Analysts expect Infinera Corporation (NASDAQ:INFN) to post sales of $190.89 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Infinera Corporation’s earnings, with estimates ranging from $187.80 million to $196.01 million. Infinera Corporation reported sales of $181.04 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.4%. The company is scheduled to report its next quarterly earnings report on Thursday, February 8th.
According to Zacks, analysts expect that Infinera Corporation will report full-year sales of $190.89 million for the current year, with estimates ranging from $732.70 million to $739.90 million. For the next year, analysts expect that the business will post sales of $802.05 million per share, with estimates ranging from $774.20 million to $851.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Infinera Corporation.
Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings results on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.12. Infinera Corporation had a negative return on equity of 16.35% and a negative net margin of 21.59%. The firm had revenue of $192.60 million for the quarter, compared to the consensus estimate of $190.37 million. During the same period in the prior year, the business posted ($0.15) earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis.
Several brokerages have recently weighed in on INFN. Citigroup Inc. reduced their price target on Infinera Corporation from $9.00 to $8.50 and set a “neutral” rating on the stock in a report on Friday, November 10th. William Blair reissued a “buy” rating on shares of Infinera Corporation in a research note on Thursday, November 9th. Nomura dropped their price objective on Infinera Corporation from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, November 9th. Craig Hallum reissued a “buy” rating and issued a $10.00 price objective (down previously from $15.00) on shares of Infinera Corporation in a research note on Thursday, November 9th. Finally, MKM Partners cut Infinera Corporation from a “buy” rating to a “neutral” rating and set a $13.00 price objective on the stock. in a research note on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. Infinera Corporation currently has a consensus rating of “Hold” and a consensus price target of $10.96.
In other news, President David F. Welch sold 20,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $9.02, for a total value of $180,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas J. Fallon acquired 100,000 shares of the stock in a transaction dated Monday, November 13th. The stock was acquired at an average cost of $6.33 per share, with a total value of $633,000.00. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of Infinera Corporation by 33.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,793,110 shares of the communications equipment provider’s stock worth $83,151,000 after purchasing an additional 1,949,576 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Infinera Corporation by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 11,415,540 shares of the communications equipment provider’s stock worth $116,781,000 after purchasing an additional 498,787 shares in the last quarter. Eagle Asset Management Inc. boosted its position in shares of Infinera Corporation by 8.6% in the 2nd quarter. Eagle Asset Management Inc. now owns 4,353,295 shares of the communications equipment provider’s stock worth $46,449,000 after purchasing an additional 346,427 shares in the last quarter. Northern Trust Corp boosted its position in shares of Infinera Corporation by 1.3% in the 2nd quarter. Northern Trust Corp now owns 1,874,770 shares of the communications equipment provider’s stock worth $20,004,000 after purchasing an additional 24,773 shares in the last quarter. Finally, Trellus Management Company LLC acquired a new stake in shares of Infinera Corporation in the 3rd quarter worth $355,000. 90.15% of the stock is owned by hedge funds and other institutional investors.
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Shares of Infinera Corporation (NASDAQ INFN) traded down $0.02 during midday trading on Friday, hitting $7.04. The stock had a trading volume of 1,481,692 shares, compared to its average volume of 2,461,898. Infinera Corporation has a 12-month low of $6.27 and a 12-month high of $12.50.
About Infinera Corporation
Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.
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