Vestcor Inc Acquires Shares of 5,179 Infinera Co. (NASDAQ:INFN)

Vestcor Inc acquired a new stake in Infinera Co. (NASDAQ:INFN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,179 shares of the communications equipment provider’s stock, valued at approximately $34,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of Infinera by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,829,486 shares of the communications equipment provider’s stock worth $32,605,000 after acquiring an additional 47,925 shares during the last quarter. Citigroup Inc. increased its stake in shares of Infinera by 2,104.8% in the 3rd quarter. Citigroup Inc. now owns 2,915,001 shares of the communications equipment provider’s stock worth $19,676,000 after acquiring an additional 2,782,789 shares during the last quarter. Alpine Associates Management Inc. acquired a new stake in shares of Infinera in the 3rd quarter worth $13,761,000. Sand Grove Capital Management LLP acquired a new stake in shares of Infinera in the 3rd quarter worth $12,517,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Infinera by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,713,396 shares of the communications equipment provider’s stock worth $11,257,000 after acquiring an additional 14,588 shares during the last quarter. 97.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on Infinera in a research note on Wednesday, March 12th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Infinera currently has a consensus rating of “Hold” and a consensus target price of $7.09.

Infinera Price Performance

Shares of NASDAQ:INFN opened at $6.64 on Wednesday. The business has a 50-day moving average price of $6.63 and a 200 day moving average price of $6.63. The company has a current ratio of 1.58, a quick ratio of 0.97 and a debt-to-equity ratio of 4.98. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -13.83 and a beta of 1.63. Infinera Co. has a 12-month low of $4.49 and a 12-month high of $6.92.

Infinera (NASDAQ:INFN) last issued its quarterly earnings data on Thursday, March 6th. The communications equipment provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.15). The business had revenue of $414.39 million for the quarter, compared to analyst estimates of $409.08 million. Infinera had a negative return on equity of 45.12% and a negative net margin of 7.62%. Sell-side analysts expect that Infinera Co. will post -0.33 EPS for the current year.

Infinera Profile

Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms.