufacturing purchasing managers&#8217; index and S&amp;P Global&#8217;s final manufacturing PMI came in worse than expected and the Commerce Department said construction spending fell more than expected in July. The string of negative data reignited recession talks, pushing traders on the defensive.
The averages opened lower and fell sharply in early trading. The sell-off continued despite a slower momentum for the remainder of the session. The tech-heavy Nasdaq Composite settled at the lowest level since Aug. 12 and the S&amp;P 500 at a two-week low. All three indices fell by the most since the Aug. 5 global sell-off.
IT, communication services, energy, industrial and material stocks came under intense selling pressure, while defensive real estate and consumer staple stocks bucked the downtrend.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-3.26%</td>
<td>17,136.30</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-2.12%</td>
<td>5,528.93</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-1.51%</td>
<td>40,936.93</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-3.09%</td>
<td>2,149.21</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Morgan Stanley&#8217;s U.S. equity strategy team recommends focusing on defensive businesses that prioritize operational efficiency or have durable pricing power, or both. The team led by the firm&#8217;s Chief Equity Strategist Mike Wilson noted that cyclical and defensive stocks have failed to rebound materially, while lower-beta stocks continued to show very &#8220;resilient performance&#8221; amid the mixed data on both the macro and micro front.
Wilson called for better-than-expected non-farm payroll gains of 185,000 for August and a dip in the jobless rate to 4.2%.
Carson Group Chief Investment Strategist Ryan Detrick shared a premonitory historical trend. Sharing data that showed the second half of September grossly outperforming, he said, &#8220;September isn&#8217;t usually a good month for stocks, but remember it is the second half when the real trouble starts.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yes, September isn&#39;t usually a good month for stocks, but remember it is the second half when the real trouble starts. <a href="https://t.co/lyCshvkUmT">pic.twitter.com/lyCshvkUmT</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1830957875541483874?ref_src=twsrc%5Etfw">September 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Fund Strat&#8217;s Tom Lee said investors should be cautious about the next eight weeks, from September until the election day. In an interview with CNBC, he said he sees the weakness as a &#8220;chance to buy,&#8221; and said investors should be ready to buy the dip.
Upcoming Economic Data:
<ul>
<li>The Commerce Department is due to release the trade balance report for July at 8:30 a.m. EDT, with economists calling for a deficit of $79.1 billion compared to a deficit of $73.1 billion in June.</li>
<li>The Bureau of Labor Statistics will release the results of the July Job Openings and Labor Turnover Survey, or JOLTS, at 10 a.m. EDT. The consensus calls for job openings to be at 8.1 million compared to 8.18 million in June.</li>
<li>The Commerce Department is scheduled to release the factory goods orders report for July at 10 a.m. EDT. Economists, on average, expect a 5.5% month-over-month jump in factory goods orders for July compared to a 3.3% drop in June.</li>
<li>The Fed will release the Beige Book report at 2 p.m. EDT, which gives anecdotal evidence of economic conditions in the 12 Federal Reserve districts.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>GitLab Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTLB#NASDAQ">GTLB</a>) jumped nearly 17% <a href="https://www.benzinga.com/premarket">in premarket trading </a>on the company&#8217;s quarterly results, while PagerDuty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PD#NYSE">PD</a>) and Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) fell over 14% each.</li>
<li>Ciena Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>), DICK&#8217;S Sporting Goods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>), Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>), and Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) are among the companies reporting <a href="https://www.benzinga.com/earnings">quarterly results ahead of the market open.</a></li>
<li>Those reporting after the close include AeroVironment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>), C3.ai, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>), Casey&#8217;s General Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>), ChargePoint Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) and Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets
Crude oil futures extended their slide and dropped below the psychological support of $70-a-barrel and gold futures also slipped. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) plunged to the $56.5K level. The yield on the 10-year Treasury note edged down 2.6 points to 3.818%.
The Asian markets had another down day on Wednesday, with the Japanese Nikkei 225 average sliding by over 4% on the yen&#8217;s strength. The South Korean and Taiwanese markets, heavily weighted with tech stocks, also pulled back sharply. Traders were reacting to the sell-off seen on Wall Street overnight. On the other hand, the New Zealand and Indonesian markets bucked the downtrend.
European stocks traded lower in early trading. 
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<li><a href="https://www.benzinga.com/24/08/40667108/magnificent-7-miss-out-2-cybersecurity-stocks-stand-firm-retailers-lag-in-volatile-august-here-are-t">Magnificent 7 Miss Out, 2 Cybersecurity Stocks Stand Firm, Retailers Lag In Volatile August: Here Are The Top S&amp;P 500 Gainers And Losers</a></li>
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Earnings Beats

Ciena Q3 2024 Adj. EPS $0.35 Beats $0.26 Estimate, Sales $942.308M Beat $927.210M Estimate

Northland Capital Markets analyst Tim Savageaux reiterates Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) with a Market Perform and maintains $46 price target.

Northland Capital Markets Reiterates Market Perform on Ciena, Maintains $46 Price Target

Stifel analyst Ruben Roy maintains Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) with a Buy and raises the price target from $62 to $68.

Stifel Maintains Buy on Ciena, Raises Price Target to $68

Ciena Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cien#NYSE">CIEN</a>) and Arelion have achieved a milestone with the world&#39;s first 1.6 terabits-per-second (Tb/s) wavelength data transmission in a live network field trial. Utilizing Ciena&#39;s advanced WaveLogic 6 Extreme (WL6e), this achievement took place over Arelion&#39;s 470km route connecting its Ashburn, Virginia (Equinix) and Telxius&#39; Virginia Beach cable landing station. This success has significantly boosted capacity between these key Points-of-Presence (PoPs) in Arelion&#39;s North American network.
Arelion addresses connectivity issues for multinational enterprises dependent on digital infrastructure across the globe. It offers IP services for unlimited global Internet access and provides enterprise, networking, and mobile data solutions to connect critical content and applications to audiences worldwide.
This data transmission boosts the performance of Arelion&#39;s leading optical transmission services, including high-speed Managed Optical Fiber Services and Wavelengths for service providers, content providers as well as enterprises. Following its recent trial, Arelion will deploy Ciena&#39;s WL6e across its network to meet the growing bandwidth demands of 5G, AI/ML applications, cloud services, and content delivery for wholesale and enterprise customers.
The use of coherent digital signal processing innovations boosts energy performance and efficiency for WL6e. It offers Arelion a 50% reduction in space and power per bit, along with a 15% improvement in spectral efficiency compared to previous generations, added CIEN. With WL6e, Arelion can provide multiple 400 and 800 gigabits-per-second (Gb/s) services, leveraging 1.6 Tb/s line capacity to support higher traffic volumes and faster connectivity speed across its existing network.
Ciena&#39;s open, programmable 6500 Reconfigurable Line System (&quot;RLS&quot;) was also utilized in the demonstration. RLS simplifies and automates network service provisioning and reconfiguration. Together, these innovations reinforce Arelion&#39;s commitment to open optical networking and next-generation coherent optic solutions, driving improvements in performance, energy efficiency and cost savings.
<div class="chart_embed">
<h3>Ciena Corporation Price and Consensus</h3>
<img alt="Ciena Corporation Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/ad/1725026395.png" style="height:265px; width:574px" title="" />
Ciena Corporation price-consensus-chart | Ciena Corporation Quote
As the industry&#39;s first 1.6 Tb/s coherent optic solution, Ciena&#39;s WaveLogic 6 Extreme introduces cutting-edge capabilities for optical transport. With Arelion at the forefront, this milestone sets a benchmark for other service providers aiming to enhance energy efficiency and scalability in their optical networks to meet rising bandwidth demands, added Ciena.
</div>
Ciena is one of the leading providers of optical and routing systems, services and automation software worldwide. It builds highly adaptive networks to meet increasing digital demands and deliver richer, more connected user experiences.
Ciena&#39;s revenues for the second quarter of fiscal 2024 decreased 19.6% year over year, totaling $910.8 million. This decline was due to a slower-than-expected recovery of order volumes from service providers who are still working through large inventory absorption.
Nonetheless, demand for bandwidth remained strong owing to higher cloud adoption and the proliferation of AI technology use cases.
<h2>CIEN&#39;S Zacks Rank &amp; Stock Price Performance</h2>
CIEN currently carries a Zacks Rank #3 (Hold). Shares of the company have risen 13.5% in the past year compared with the sub-industry&#39;s growth of 13.2%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/38/76131.jpg?v=1702104680" /> 
Image Source: Zacks Investment Research
<h2>Stocks to Consider&nbsp;</h2>
Some better-ranked stocks from the broader technology space are Manhattan Associates, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/manh#NASDAQ">MANH</a>), ANSYS, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/anss#NASDAQ">ANSS</a>) and Adobe Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adbe#NASDAQ">ADBE</a>).&nbsp; MANH presently sports a Zacks Rank #1 (Strong Buy), while ANSS and ADBE carry a Zacks Rank #2 (Buy) each.
Manhattan Associates delivered an average earnings surprise of 26.6% in the trailing four quarters. In the last reported quarter, MANH pulled off an earnings surprise of 22.9%. The Zacks Consensus Estimate for 2024 earnings has increased 9.2% in the past 60 days to $4.26.
ANSYS delivered a trailing four-quarter average earnings surprise of 4.8%. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
Adobe delivered a trailing four-quarter average earnings surprise of 2.7%. In the last reported quarter, ADBE pulled off an earnings surprise of 2.1%. It has a long-term earnings growth expectation of 13%.
<a href="https://www.zacks.com/stock/news/2329685/ciena-arelion-reach-live-1-6-tb-s-wave-data-transmission-milestone?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2329685">To read this article on Zacks.com click here.</a>

