Issued 2026-09-25 at $356.91 · now $356.91 (2026-09-25, +0.0% since)
Based on its own history, a month from the 2026-09-25 close, CIEN has typically landed between $292.26 and $451.77 — a range of −18.1% to +26.6% from the issuance price $356.91.
- Actual close
- Typical path (median)
- Middle 50% of outcomes
- 90% range
4,692 overlapping 1 month windows · 2008-01-02 – 2026-08-26 · basis climatology · forecast (batch). Base rate up 53.7% (90% CI 51.5–55.9%, ≈1,391 obs). Not a call on this stock — we have no evidence its odds differ.
The cone is anchored at the 2026-09-25 issuance close ($356.91) — the price the forecast resolves against on 2026-10-26, not the latest close. The drawn path shape is illustrative (bands widen with √t); every labeled number is real — the anchor, the scored batch p90/IQR endpoints, and the typical move.
Where CIEN has typically landed a month from the 2026-09-25 close of $356.91 — the range is history, not a prediction.
- now $356.91 (+0.0%)
- typicalThe typical outcome — half of similar past periods did better and half did worse (not an average, so a few wild periods don't skew it). $369.65 (+3.6%)
- middle 50%The central range of outcomes — half of similar past periods landed inside it, a quarter finished above, a quarter below. $334.09–$405.21
- 90% rangeA nine-in-ten range — in about nine of every ten similar past periods the outcome stayed within these bounds. $292.26–$451.77
| Start | Return | Max drop | Max rise |
|---|---|---|---|
| 3 worst | |||
| 2008-09-03 | −48.0% | −48.0% | +0.0% |
| 2008-08-28 | −46.5% | −46.5% | +0.0% |
| 2008-08-19 | −43.9% | −43.9% | +3.1% |
| 3 best | |||
| 2025-09-02 | +62.1% | +0.0% | +62.1% |
| 2009-03-04 | +61.2% | +0.0% | +61.2% |
| 2009-03-03 | +61.0% | +0.0% | +63.9% |
4,692 overlapping windows · 2008-01-02 – 2026-09-25 · not cherry-picked
Fundamentals iCompany financials — revenue, earnings, margins — from the newest filings shown, each carried with its date.iAs-reported figures and standard ratios from FMP, as of 2026-07-25. Revenue, net income and free cash flow can toggle annual or quarterly; margin, ROE and debt-to-equity are shown by fiscal year. We report the figures and the trend — no target price and no over/under-valued call. More on /methodology.
Fair value — three views iIndependent reference estimates of worth (a cash-flow model, peer multiples, analyst targets), shown as separate views — not a single verdict.
iThree independent estimates of per-share value, each by a different method and each with its own assumptions: a discounted-cash-flow intrinsic value, a peer comparable (the median trailing P/E of 80 sector peers times this company's trailing EPS), and the analyst price-target consensus. They routinely disagree — that gap is the point. We show the three marks and the current price; we do not blend them into a single number or call the stock over- or under-valued. Marks as of the latest capture. More on /methodology.- DCF (intrinsic)$22.59
- Peer P/E × EPS · sector median 34.2× · n=80$102.61
- Analyst target · range $330.00–$650.00$499.00
- Current price · last close 2026-09-25$356.91
Seasonality · by month iHow this security has tended to do in each calendar month historically — a frequency, never a prediction.
iFor each calendar month, the share of years this security closed higher than the month before, and the average month-over-month return, over ~19 years of its own price history. Cells are shaded by average return. This is historical frequency, not a prediction — no month is a signal.Up-frequency and average month-over-month return · historical frequency, not a prediction
Reported insider & political trades
Every Form 4 the people closest to this company have filed with the SEC — plotted against the share price, aggregated by month, and shown with the gap between when each trade happened and when it was disclosed. A public record, not advice.
