Shares of CIENA Corp. (CIEN) are surging again on Monday. The stock has gained 4.00% to $24.76. Strength being attributed to a 13G Filing with the Securities and Exchange Commission in which Fidelity Investments disclosed an 11.7% stake in the company.
CIEN has been on fire in during the last 52 weeks, jumping more than 99%. The company, which currently trades at a forward P/E of 22.86 and a P/E to Growth ratio of 1.81, has a market cap of $2.32 billion.
At last check, CIEN, whose median Wall Street price target is $22.00 with a high target of $28.00, was up 95 cents, or 3.99%, to $24.75.