Infinera (NASDAQ:INFN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Infinera provides Digital Optical Networking systems to telecommunications carriers, cable operators and other service providers worldwide. Infinera’s large-scale photonic integrated circuit incorporates hundred Gigabits per second of transmit and receive capacity and the functionality of more than sixty discrete optical components into a pair of indium phosphide chips. Infinera’s DTN system and PIC technology are designed to provide optical networks that provide operating simplicity, enhanced revenue generation, faster time-to-service and capital cost savings. “
INFN has been the subject of a number of other research reports. William Blair reiterated a “buy” rating on shares of Infinera in a report on Thursday, November 9th. Craig Hallum reiterated a “buy” rating and issued a $10.00 price objective (down previously from $15.00) on shares of Infinera in a report on Thursday, November 9th. MKM Partners downgraded shares of Infinera from a “buy” rating to a “neutral” rating and set a $13.00 price objective for the company. in a report on Thursday, November 9th. ValuEngine downgraded shares of Infinera from a “hold” rating to a “sell” rating in a report on Thursday, November 2nd. Finally, Citigroup cut their price objective on shares of Infinera from $9.00 to $8.50 and set a “neutral” rating for the company in a report on Friday, November 10th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Infinera has an average rating of “Hold” and a consensus price target of $10.96.
Shares of Infinera (NASDAQ INFN) traded up $0.34 during trading on Wednesday, reaching $7.08. 1,863,200 shares of the company were exchanged, compared to its average volume of 1,385,000. The stock has a market cap of $1,060.00, a price-to-earnings ratio of -6.62 and a beta of 1.43. Infinera has a 1 year low of $6.27 and a 1 year high of $12.50.
Infinera (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, beating the Zacks’ consensus estimate of ($0.23) by $0.12. The firm had revenue of $192.60 million for the quarter, compared to analyst estimates of $190.37 million. Infinera had a negative net margin of 21.59% and a negative return on equity of 16.35%. Infinera’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted ($0.15) EPS. equities research analysts expect that Infinera will post -0.85 EPS for the current fiscal year.
In other news, CEO Thomas J. Fallon purchased 100,000 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was acquired at an average price of $6.33 per share, for a total transaction of $633,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.10% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in INFN. Alyeska Investment Group L.P. acquired a new stake in shares of Infinera during the 3rd quarter worth approximately $20,143,000. Victory Capital Management Inc. acquired a new stake in shares of Infinera during the 3rd quarter worth approximately $17,028,000. JPMorgan Chase & Co. increased its holdings in shares of Infinera by 65.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,664,481 shares of the communications equipment provider’s stock worth $32,176,000 after buying an additional 1,446,641 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 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 worth $79,428,000 after buying an additional 1,161,456 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of 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 worth $54,018,000 after buying an additional 1,126,763 shares during the last quarter. Institutional investors and hedge funds own 90.57% of the company’s stock.
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Infinera Company Profile
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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