Mid Cap

ADBE

ANSS

MANH

Ciena & Arelion Reach Live 1.6 Tb/s Wave Data Transmission Milestone

Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) has outperformed the market over the past 10 years by 1.05% on an annualized basis producing an average annual return of 11.91%. Currently, Ciena has a market capitalization of $8.19 billion. 
Buying $1000 In CIEN: If an investor had bought $1000 of CIEN stock 10 years ago, it would be worth $2,788.37 today based on a price of $57.00 for CIEN at the time of writing.
<h3>Ciena's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725028383_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $1000 In This Stock 10 Years Ago, You Would Have $2,800 Today

Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) underwent analysis by 10 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Ciena, presenting an average target of $58.65, a high estimate of $66.00, and a low estimate of $52.50. A 5.02% drop is evident in the current average compared to the previous average price target of $61.75. 
<img src="https://www.benzinga.com/files/images/story/2024/1724328032_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Ciena. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Ryan Koontz</td>
<td>Needham</td>
<td>Raises</td>
<td>Buy</td>
<td>$65.00</td>
<td>$60.00</td>
</tr>
<tr>
<td>Meta Marshall</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$55.00</td>
<td>$53.00</td>
</tr>
<tr>
<td>Tim Long</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$55.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Dave Kang</td>
<td>B. Riley Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$66.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Mike Genovese</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Neutral</td>
<td>$54.00</td>
<td>$52.50</td>
</tr>
<tr>
<td>Ryan Koontz</td>
<td>Needham</td>
<td>Lowers</td>
<td>Buy</td>
<td>$60.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Simon Leopold</td>
<td>Raymond James</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$54.00</td>
<td>$59.00</td>
</tr>
<tr>
<td>Ryan Koontz</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Mike Genovese</td>
<td>Rosenblatt</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$52.50</td>
<td>$65.00</td>
</tr>
<tr>
<td>Samik Chatterjee</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$60.00</td>
<td>$67.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Ciena. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Ciena compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Ciena's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
For valuable insights into Ciena's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/CIEN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Ciena analyst ratings.</a>
<h2>Get to Know Ciena Better</h2>
Ciena Corp is a network and technology company. It provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks. It serves various industries such as communication services providers, web-scale providers, cable operators, government, and large enterprises world-wide. The business activities function through Networking Platforms; Platform Software and Services; Blue Planet Automation Software, and Global Services segments. Geographically, its presence is seen in the markets of the United States, Canada, the Caribbean, Latin America, Europe, the Middle East, Africa, the Asia Pacific, Japan, and India. The maximum revenue is generated from Americas.
<h3>Ciena: A Financial Overview</h3>
Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
Decline in Revenue: Over the 3 months period, Ciena faced challenges, resulting in a decline of approximately -19.58% in revenue growth as of 30 April, 2024. This signifies a reduction in the company's top-line earnings. When compared to others in the Information Technology sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: Ciena's net margin excels beyond industry benchmarks, reaching -1.85%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Ciena's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of -0.58%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Ciena's ROA stands out, surpassing industry averages. With an impressive ROA of -0.3%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Ciena's debt-to-equity ratio is below the industry average at 0.56, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>The Basics of Analyst Ratings</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Decoding 10 Analyst Evaluations For Ciena

Needham analyst Ryan Koontz maintains Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) with a Buy and raises the price target from $60 to $65.

Needham Maintains Buy on Ciena, Raises Price Target to $65

Ciena Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cien#NYSE">CIEN</a>) coherent routing solutions are deployed by Bhutan Telecom to handle growing traffic demands and enhance the customer experience, particularly as users transition to emerging technologies such as edge cloud applications.
Bhutan Telecom provides telecommunications and Internet services in the Kingdom of Bhutan. It offers fixed-line telephony, GSM mobile services under the B-Mobile brand, and Internet services through DrukNet. The company leads in mobile and Internet services and is the only provider of fixed-line telephony in the country.
Ciena&#39;s 5164, 8110, and 8114 coherent routers were deployed, tested, and activated remotely by Ciena Services, which also tailored the network design for the provider. The Ciena 5164 Router, designed for compact spaces, is ideal for Bhutan&#39;s landlocked geography, while the temperature-resistant 8114 Router suits Bhutan&#39;s variable climate. Additionally, the 8110 Coherent Aggregation Router helps Bhutan Telecom decrease network latency and enhance the user experience.
The local community stays connected and engaged from home post-pandemic, with renewed interest from connected tourists visiting Bhutan. To support this shift, companies like Bhutan Telecom and Ciena are driving the country&#39;s digital transformation by enhancing network performance and reducing latency.
Ciena is one of the leading providers of optical and routing systems, services, and automation software worldwide. It builds highly adaptive networks to meet increasing digital demands and deliver richer, more connected experiences for all users.
Ciena&#39;s revenues for the second quarter of fiscal 2024 decreased 19.6% year over year, totaling $910.8 million. This decline was attributed to a slower-than-expected recovery of order volumes from service providers who are still working through large inventory corrections. Ongoing global macroeconomic volatility also presents challenges.
As a result, management revised its fiscal 2024 revenue forecast to $4 billion, down from the previously projected range of $4-$4.3 billion.
CIEN currently carries a Zacks Rank #5 (Strong Sell). Shares of the company have gained 31.3% in the past year compared with the sub-industry&#39;s growth of 30.8%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/cf/74918.jpg?v=738053075" />
Image Source: Zacks Investment Research
<h3>Stocks to Consider</h3>
Some better-ranked stocks have been discussed below:
Badger Meter, Inc., sporting a Zacks Rank #1 (Strong Buy) at present, has a long-term earnings growth expectation of 17.9% and delivered an earnings surprise of 12.89%, on average, in the trailing four quarters. In the last reported quarter, BMI delivered an earnings surprise of 14.29%.
Arista Networks, Inc., sporting a Zacks Rank #1 at present, has a long-term earnings growth expectation of 17.2% and delivered an earnings surprise of 15.02%, on average, in the trailing four quarters. In the last reported quarter, ANET delivered an earnings surprise of 8.25%.
Itron, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/itri#NASDAQ">ITRI</a>), carrying a Zacks Rank #2 (Buy) at present, has a long-term earnings growth expectation of 26% and delivered an earnings surprise of 57.02%, on average, in the trailing four quarters. In the last reported quarter, ITRI delivered an earnings surprise of 26.04%.
<a href="https://www.zacks.com/stock/news/2325250/ciena-s-cien-routing-solutions-deployed-by-bhutan-telecom?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2325250">To read this article on Zacks.com click here.</a>

