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.
TRADEMARK VIOLATION NOTICE: This news story was originally published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this news story on another domain, it was stolen and republished in violation of US & international trademark and copyright laws. The correct version of this news story can be accessed at https://www.dispatchtribunal.com/2019/05/22/infinera-infn-shares-gap-up-to-3-33.html.
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.
Featured Article: Technical Analysis
Receive News & Ratings for Infinera Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Infinera and related companies with MarketBeat.com's FREE daily email newsletter.