Infinera (INFN) Shares Gap Up to $3.33

Infinera Corp. (NASDAQ:INFN) shares gapped up before the market opened on Wednesday . The stock had previously closed at $3.46, but opened at $3.33. Infinera shares last traded at $3.22, with a volume of 976926 shares trading hands.

A number of brokerages recently issued reports on INFN. Zacks Investment Research raised shares of Infinera from a “hold” rating to a “strong-buy” rating and set a $6.00 price target for the company in a research report on Wednesday, February 27th. BidaskClub raised shares of Infinera from a “sell” rating to a “hold” rating in a research report on Wednesday, February 27th. MKM Partners raised shares of Infinera from a “sell” rating to a “neutral” rating and lifted their price target for the company from $4.25 to $6.00 in a research report on Monday, February 25th. Morgan Stanley set a $6.00 price target on shares of Infinera and gave the company a “hold” rating in a research report on Friday, February 22nd. Finally, ValuEngine cut shares of Infinera from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $7.58.

The company has a market cap of $592.01 million, a price-to-earnings ratio of -5.06 and a beta of 0.62. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.78.

Infinera (NASDAQ:INFN) last released its quarterly earnings data on Wednesday, May 8th. The communications equipment provider reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. The business had revenue of $295.60 million during the quarter, compared to analyst estimates of $311.11 million. Infinera had a negative net margin of 29.68% and a negative return on equity of 20.02%. Infinera’s revenue was up 45.8% compared to the same quarter last year. During the same period last year, the business earned ($0.05) EPS. Equities analysts forecast that Infinera Corp. will post -0.9 EPS for the current year.

In related news, CEO Thomas J. Fallon purchased 50,000 shares of Infinera stock in a transaction dated Wednesday, May 15th. The stock was purchased at an average cost of $3.32 per share, for a total transaction of $166,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marcel Gani purchased 100,000 shares of Infinera stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $3.15 per share, with a total value of $315,000.00. Following the completion of the purchase, the director now directly owns 222,281 shares of the company’s stock, valued at $700,185.15. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Infinera by 335.2% during the third quarter. JPMorgan Chase & Co. now owns 928,023 shares of the communications equipment provider’s stock worth $6,775,000 after purchasing an additional 714,799 shares during the period. Vanguard Group Inc. grew its holdings in shares of Infinera by 6.9% in the third quarter. Vanguard Group Inc. now owns 14,318,728 shares of the communications equipment provider’s stock worth $104,526,000 after purchasing an additional 918,279 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Infinera in the fourth quarter worth about $96,000. Bank of Montreal Can grew its holdings in shares of Infinera by 10.8% in the fourth quarter. Bank of Montreal Can now owns 252,860 shares of the communications equipment provider’s stock worth $1,009,000 after purchasing an additional 24,666 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of Infinera in the fourth quarter worth about $770,000. Hedge funds and other institutional investors own 83.15% of the company’s stock.

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About Infinera (NASDAQ:INFN)

Infinera Corporation provides optical transport networking 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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