Ciena Corp Net Worth
Ciena Corp Net Worth Breakdown | CIEN |
Ciena Corp Net Worth Analysis
Ciena Corp's net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including Ciena Corp's financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of Ciena Corp's overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform Ciena Corp's net worth analysis. One common approach is to calculate Ciena Corp's market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares Ciena Corp's stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing Ciena Corp's net worth. This approach calculates the present value of Ciena Corp's future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of Ciena Corp's cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate Ciena Corp's net worth. This involves comparing Ciena Corp's financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into Ciena Corp's net worth relative to its peers.
Enterprise Value |
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To determine if Ciena Corp is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding Ciena Corp's net worth research are outlined below:
| Ciena Corp had very high historical volatility over the last 90 days | |
| Ciena Corp is unlikely to experience financial distress in the next 2 years | |
| Ciena Corp has a strong financial position based on the latest SEC filings | |
| Over 99.0% of the company shares are held by institutions such as insurance companies | |
| Latest headline from zacks.com: Bear Of The Day Ciena |
Ciena Corp uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in Ciena Corp. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to Ciena Corp's previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
| 4th of March 2024 Upcoming Quarterly Report | View | |
| 4th of June 2024 Next Financial Report | View | |
| 31st of January 2024 Next Fiscal Quarter End | View | |
| 5th of December 2024 Next Fiscal Year End | View | |
| 31st of October 2023 Last Quarter Report | View | |
| 31st of October 2023 Last Financial Announcement | View |
Ciena Corp Target Price Consensus
Ciena target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. Ciena Corp's target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
| 16 | Strong Buy |
Most Ciena analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand Ciena stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Ciena Corp, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationCiena Corp Target Price Projection
Ciena Corp's current and average target prices are 73.76 and 78.47, respectively. The current price of Ciena Corp is the price at which Ciena Corp is currently trading. On the other hand, Ciena Corp's target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Target Price
Analyst Consensus On Ciena Corp Target Price
Know Ciena Corp's Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as Ciena Corp is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading Ciena Corp backward and forwards among themselves. Ciena Corp's institutional investor refers to the entity that pools money to purchase Ciena Corp's securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
| Shares | William Blair Investment Management, Llc | 2025-03-31 | 2 M | Point72 Asset Management, L.p. | 2025-03-31 | 2 M | Capital World Investors | 2025-03-31 | 1.9 M | Neuberger Berman Group Llc | 2025-03-31 | 1.6 M | Morgan Stanley - Brokerage Accounts | 2025-03-31 | 1.5 M | Rima Management, Llc | 2025-03-31 | 1.5 M | Nuveen Asset Management, Llc | 2024-12-31 | 1.4 M | Ion Asset Management Ltd. | 2025-03-31 | 1.4 M | Polar Capital Holdings Plc | 2025-03-31 | 1.2 M | Fmr Inc | 2025-03-31 | 21.3 M | Blackrock Inc | 2025-03-31 | 17 M |
Follow Ciena Corp's market capitalization trends
The company currently falls under 'Large-Cap' category with a current market capitalization of 10.2 B.Market Cap |
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Project Ciena Corp's profitablity
| Last Reported | Projected for Next Year | ||
| Return On Tangible Assets | 0.10 | 0.10 | |
| Return On Capital Employed | 0.14 | 0.15 | |
| Return On Assets | 0.09 | 0.09 | |
| Return On Equity | 0.14 | 0.15 |
When accessing Ciena Corp's net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures Ciena Corp's profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of Ciena Corp's profitability and make more informed investment decisions.