| Date | Person | Role | Action | Shares @ price | Value | Ownership Δ | vs S&P 1m | vs S&P 6m | Owned after | Filing |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-09-23 | NEVENS THOMAS MICHAEL | director | Sale | 3,738 @ $359.04 | $1.3M | −37.3% of holding | not yet — horizon still open | not yet — horizon still open | 6,289 | Form 4 · filed 2 days after the trade |
| 2026-09-16 | DiPerna Dino | officer | Sale | 249 @ $350.00 | $87K | −0.6% of holding | not yet — horizon still open | not yet — horizon still open | 39,126 | Form 4 · filed 1 day after the trade |
| 2026-09-15 | SMITH GARY B | director | Sale | 2,952 @ $330.18 | $975K | −1.2% of holding | not yet — horizon still open | not yet — horizon still open | 240,126 | Form 4 · filed 2 days after the trade |
| 2026-09-15 | Rothenstein David M | officer | Sale | 2,500 @ $330.48 | $826K | −1.4% of holding | not yet — horizon still open | not yet — horizon still open | 177,731 | Form 4 · filed 2 days after the trade |
| 2026-09-15 | Gage Brodie | officer | Sale | 1,200 @ $324.86 | $390K | −3.1% of holding | not yet — horizon still open | not yet — horizon still open | 37,207 | Form 4 · filed 2 days after the trade |
| 2026-09-15 | DiPerna Dino | officer | Sale | 249 @ $324.86 | $81K | −0.6% of holding | not yet — horizon still open | not yet — horizon still open | 39,375 | Form 4 · filed 2 days after the trade |
| 2026-09-01 | SMITH GARY B | director | Sale | 2,952 @ $362.90 | $1.1M | −1.2% of holding | not yet — horizon still open | not yet — horizon still open | 243,078 | Form 4 · filed 1 day after the trade |
| 2026-08-17 | SMITH GARY B | director | Sale | 2,952 @ $447.78 | $1.3M | −1.2% of holding | −20.9% | not yet — horizon still open | 246,030 | Form 4 · filed 1 day after the trade |
| 2026-08-17 | Gage Brodie | officer | Sale | 1,200 @ $439.24 | $527K | −3.0% of holding | −20.9% | not yet — horizon still open | 38,407 | Form 4 · filed 1 day after the trade |
| 2026-08-14 | Graff Marc D. | officer | Sale | 4,995 @ $430.72 | $2.2M | −4.4% of holding | −19.3% | not yet — horizon still open | 107,519 | Form 4 · filed 4 days after the trade |
| 2026-08-14 | Rothenstein David M | officer | Sale | 2,500 @ $438.10 | $1.1M | −1.4% of holding | −19.3% | not yet — horizon still open | 180,231 | Form 4 · filed 4 days after the trade |
| 2026-08-03 | SMITH GARY B | director | Sale | 2,952 @ $379.81 | $1.1M | −1.2% of holding | −8.3% | not yet — horizon still open | 248,982 | Form 4 · filed 1 day after the trade |
| 2026-07-15 | SMITH GARY B | director | Sale | 2,952 @ $421.10 | $1.2M | −1.2% of holding | +2.8% | not yet — horizon still open | 251,934 | Form 4 · filed 2 days after the trade |
| 2026-07-15 | Rothenstein David M | officer | Sale | 2,500 @ $420.91 | $1.1M | −1.3% of holding | +2.8% | not yet — horizon still open | 182,731 | Form 4 · filed 2 days after the trade |
| 2026-07-15 | Gage Brodie | officer | Sale | 1,200 @ $449.15 | $539K | −2.9% of holding | +2.8% | not yet — horizon still open | 39,607 | Form 4 · filed 2 days after the trade |
| 2026-07-15 | DiPerna Dino | officer | Sale | 391 @ $449.15 | $176K | −1.0% of holding | +2.8% | not yet — horizon still open | 39,624 | Form 4 · filed 2 days after the trade |
| 2026-07-15 | DiPerna Dino | officer | Sale | 391 @ $449.15 | $176K | −1.0% of holding | +2.8% | not yet — horizon still open | 40,015 | Form 4 · filed 2 days after the trade |
| 2026-07-01 | SMITH GARY B | director | Sale | 2,952 @ $468.83 | $1.4M | −1.1% of holding | −18.6% | not yet — horizon still open | 254,886 | Form 4 · filed 5 days after the trade |
