BB&T Securities LLC lessened its position in shares of Infinera Corporation (NASDAQ:INFN) by 21.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 268,025 shares of the communications equipment provider’s stock after selling 75,295 shares during the quarter. BB&T Securities LLC owned about 0.18% of Infinera worth $2,377,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Infinera by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 11,785,059 shares of the communications equipment provider’s stock valued at $125,746,000 after buying an additional 369,519 shares in the last quarter. BlackRock Inc. grew its holdings in Infinera by 2.8% during the 2nd quarter. BlackRock Inc. now owns 9,844,377 shares of the communications equipment provider’s stock valued at $105,040,000 after buying an additional 268,912 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Infinera by 14.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 8,954,566 shares of the communications equipment provider’s stock valued at $79,428,000 after buying an additional 1,161,456 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Infinera by 22.7% during the 3rd quarter. Fisher Asset Management LLC now owns 6,089,914 shares of the communications equipment provider’s stock valued at $54,018,000 after buying an additional 1,126,763 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Infinera by 19.1% during the 2nd quarter. Alliancebernstein L.P. now owns 5,961,108 shares of the communications equipment provider’s stock valued at $63,605,000 after buying an additional 957,416 shares in the last quarter. Institutional investors and hedge funds own 90.72% of the company’s stock.
Infinera Corporation (NASDAQ:INFN) opened at $6.77 on Tuesday. Infinera Corporation has a 1-year low of $6.27 and a 1-year high of $12.50.
Infinera (NASDAQ:INFN) last posted its quarterly earnings data on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.12. Infinera had a negative return on equity of 16.35% and a negative net margin of 21.59%. The company had revenue of $192.60 million during the quarter, compared to analysts’ expectations of $190.37 million. During the same quarter in the previous year, the business earned ($0.15) EPS. Infinera’s revenue was up 3.8% compared to the same quarter last year. sell-side analysts forecast that Infinera Corporation will post -0.85 EPS for the current year.
Several equities analysts have weighed in on the company. B. Riley restated a “buy” rating and set a $14.00 price target on shares of Infinera in a report on Wednesday, August 9th. BidaskClub cut Infinera from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 9th. MKM Partners dropped their target price on Infinera from $14.00 to $13.00 and set a “buy” rating for the company in a report on Friday, August 18th. Zacks Investment Research upgraded Infinera from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Needham & Company LLC reiterated a “strong-buy” rating and issued a $13.00 target price (down previously from $14.50) on shares of Infinera in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Infinera presently has an average rating of “Hold” and a consensus target price of $10.96.
In related news, President David F. Welch sold 20,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $9.02, for a total transaction 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 company’s stock in a transaction that occurred on Monday, November 13th. The shares were acquired at an average price of $6.33 per share, with a total value of $633,000.00. The disclosure for this purchase can be found here. 3.10% of the stock is owned by insiders.
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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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