Evaluate Ciena Corp's management efficiency
Ciena Corp has return on total asset (ROA) of 0.0229 % which means that it generated a profit of $0.0229 on every $100 spent on assets. This is way below average. Similarly, it shows a return on stockholder's equity (ROE) of 0.037 %, meaning that it created $0.037 on every $100 dollars invested by stockholders. Ciena Corp's management efficiency ratios could be used to measure how well Ciena Corp manages its routine affairs as well as how well it operates its assets and liabilities. As of the 16th of June 2025, Return On Tangible Assets is likely to grow to 0.10. Also, Return On Capital Employed is likely to grow to 0.15. At this time, Ciena Corp's Return On Tangible Assets are very stable compared to the past year. As of the 16th of June 2025, Intangibles To Total Assets is likely to grow to 0.13, while Non Currrent Assets Other are likely to drop about 113.7 M.| Last Reported | Projected for Next Year | ||
| Book Value Per Share | 16.27 | 14.45 | |
| Tangible Book Value Per Share | 13.62 | 10.90 | |
| Enterprise Value Over EBITDA | 8.90 | 8.46 | |
| Price Book Value Ratio | 2.42 | 2.30 | |
| Enterprise Value Multiple | 8.90 | 8.46 | |
| Price Fair Value | 2.42 | 2.30 | |
| Enterprise Value | 4.9 B | 6.2 B |
Ciena Corp benefits from a proactive management team that anticipates market trends. Our analysis delves into how this proactive stance influences financial metrics and stock valuation.
Enterprise Value Revenue 2.4705 | Revenue | Quarterly Revenue Growth 0.236 | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific Ciena Corp insiders, such as employees or executives, is commonly permitted as long as it does not rely on Ciena Corp's material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases Ciena Corp insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Ciena Corp Corporate Filings
8K | 5th of June 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
F4 | 4th of June 2025 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
| 30th of May 2025 Other Reports | ViewVerify | |
| 17th of April 2025 Other Reports | ViewVerify |
Ciena Corp Earnings Estimation Breakdown
The calculation of Ciena Corp's earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of Ciena Corp is estimated to be 0.5252 with the future projection ranging from a low of 0.51 to a high of 0.5786. Please be aware that this consensus of annual earnings estimates for Ciena Corp is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
0.51 Lowest | Expected EPS | 0.58 Highest |
Ciena Corp Earnings Projection Consensus
Suppose the current estimates of Ciena Corp's value are higher than the current market price of the Ciena Corp stock. In this case, investors may conclude that Ciena Corp is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and Ciena Corp's stock will quickly adjusts to the new information provided by the consensus estimate.
| Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 31st of July 2025 | Current EPS (TTM) | |
| 17 | 73.84% | 0.42 | 0.5252 | 0.73 |
Ciena Corp Earnings per Share Projection vs Actual
Actual Earning per Share of Ciena Corp refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering Ciena Corp predict the company's earnings will be in the future. The higher the earnings per share of Ciena Corp, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.Ciena Corp Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as Ciena Corp, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of Ciena Corp should always be considered in relation to other companies to make a more educated investment decision.Ciena Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact Ciena Corp's stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
| Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
|---|---|---|---|---|---|---|---|
2025-06-04 | 2025-04-30 | 0.5178 | 0.42 | -0.0978 | 18 | ||
2025-03-05 | 2025-01-31 | 0.495 | 0.64 | 0.145 | 29 | ||
2024-12-12 | 2024-10-31 | 0.6486 | 0.54 | -0.1086 | 16 | ||
2024-09-04 | 2024-07-31 | 0.26 | 0.35 | 0.09 | 34 | ||
2024-06-06 | 2024-04-30 | 0.15 | 0.27 | 0.12 | 80 | ||
2024-03-07 | 2024-01-31 | 0.48 | 0.66 | 0.18 | 37 | ||
2023-12-07 | 2023-10-31 | 0.69 | 0.75 | 0.06 | 8 | ||
2023-08-31 | 2023-07-31 | 0.51 | 0.59 | 0.08 | 15 | ||
2023-06-06 | 2023-04-30 | 0.61 | 0.74 | 0.13 | 21 | ||
2023-03-06 | 2023-01-31 | 0.36 | 0.64 | 0.28 | 77 | ||
2022-12-08 | 2022-10-31 | 0.08 | 0.61 | 0.53 | 662 | ||
2022-09-01 | 2022-07-31 | 0.34 | 0.33 | -0.01 | 2 | ||
2022-06-02 | 2022-04-30 | 0.54 | 0.52 | -0.02 | 3 | ||
2022-03-07 | 2022-01-31 | 0.45 | 0.47 | 0.02 | 4 | ||
2021-12-09 | 2021-10-31 | 0.85 | 0.85 | 0.0 | 0 | ||
2021-09-02 | 2021-07-31 | 0.79 | 0.92 | 0.13 | 16 | ||
2021-06-03 | 2021-04-30 | 0.48 | 0.62 | 0.14 | 29 | ||
2021-03-04 | 2021-01-31 | 0.45 | 0.52 | 0.07 | 15 | ||
2020-12-10 | 2020-10-31 | 0.63 | 0.6 | -0.03 | 4 | ||
2020-09-03 | 2020-07-31 | 0.82 | 1.06 | 0.24 | 29 | ||
2020-06-04 | 2020-04-30 | 0.49 | 0.76 | 0.27 | 55 | ||
2020-03-05 | 2020-01-31 | 0.38 | 0.52 | 0.14 | 36 | ||
2019-12-12 | 2019-10-31 | 0.63 | 0.58 | -0.05 | 7 | ||
2019-09-05 | 2019-07-31 | 0.58 | 0.71 | 0.13 | 22 | ||
2019-06-06 | 2019-04-30 | 0.41 | 0.48 | 0.07 | 17 | ||
2019-03-05 | 2019-01-31 | 0.3 | 0.33 | 0.03 | 10 | ||
2018-12-13 | 2018-10-31 | 0.48 | 0.53 | 0.05 | 10 | ||
2018-08-30 | 2018-07-31 | 0.36 | 0.48 | 0.12 | 33 | ||
2018-05-31 | 2018-04-30 | 0.3 | 0.23 | -0.07 | 23 | ||
2018-03-06 | 2018-01-31 | 0.13 | 0.15 | 0.02 | 15 | ||
2017-12-07 | 2017-10-31 | 0.5 | 0.46 | -0.04 | 8 | ||
2017-08-31 | 2017-07-31 | 0.49 | 0.51 | 0.02 | 4 | ||
2017-06-01 | 2017-04-30 | 0.37 | 0.45 | 0.08 | 21 | ||
2017-03-08 | 2017-01-31 | 0.29 | 0.26 | -0.03 | 10 | ||
2016-12-08 | 2016-10-31 | 0.47 | 0.44 | -0.03 | 6 | ||
2016-09-01 | 2016-07-31 | 0.38 | 0.42 | 0.04 | 10 | ||
2016-06-02 | 2016-04-30 | 0.27 | 0.34 | 0.07 | 25 | ||
2016-03-03 | 2016-01-31 | 0.14 | 0.18 | 0.04 | 28 | ||
2015-12-10 | 2015-10-31 | 0.38 | 0.42 | 0.04 | 10 | ||
2015-09-03 | 2015-07-31 | 0.34 | 0.37 | 0.03 | 8 | ||
2015-06-04 | 2015-04-30 | 0.24 | 0.35 | 0.11 | 45 | ||
2015-03-05 | 2015-01-31 | 0.03 | 0.12 | 0.09 | 300 | ||
2014-12-11 | 2014-10-31 | 0.12 | -0.08 | -0.2 | 166 | ||
2014-09-04 | 2014-07-31 | 0.28 | 0.32 | 0.04 | 14 | ||
2014-06-05 | 2014-04-30 | 0.13 | 0.17 | 0.04 | 30 | ||
2014-03-06 | 2014-01-31 | 0.06 | 0.13 | 0.07 | 116 | ||
2013-12-12 | 2013-10-31 | 0.24 | 0.16 | -0.08 | 33 | ||
2013-09-04 | 2013-07-31 | 0.16 | 0.23 | 0.07 | 43 | ||
2013-06-06 | 2013-04-30 | -0.01 | 0.02 | 0.03 | 300 | ||
2013-03-07 | 2013-01-31 | -0.13 | 0.12 | 0.25 | 192 | ||
2012-12-13 | 2012-10-31 | -0.06 | -0.07 | -0.01 | 16 | ||
2012-08-30 | 2012-07-31 | -0.02 | -0.04 | -0.02 | 100 | ||
2012-05-31 | 2012-04-30 | -0.03 | 0.04 | 0.07 | 233 | ||
2012-03-07 | 2012-01-31 | -0.05 | -0.17 | -0.12 | 240 | ||
2011-12-08 | 2011-10-31 | 0.06 | 0.03 | -0.03 | 50 | ||
2011-09-01 | 2011-07-31 | -0.08 | 0.08 | 0.16 | 200 | ||
2011-06-08 | 2011-04-30 | -0.11 | -0.24 | -0.13 | 118 | ||
2011-03-07 | 2011-01-31 | -0.16 | -0.14 | 0.02 | 12 | ||
2010-12-09 | 2010-10-31 | -0.15 | -0.18 | -0.03 | 20 | ||
2010-09-08 | 2010-07-31 | -0.33 | -0.09 | 0.24 | 72 | ||
2010-06-09 | 2010-04-30 | -0.25 | -0.13 | 0.12 | 48 | ||
2010-03-04 | 2010-01-31 | -0.06 | -0.12 | -0.06 | 100 | ||
2009-12-10 | 2009-10-31 | -0.07 | -0.12 | -0.05 | 71 | ||
2009-09-03 | 2009-07-31 | -0.13 | -0.05 | 0.08 | 61 | ||
2009-06-04 | 2009-04-30 | -0.09 | -0.25 | -0.16 | 177 | ||
2009-03-05 | 2009-01-31 | -0.07 | -0.09 | -0.02 | 28 | ||
2008-12-11 | 2008-10-31 | 0.06 | -0.1 | -0.16 | 266 | ||
2008-09-04 | 2008-07-31 | 0.37 | 0.37 | 0.0 | 0 | ||
2008-06-05 | 2008-04-30 | 0.37 | 0.4 | 0.03 | 8 | ||
2008-03-07 | 2008-01-31 | 0.4 | 0.47 | 0.07 | 17 | ||
2007-12-13 | 2007-10-31 | 0.42 | 0.48 | 0.06 | 14 | ||
2007-08-30 | 2007-07-31 | 0.31 | 0.41 | 0.1 | 32 | ||
2007-05-31 | 2007-04-30 | 0.25 | 0.26 | 0.01 | 4 | ||
2007-03-01 | 2007-01-31 | 0.23 | 0.22 | -0.01 | 4 | ||
2006-12-14 | 2006-10-31 | 0.13 | 0.16 | 0.03 | 23 | ||
2006-08-31 | 2006-07-31 | 0.06 | 0.14 | 0.08 | 133 | ||
2006-06-01 | 2006-04-30 | -0.05 | 0.07 | 0.12 | 240 | ||
2006-03-02 | 2006-01-31 | -0.13 | -0.07 | 0.06 | 46 | ||
2005-12-08 | 2005-10-31 | -0.22 | -0.14 | 0.08 | 36 | ||
2005-09-01 | 2005-07-31 | -0.29 | -0.28 | 0.01 | 3 | ||
2005-06-02 | 2005-04-30 | -0.36 | -0.35 | 0.01 | 2 | ||
2005-02-23 | 2005-01-31 | -0.36 | -0.35 | 0.01 | 2 | ||
2004-12-09 | 2004-10-31 | -0.48 | -0.42 | 0.06 | 12 | ||
2004-08-19 | 2004-07-31 | -0.55 | -0.49 | 0.06 | 10 | ||
2004-05-20 | 2004-04-30 | -0.52 | -0.63 | -0.11 | 21 | ||
2004-02-19 | 2004-01-31 | -0.56 | -0.56 | 0.0 | 0 | ||
2003-12-11 | 2003-10-31 | -0.63 | -0.56 | 0.07 | 11 | ||
2003-08-21 | 2003-07-31 | -0.69 | -0.63 | 0.06 | 8 | ||
2003-05-22 | 2003-04-30 | -0.82 | -0.7 | 0.12 | 14 | ||