| 2026-07-01 | Phipps Jason | officer | Sale | 2,629 @ $466.20 | $1.2M | −4.0% of holding | −18.6% | not yet — horizon still open | 62,382 | Form 4 · filed 5 days after the trade |
| 2026-07-01 | Kosaraju Sheela | officer | Sale | 2,013 @ $466.20 | $938K | −2.2% of holding | −18.6% | not yet — horizon still open | 88,081 | Form 4 · filed 5 days after the trade |
| 2026-07-01 | Graff Marc D. | officer | Sale | 126 @ $466.20 | $59K | −0.1% of holding | −18.6% | not yet — horizon still open | 126,955 | Form 4 · filed 5 days after the trade |
| 2026-06-26 | Cumello Joseph | officer | Sale | 1,586 @ $466.33 | $740K | −3.6% of holding | −28.5% | not yet — horizon still open | 42,872 | Form 4 · filed 4 days after the trade |
| 2026-06-24 | Graff Marc D. | officer | Sale | 126 @ $449.36 | $57K | −0.1% of holding | −16.4% | not yet — horizon still open | 127,081 | Form 4 · filed 2 days after the trade |
| 2026-06-15 | SMITH GARY B | director | Sale | 2,952 @ $457.02 | $1.3M | −1.1% of holding | −15.8% | not yet — horizon still open | 266,605 | Form 4 · filed 2 days after the trade |
| 2026-06-15 | Rothenstein David M | officer | Sale | 2,500 @ $457.07 | $1.1M | −1.3% of holding | −15.8% | not yet — horizon still open | 187,581 | Form 4 · filed 2 days after the trade |
| 2026-06-15 | Gage Brodie | officer | Sale | 1,200 @ $466.10 | $559K | −2.7% of holding | −15.8% | not yet — horizon still open | 42,741 | Form 4 · filed 2 days after the trade |
| 2026-06-01 | SMITH GARY B | director | Sale | 2,952 @ $565.92 | $1.7M | −1.1% of holding | −17.4% | not yet — horizon still open | 269,557 | Form 4 · filed 1 day after the trade |
| 2026-05-15 | SMITH GARY B | director | Sale | 2,952 @ $562.05 | $1.7M | −1.1% of holding | −23.9% | not yet — horizon still open | 272,509 | Form 4 · filed 4 days after the trade |
| 2026-05-15 | Rothenstein David M | officer | Sale | 2,500 @ $562.39 | $1.4M | −1.3% of holding | −23.9% | not yet — horizon still open | 190,081 | Form 4 · filed 4 days after the trade |
| 2026-05-15 | Gage Brodie | officer | Sale | 1,200 @ $570.65 | $685K | −2.7% of holding | −23.9% | not yet — horizon still open | 43,941 | Form 4 · filed 4 days after the trade |
| 2026-05-01 | SMITH GARY B | director | Sale | 2,952 @ $537.74 | $1.6M | −1.1% of holding | +11.7% | not yet — horizon still open | 275,461 | Form 4 · filed 3 days after the trade |
| 2026-04-15 | SMITH GARY B | director | Sale | 2,952 @ $467.47 | $1.4M | −1.0% of holding | +17.5% | not yet — horizon still open | 278,413 | Form 4 · filed 2 days after the trade |
| 2026-04-15 | Rothenstein David M | officer | Sale | 2,500 @ $467.65 | $1.2M | −1.3% of holding | +17.5% | not yet — horizon still open | 192,581 | Form 4 · filed 2 days after the trade |
| 2026-04-15 | DiPerna Dino | officer | Sale | 1,507 @ $471.79 | $711K | −3.4% of holding | +17.5% | not yet — horizon still open | 42,460 | Form 4 · filed 1 day after the trade |
| 2026-04-15 | DiPerna Dino | officer | Sale | 1,322 @ $471.79 | $624K | −2.9% of holding | +17.5% | not yet — horizon still open | 43,967 | Form 4 · filed 1 day after the trade |
| 2026-04-15 | Gage Brodie | officer | Sale | 1,200 @ $471.79 | $566K | −2.6% of holding | +17.5% | not yet — horizon still open | 45,141 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 3,441 @ $412.24 | $1.4M | −97.9% of holding | +18.9% | not yet — horizon still open | 73 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 3,250 @ $408.75 | $1.3M | −3.9% of holding | +18.9% | not yet — horizon still open | 79,996 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 3,100 @ $411.23 | $1.3M | −3.9% of holding | +18.9% | not yet — horizon still open | 76,396 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | SMITH GARY B | director | Sale | 2,952 @ $415.51 | $1.2M | −1.0% of holding | +18.9% | not yet — horizon still open | 281,365 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 2,279 @ $413.35 | $942K | −3.1% of holding | +18.9% | not yet — horizon still open | 70,676 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 2,100 @ $405.07 | $851K | −2.4% of holding | +18.9% | not yet — horizon still open | 84,306 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Kosaraju Sheela | officer | Sale | 2,012 @ $401.71 | $808K | −2.1% of holding | +18.9% | not yet — horizon still open | 92,107 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 1,708 @ $414.16 | $707K | −2.4% of holding | +18.9% | not yet — horizon still open | 68,968 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 1,735 @ $401.58 | $697K | −1.9% of holding | +18.9% | not yet — horizon still open | 87,656 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 1,029 @ $416.56 | $429K | −93.8% of holding | +18.9% | not yet — horizon still open | 68 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 750 @ $403.90 | $303K | −0.9% of holding | +18.9% | not yet — horizon still open | 86,406 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 600 @ $406.45 | $244K | −0.7% of holding | +18.9% | not yet — horizon still open | 83,706 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 500 @ $409.49 | $205K | −0.6% of holding | +18.9% | not yet — horizon still open | 79,496 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 500 @ $402.82 | $201K | −0.6% of holding | +18.9% | not yet — horizon still open | 87,156 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 460 @ $407.48 | $187K | −0.5% of holding | +18.9% | not yet — horizon still open | 83,246 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 400 @ $415.20 | $166K | −0.6% of holding | +18.9% | not yet — horizon still open | 68,568 | Form 4 · filed 2 days after the trade |
| 2026-04-01 | Phipps Jason | officer | Sale | 162 @ $417.07 | $68K | −0.2% of holding | +18.9% | not yet — horizon still open | 67,377 | Form 4 · filed 2 days after the trade |
| 2026-03-27 | Cumello Joseph | officer | Sale | 1,773 @ $394.82 | $700K | −3.7% of holding | +5.7% | not yet — horizon still open | 46,175 | Form 4 · filed 4 days after the trade |
| 2026-03-24 | Gage Brodie | officer | Sale | 5,000 @ $405.00 | $2.0M | −9.7% of holding | +11.7% | −35.0% | 46,341 | Form 4 · filed 1 day after the trade |
| 2026-03-16 | SMITH GARY B | director | Sale | 2,952 @ $359.53 | $1.1M | −1.0% of holding | +25.8% | −21.6% | 293,084 | Form 4 · filed 2 days after the trade |
| 2026-03-16 | Rothenstein David M | officer | Sale | 2,500 @ $345.00 | $863K | −1.3% of holding | +25.8% | −21.6% | 197,194 | Form 4 · filed 2 days after the trade |
| 2026-03-02 | SMITH GARY B | director | Sale | 2,952 @ $354.64 | $1.0M | −1.0% of holding | +14.7% | −4.1% | 296,036 | Form 4 · filed 2 days after the trade |
| 2026-02-17 | SMITH GARY B | director | Sale | 2,952 @ $299.51 | $884K | −1.0% of holding | +30.6% | +21.2% | 298,988 | Form 4 · filed 2 days after the trade |
| 2026-02-17 | Rothenstein David M | officer | Sale | 2,500 @ $300.20 | $750K | −1.2% of holding | +30.6% | +21.2% | 199,694 | Form 4 · filed 2 days after the trade |
The vs-S&P columns are a labeled look-back on what the stock did after each filing, measured against the index over the same window. Descriptive history, not a claim about the person or a reason to trade.
208 award / exercise / gift records — not counted as purchases
Awards, option exercises, gifts and tax-withholding disposals are shown separately and never counted as open-market purchases or sales — they carry no conviction information.
| Date | Person | Role | Action | Shares | Owned after | Filing |
|---|---|---|---|---|---|---|
| 2026-09-24 | NEVENS THOMAS MICHAEL | director | Gift | 2,797 | 3,492 | Form 4 |
| 2026-09-20 | SMITH GARY B | director | Withheld for tax | 3,102 | 234,039 | Form 4 |
| 2026-09-20 | SMITH GARY B | director | Withheld for tax | 2,985 | 237,141 | Form 4 |
| 2026-09-20 | SMITH GARY B | director | Withheld for tax | 1,743 | 232,296 | Form 4 |
| 2026-09-20 | SMITH GARY B | director | Withheld for tax | 937 | 231,359 | Form 4 |
| 2026-09-20 | Phipps Jason | officer | Withheld for tax | 859 | 60,788 | Form 4 |
| 2026-09-20 | Rothenstein David M | officer | Withheld for tax | 811 | 176,037 | Form 4 |
| 2026-09-20 | Phipps Jason | officer | Withheld for tax | 735 | 61,647 | Form 4 |
| 2026-09-20 | DiPerna Dino | officer | Withheld for tax | 730 | 37,748 | Form 4 |
| 2026-09-20 | Kosaraju Sheela | officer | Withheld for tax | 691 | 87,234 | Form 4 |
| 2026-09-20 | Rothenstein David M | officer | Withheld for tax | 679 | 177,052 | Form 4 |
| 2026-09-20 | Gage Brodie | officer | Withheld for tax | 669 | 35,892 | Form 4 |
| 2026-09-20 | Cumello Joseph | officer | Withheld for tax | 582 | 41,667 | Form 4 |
| 2026-09-20 | Kosaraju Sheela | officer | Withheld for tax | 549 | 86,685 | Form 4 |
| 2026-09-20 | Phipps Jason | officer | Withheld for tax | 503 | 60,285 | Form 4 |
| 2026-09-20 | DiPerna Dino | officer | Withheld for tax | 444 | 38,478 | Form 4 |
| 2026-09-20 | Gage Brodie | officer | Withheld for tax | 442 | 36,561 | Form 4 |
| 2026-09-20 | Cumello Joseph | officer | Withheld for tax | 441 | 42,431 | Form 4 |
| 2026-09-20 | Rothenstein David M | officer | Withheld for tax | 436 | 175,601 | Form 4 |
| 2026-09-20 | DiPerna Dino | officer | Withheld for tax | 428 | 37,320 | Form 4 |
| 2026-09-20 | Gage Brodie | officer | Withheld for tax | 388 | 35,504 | Form 4 |
| 2026-09-20 | Cumello Joseph | officer | Withheld for tax | 331 | 41,156 | Form 4 |
| 2026-09-20 | Kosaraju Sheela | officer | Withheld for tax | 330 | 86,355 | Form 4 |
| 2026-09-20 | Graff Marc D. | officer | Withheld for tax | 286 | 107,233 | Form 4 |
| 2026-09-20 | Phipps Jason | officer | Withheld for tax | 268 | 60,017 | Form 4 |
| 2026-09-20 | DiPerna Dino | officer | Withheld for tax | 247 | 37,073 | Form 4 |
| 2026-09-20 | Gage Brodie | officer | Withheld for tax | 231 | 35,273 | Form 4 |
| 2026-09-20 | Rothenstein David M | officer | Withheld for tax | 220 | 175,381 | Form 4 |
| 2026-09-20 | DiPerna Dino | officer | Withheld for tax | 204 | 38,922 | Form 4 |
| 2026-09-20 | Rothenstein David M | officer | Withheld for tax | 204 | 176,848 | Form 4 |
| 2026-09-20 | Gage Brodie | officer | Withheld for tax | 204 | 37,003 | Form 4 |
| 2026-09-20 | Kosaraju Sheela | officer | Withheld for tax | 189 | 86,166 | Form 4 |
