Alliancebernstein L.P. grew its holdings in shares of Infinera (NASDAQ:INFN) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,981,476 shares of the communications equipment provider’s stock after acquiring an additional 144,787 shares during the quarter. Alliancebernstein L.P. owned 4.00% of Infinera worth $37,863,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Nationwide Fund Advisors increased its stake in shares of Infinera by 127.3% in the third quarter. Nationwide Fund Advisors now owns 214,224 shares of the communications equipment provider’s stock worth $1,900,000 after buying an additional 119,968 shares during the period. Teton Advisors Inc. increased its stake in shares of Infinera by 67.0% in the fourth quarter. Teton Advisors Inc. now owns 196,600 shares of the communications equipment provider’s stock worth $1,244,000 after buying an additional 78,900 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Infinera by 65.2% in the third 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 period. Wells Fargo & Company MN increased its stake in shares of Infinera by 8.1% in the third quarter. Wells Fargo & Company MN now owns 1,748,085 shares of the communications equipment provider’s stock worth $15,505,000 after buying an additional 130,573 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Infinera by 33.4% in the third quarter. Ameriprise Financial Inc. now owns 374,852 shares of the communications equipment provider’s stock worth $3,327,000 after buying an additional 93,825 shares during the period. 87.32% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider David F. Welch sold 149,093 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $10.03, for a total transaction of $1,495,402.79. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider David F. Welch sold 80,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $9.14, for a total transaction of $731,200.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 289,093 shares of company stock worth $2,770,803. Company insiders own 2.90% of the company’s stock.
INFN has been the topic of several analyst reports. BidaskClub raised shares of Infinera from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Drexel Hamilton reaffirmed a “buy” rating and issued a $13.00 target price on shares of Infinera in a research note on Wednesday, March 21st. Zacks Investment Research downgraded shares of Infinera from a “hold” rating to a “sell” rating in a research note on Wednesday, January 3rd. Citigroup decreased their target price on shares of Infinera from $8.50 to $7.50 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Finally, ValuEngine downgraded shares of Infinera from a “sell” rating to a “strong sell” rating in a research note on Friday, February 2nd. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $11.46.
Infinera stock traded down $0.29 during mid-day trading on Friday, reaching $10.87. 918,720 shares of the company traded hands, compared to its average volume of 1,202,678. The company has a market cap of $1,669.97, a P/E ratio of -13.10 and a beta of 0.53. Infinera has a 52-week low of $6.10 and a 52-week high of $12.38.
Infinera (NASDAQ:INFN) last issued its quarterly earnings data on Wednesday, February 7th. The communications equipment provider reported ($0.12) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.01. Infinera had a negative net margin of 26.26% and a negative return on equity of 17.20%. The business had revenue of $195.82 million for the quarter, compared to the consensus estimate of $190.26 million. During the same period in the previous year, the firm earned ($0.12) EPS. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. sell-side analysts expect that Infinera will post -0.43 EPS for the current fiscal year.
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Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.
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