2003-02-20 | 2003-01-31 | -0.96 | -0.77 | 0.19 | 19 | ||
2002-12-12 | 2002-10-31 | -1.2 | -1.05 | 0.15 | 12 | ||
2002-08-22 | 2002-07-31 | -1.32 | -1.12 | 0.2 | 15 | ||
2002-05-23 | 2002-04-30 | -1.46 | -1.33 | 0.13 | 8 | ||
2002-02-21 | 2002-01-31 | -1.4 | -1.19 | 0.21 | 15 | ||
2001-12-13 | 2001-10-31 | 0.34 | 0.35 | 0.01 | 2 | ||
2001-08-16 | 2001-07-31 | 1.16 | 1.19 | 0.03 | 2 | ||
2001-05-17 | 2001-04-30 | 1.14 | 1.4 | 0.26 | 22 | ||
2001-02-15 | 2001-01-31 | 1.01 | 1.26 | 0.25 | 24 | ||
2000-12-07 | 2000-10-31 | 0.87 | 0.98 | 0.11 | 12 | ||
2000-08-17 | 2000-07-31 | 0.59 | 0.67 | 0.08 | 13 | ||
2000-05-18 | 2000-04-30 | 0.36 | 0.42 | 0.06 | 16 | ||
2000-02-17 | 2000-01-31 | 0.2 | 0.21 | 0.01 | 5 | ||
1999-12-10 | 1999-10-31 | 0.08 | 0.11 | 0.03 | 37 | ||
1999-08-19 | 1999-07-31 | -0.01 | 0.04 | 0.05 | 500 | ||
1999-05-20 | 1999-04-30 | -0.02 | 0.07 | 0.09 | 450 | ||
1999-02-18 | 1999-01-31 | -0.04 | 0.07 | 0.11 | 275 | ||
1998-12-10 | 1998-10-31 | -0.12 | -0.1 | 0.02 | 16 | ||
1998-09-14 | 1998-07-31 | 0.49 | 0.53 | 0.04 | 8 | ||
1998-05-21 | 1998-04-30 | 0.95 | 1.01 | 0.06 | 6 | ||
1998-02-19 | 1998-01-31 | 1.21 | 1.3 | 0.09 | 7 | ||
1997-12-10 | 1997-10-31 | 1.16 | 1.23 | 0.07 | 6 | ||
1997-08-20 | 1997-07-31 | 1.08 | 1.16 | 0.08 | 7 | ||
1997-05-22 | 1997-04-30 | 0.53 | 0.91 | 0.38 | 71 |
Ciena Corp Corporate Directors
| Judith OBrien | Independent Director | Profile | |
| Joanne Olsen | Independent Director | Profile | |
| Bruce Claflin | Independent Director | Profile | |
| Lawton Fitt | Independent Director | Profile |
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Ciena Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income. To learn how to invest in Ciena Stock, please use our How to Invest in Ciena Corp guide.You can also try the FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Is Communications Equipment space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Ciena Corp. If investors know Ciena will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Ciena Corp listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.09) | Earnings Share 0.73 | Revenue Per Share | Quarterly Revenue Growth 0.236 | Return On Assets |
The market value of Ciena Corp is measured differently than its book value, which is the value of Ciena that is recorded on the company's balance sheet. Investors also form their own opinion of Ciena Corp's value that differs from its market value or its book value, called intrinsic value, which is Ciena Corp's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Ciena Corp's market value can be influenced by many factors that don't directly affect Ciena Corp's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Ciena Corp's value and its price as these two are different measures arrived at by different means. Investors typically determine if Ciena Corp is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Ciena Corp's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.