| 2026-09-20 | Cumello Joseph | officer | Withheld for tax | 182 | 42,249 | Form 4 |
| 2026-09-20 | Cumello Joseph | officer | Withheld for tax | 180 | 41,487 | Form 4 |
| 2026-09-20 | Hoffman Grant | officer | Withheld for tax | 170 | 6,347 | Form 4 |
| 2026-09-20 | Kosaraju Sheela | officer | Withheld for tax | 156 | 87,925 | Form 4 |
| 2026-08-01 | Graff Marc D. | officer | Withheld for tax | 14,441 | 112,514 | Form 4 |
| 2026-06-22 | Hoffman Grant | officer | Award / grant | 6,517 | 6,517 | Form 4 |
| 2026-06-20 | SMITH GARY B | director | Withheld for tax | 3,102 | 260,518 | Form 4 |
| 2026-06-20 | SMITH GARY B | director | Withheld for tax | 2,985 | 263,620 | Form 4 |
Source: SEC Form 4 filings. Each row links to its original filing.
Across 2012–2021, stocks where a CEO, C-suite officer, or director had recently made an open-market common-stock purchase ran about +28 bp per month above the universe average (n=34,268 stock-weeks). A historical tendency, not a prediction.
Congressional disclosures iStock trades disclosed by members of Congress for this company, by the date they were filed.iDisclosures shown as facts. A purchase “cluster” (≥2 members of Congress filing a buy within 90 days) has historically preceded modestly higher forward returns — and it persisted out-of-sample, though it roughly halved after 2021 (see below). A descriptive historical tendency, not a signal to trade and not used in our forecast. See /methodology.
As of 2026-09-25 · point-in-time by filed date
A cluster = ≥2 members of Congress filing a purchase within 90 days. The historical tilt persisted after 2021 but roughly halved (+45 → +32 bp/mo forward 1-month vs the S&P 500 weekly-grid baseline). Descriptive historical tendency — not a signal to trade, and not used in our forecast (audition-log 2026-07-27, recomputed 2026-09-08).
| Member | Chamber | Type | Filed | Traded | Size |
|---|---|---|---|---|---|
| Alan Armstrong | Senate | purchase | 2026-07-21 | 2026-03-27 | $1–15K |
| Alan Armstrong | Senate | purchase | 2026-07-21 | 2026-03-30 | $1–15K |
| Ro Khanna | House | purchase | 2026-07-06 | 2026-06-30 | $1–15K |
| Gilbert Cisneros | House | purchase | 2026-06-08 | 2026-05-29 | $1–15K |
| Gilbert Cisneros | House | purchase | 2026-06-08 | 2026-05-14 | $1–15K |
| Ro Khanna | House | purchase | 2026-04-07 | 2026-03-30 | $1–15K |
| Ro Khanna | House | purchase | 2026-03-09 | 2026-02-24 | $1–15K |
| Lisa Mcclain | House | sale | 2025-11-21 | 2025-10-31 | $1–15K |
| Lisa Mcclain | House | sale | 2025-11-21 | 2025-10-30 | $1–15K |
| Lisa Mcclain | House | purchase | 2025-11-21 | 2025-10-30 | $1–15K |
| Lisa Mcclain | House | sale | 2025-11-21 | 2025-10-15 | $1–15K |
| Lisa Mcclain | House | purchase | 2025-08-13 | 2025-06-17 | $1–15K |
| Byron Donalds | House | sale | 2024-11-08 | 2021-02-02 | $1–15K |
| John James | House | sale | 2024-09-06 | 2024-09-04 | $1–15K |
Research tool, not investment advice — historical frequencies, not recommendations. A product of Marovel Technologies LLC. Full terms.