Ciena Corporation (NYSE:CIEN) shares are trading higher on Wednesday after the company announced it authorized a $1 billion share repurchase program.

The Details: The share repurchase program will start in the 2025 fiscal year and continue through the end of the 2027 fiscal year.

"Our new share repurchase program reflects the confidence we have in the ongoing strength of our business, cash generation, and operating results. It also highlights the competitive advantage we enjoy with our robust balance sheet," Ciena's CFO James E. Moylan said.

"This step demonstrates our continued priority to return capital to shareholders as part of our strategic and operating plans."

This comes as the company concludes its current three-year share repurchase program.

How To Buy Ciena Shares

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Ciena (NYSE:CIEN)'s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Related Link: What Happened With Rivian Stock Today?

CIEN Price Action: At the time of publication, Ciena stock is trading 6.6% higher at $65.48, according to data from Benzinga Pro.

Image: Photo via Shutterstock