5 Stocks That Were Added to the S&P 500 Index Recently and How They Performed

2. Ciena Corporation (NYSE:CIEN)

Percentage Change as of June 26: 77.13%

Number of Hedge Fund Holders: 73

Effective Date: February 9, 2026

Ciena Corporation (NYSE:CIEN) is one of the top stocks that have surged notably since it was added to the S&P 500. CIEN has gained over 77%, making it one of the top stocks that were added to the S&P 500 index recently.

Ciena Corporation is focusing on AI demand and innovative solutions. On June 17, Ciena’s Blue Planet division revealed Configuration and Change Management (CCM) to improve network management efficiently using AI-driven workflows. The AI solution is designed to interconnect configuration, change, and lifecycle management across multi-vendor networks. The newly designed system carries AI workflows that replace fragmented tools and manual processes focused on minimizing risk, avoiding outages, and enhancing the core for autonomous networking. The company’s Senior Vice President Joe Cumello stated that the launch of CCM is part of a broader industry shift toward AI-driven autonomous workflows.

In addition to product development, Ciena is aiming to improve its supply chain capacity and return value to shareholders through a newly issued $2.5 billion offering of convertible senior notes.

Ciena Corporation (NYSE:CIEN) has gained over 105% year-to-date, and analysts still see potential in the stock. On June 5, Argus analyst Jim Kelleher increased the price target on CIEN from $370 to $650, keeping a Buy rating on the stock. Kelleher remains positive on CIEN following above-consensus revenue and EPS for Q2 2026. The company has also lifted its FY2026 sales and profit outlook, now expecting revenue to reach around $6.3 billion, reflecting 31% growth from a year ago. The analyst pointed out that Ciena’s growing AI networking opportunity has strengthened its backlog, which is key to long-term growth.

​Ciena Corporation (NYSE:CIEN) builds and sells networking hardware, software, and related services that help telecom and other network operators increase capacity, automate operations, and deliver better services.