ITRI

Ciena's Routing Solutions Deployed by Bhutan Telecom

Improved network inventory data will help drive operational efficiency, reduce cost and spur innovation across Lumen
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.lumen.com%2Fen-us%2Fhome.html&amp;esheet=54111415&amp;newsitemid=20240821584335&amp;lan=en-US&amp;anchor=Lumen+Technologies&amp;index=1&amp;md5=96ee8cfbcaf256e283718913c8c991cd">Lumen Technologies</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) has selected intelligent automation software from <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.blueplanet.com%2F&amp;esheet=54111415&amp;newsitemid=20240821584335&amp;lan=en-US&amp;anchor=Blue+Planet&amp;index=2&amp;md5=0e79ef156d2c9273e70fa8d7addd5e62">Blue Planet</a>, a division of <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ciena.com%2F%3Futm_source%3DPR%26utm_medium%3DPressRelease&amp;esheet=54111415&amp;newsitemid=20240821584335&amp;lan=en-US&amp;anchor=Ciena&amp;index=3&amp;md5=1bb74a0172a6e4ff60cd669f97313d9d">Ciena</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>), to help drive its strategic network inventory transformation initiative. Blue Planet Inventory (<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.blueplanet.com%2Fproducts%2Finventory.html&amp;esheet=54111415&amp;newsitemid=20240821584335&amp;lan=en-US&amp;anchor=BPI&amp;index=4&amp;md5=7b79d6bb462e75cfe902175d18cf743e">BPI</a>) will enable Lumen to consolidate multiple legacy inventory systems, streamline its service delivery and assurance processes, digitize its network assets, and improve global customer experience. Streamlined visibility into its network inventory with BPI will also help accelerate the development, implementation and support of Lumen solutions, including Network-as-a-Service and the company's recently announced <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fnews.lumen.com%2F2024-07-24-Microsoft-and-Lumen-Technologies-partner-to-power-the-future-of-AI-and-enable-digital-transformation-to-benefit-hundreds-of-millions-of-customers&amp;esheet=54111415&amp;newsitemid=20240821584335&amp;lan=en-US&amp;anchor=Private+Connectivity+Fabric&amp;index=5&amp;md5=f79b8289fca8281b294098076382b106">Private Connectivity Fabric</a>℠.

LUMN

Lumen Selects Ciena's Blue Planet To Underpin Its Network Inventory Transformation Program

Ciena Corporation 2024 Q3 - Results - Earnings Call Presentation

Ciena rises after Q3 sees growth in cloud providers, recovery in service

Ciena Corporation (CIEN) Q3 2024 Earnings Call Transcript

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Needham analyst Ryan Koontz has maintained their bullish stance on CIEN stock, giving a Buy rating today. Ryan Koontz has given his Buy rating due ...

Ciena's Strong Q3 Performance and Webscale Growth Prompt Buy Rating from Ryan Koontz

In a report released today, George Notter from Jefferies assigned a Buy rating on Ciena (CIEN – Research Report), with a price target of $65.00. Ge...

Ciena's Strong Position for Growth and Market Share Gains: A Buy Rating Review

Ciena downgraded at BofA on risk to earnings estimates

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Ciena Stock Faces Headwinds: Analyst Maintains Sell Rating Amid Slow Recovery and Overstated Valuation

AMZN

CALX

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FFIV

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Press Releases

TDC NET Upgrades Optical Transport Network to 800G with Ciena

Sodvin AS Improves Broadband Services in the Nordics With Ciena's XGS-PON

Ciena Announces Reporting Date and Web Broadcast for Fiscal Third Quarter 2024 Results

Bhutan Telecom Boosts Network Capabilities with Ciena

Lumen Selects Blue Planet to Underpin its Network Inventory Transformation Program

Arelion Achieves World's First Live 1.6 Tb/s Wave Data Transmission with Ciena's WaveLogic 6 Extreme

Ciena Reports Fiscal Third Quarter 2024 Financial Results

Ciena CFO James E. Moylan to Retire in August 2025

TDC NET Selects Blue Planet to Build an OSS Foundation for the Digital Era

Commsworld Launches Commercial Broadband Service Using Ciena's XGS-PON

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Ciena

Ciena (CIEN) Forecast

Ciena (NYSE:CIEN) Stock, Quote.Headers.trade-ideas