Infinera (NASDAQ:INFN) was downgraded by analysts at Rosenblatt Securities to a “hold” rating in a report issued on Thursday.
A number of other equities research analysts have also recently commented on INFN. B. Riley decreased their price target on Infinera from $10.00 to $9.50 and set a “neutral” rating on the stock in a report on Wednesday, August 8th. MKM Partners cut their price objective on Infinera to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, July 24th. ValuEngine upgraded Infinera from a “sell” rating to a “hold” rating in a research report on Thursday, November 1st. BidaskClub lowered Infinera from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th. Finally, Needham & Company LLC cut their price objective on Infinera from $14.00 to $9.00 and set a “strong-buy” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Infinera has an average rating of “Hold” and a consensus target price of $9.40.
NASDAQ:INFN opened at $4.70 on Thursday. Infinera has a 52 week low of $4.11 and a 52 week high of $12.39.
Infinera (NASDAQ:INFN) last posted its quarterly earnings results on Tuesday, November 6th. The communications equipment provider reported ($0.04) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.04). The business had revenue of $200.41 million for the quarter, compared to analysts’ expectations of $210.57 million. Infinera had a negative return on equity of 11.78% and a negative net margin of 19.18%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the firm earned ($0.11) earnings per share. As a group, equities analysts anticipate that Infinera will post -0.62 earnings per share for the current year.
In related news, COO David W. Heard purchased 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 9th. The stock was bought at an average price of $4.74 per share, for a total transaction of $94,800.00. Following the completion of the transaction, the chief operating officer now owns 44,532 shares in the company, valued at approximately $211,081.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas J. Fallon purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, November 9th. The stock was bought at an average price of $4.63 per share, with a total value of $231,500.00. The disclosure for this purchase can be found here. Company insiders own 2.90% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in INFN. Legal & General Group Plc grew its position in Infinera by 21.1% in the first quarter. Legal & General Group Plc now owns 69,314 shares of the communications equipment provider’s stock worth $753,000 after acquiring an additional 12,098 shares in the last quarter. Royal Bank of Canada grew its position in Infinera by 1,721.2% in the first quarter. Royal Bank of Canada now owns 186,835 shares of the communications equipment provider’s stock worth $2,029,000 after acquiring an additional 176,576 shares in the last quarter. Fisher Asset Management LLC grew its position in Infinera by 0.6% in the second quarter. Fisher Asset Management LLC now owns 5,966,448 shares of the communications equipment provider’s stock worth $59,247,000 after acquiring an additional 37,172 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Infinera in the second quarter worth about $242,000. Finally, Victory Capital Management Inc. grew its position in Infinera by 5.3% in the second quarter. Victory Capital Management Inc. now owns 2,448,025 shares of the communications equipment provider’s stock worth $24,309,000 after acquiring an additional 123,169 shares in the last quarter. Institutional investors own 82.94% of the company’s stock.
Infinera Company Profile
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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