Infinera (INFN) Shares Up 5.2% on Insider Buying Activity

Infinera Corp. (NASDAQ:INFN) shares shot up 5.2% during trading on Friday after an insider bought additional shares in the company. The company traded as high as $4.46 and last traded at $4.67. 194,690 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 3,114,663 shares. The stock had previously closed at $4.44.

Specifically, COO David W. Heard bought 20,000 shares of the stock in a transaction dated 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 purchase, the chief operating officer now directly owns 44,532 shares in the company, valued at approximately $211,081.68. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas J. Fallon bought 50,000 shares of the stock in a transaction dated Friday, November 9th. The stock was purchased 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 research firms have recently commented on INFN. BidaskClub cut Infinera from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. MKM Partners lowered their target price on Infinera to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, July 24th. Rosenblatt Securities set a $13.00 target price on Infinera and gave the company a “buy” rating in a research note on Tuesday, July 24th. Raymond James cut Infinera from a “market perform” rating to an “underperform” rating in a research note on Tuesday, July 24th. Finally, Jefferies Financial Group restated a “sell” rating and issued a $8.00 target price on shares of Infinera in a research note on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Infinera currently has an average rating of “Hold” and an average target price of $9.40.

Infinera (NASDAQ:INFN) last posted its quarterly earnings data on Tuesday, November 6th. The communications equipment provider reported ($0.04) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.04). Infinera had a negative return on equity of 11.78% and a negative net margin of 19.18%. The company had revenue of $200.41 million during the quarter, compared to analyst estimates of $210.57 million. During the same quarter last year, the company earned ($0.11) EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities research analysts predict that Infinera Corp. will post -0.62 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. Canada Pension Plan Investment Board increased its position in Infinera by 31.3% during the 3rd quarter. Canada Pension Plan Investment Board now owns 267,099 shares of the communications equipment provider’s stock valued at $1,950,000 after buying an additional 63,600 shares in the last quarter. Elk Creek Partners LLC increased its position in Infinera by 26.0% during the 3rd quarter. Elk Creek Partners LLC now owns 2,350,922 shares of the communications equipment provider’s stock valued at $17,162,000 after buying an additional 484,850 shares in the last quarter. FMR LLC increased its position in Infinera by 3.3% during the 3rd quarter. FMR LLC now owns 23,100,000 shares of the communications equipment provider’s stock valued at $168,630,000 after buying an additional 742,901 shares in the last quarter. Cim Investment Mangement Inc. bought a new position in Infinera during the 3rd quarter valued at approximately $197,000. Finally, Eagle Boston Investment Management Inc. increased its position in Infinera by 22.1% during the 3rd quarter. Eagle Boston Investment Management Inc. now owns 396,435 shares of the communications equipment provider’s stock valued at $2,893,000 after buying an additional 71,691 shares in the last quarter. 82.94% of the stock is owned by institutional investors.

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Infinera Company Profile (NASDAQ:INFN)

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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