Piper Jaffray Companies Lowers Infinera (INFN) Price Target to $6.50

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Infinera (NASDAQ:INFN) had its price target cut by Piper Jaffray Companies to $6.50 in a report issued on Wednesday, The Fly reports. They currently have a neutral rating on the communications equipment provider’s stock.

Several other research analysts also recently issued reports on INFN. B. Riley dropped their target price on shares of Infinera from $10.00 to $9.50 and set a neutral rating on the stock in a research note on Wednesday, August 8th. MKM Partners dropped their target price on shares of Infinera to $10.00 and set a neutral rating on the stock in a research note on Tuesday, July 24th. ValuEngine upgraded shares of Infinera from a sell rating to a hold rating in a research note on Thursday, November 1st. BidaskClub downgraded shares of Infinera from a hold rating to a sell rating in a research note on Wednesday, July 25th. Finally, Rosenblatt Securities set a $13.00 target price on shares of Infinera and gave the stock a buy rating 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 issued a strong buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $9.40.

NASDAQ:INFN traded up $0.26 during mid-day trading on Wednesday, hitting $4.70. 8,286,403 shares of the company’s stock were exchanged, compared to its average volume of 4,066,045. Infinera has a one year low of $4.11 and a one year high of $12.39.

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

In related news, CEO Thomas J. Fallon acquired 50,000 shares of the stock in a transaction that occurred on Friday, November 9th. The shares were bought at an average price of $4.63 per share, for a total transaction of $231,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David W. Heard acquired 20,000 shares of the stock in a transaction that occurred on Friday, November 9th. The shares were bought at an average price of $4.74 per share, for a total transaction of $94,800.00. Following the transaction, the chief operating officer now owns 44,532 shares of the company’s stock, valued at $211,081.68. The disclosure for this purchase can be found here. 2.90% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in Infinera by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 13,804,996 shares of the communications equipment provider’s stock valued at $137,084,000 after purchasing an additional 1,265,072 shares during the period. Point72 Asset Management L.P. bought a new position in Infinera during the second quarter valued at approximately $1,038,000. Chicago Equity Partners LLC bought a new position in Infinera during the second quarter valued at approximately $1,229,000. Canada Pension Plan Investment Board lifted its position in Infinera by 582.9% during the second quarter. Canada Pension Plan Investment Board now owns 203,499 shares of the communications equipment provider’s stock valued at $2,021,000 after purchasing an additional 173,699 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its holdings in Infinera by 18.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 849,634 shares of the communications equipment provider’s stock valued at $8,437,000 after buying an additional 132,777 shares during 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.

See Also: What is an Initial Public Offering (IPO)?

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Analyst Recommendations for Infinera (NASDAQ:INFN)

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