Infinera Co. (NASDAQ:INFN – Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 8,951,480 shares changed hands during mid-day trading, an increase of 132% from the previous session’s volume of 3,853,568 shares.The stock last traded at $5.95 and had previously closed at $5.99.
Analysts Set New Price Targets
Several analysts have issued reports on INFN shares. Craig Hallum reaffirmed a “hold” rating and issued a $6.65 price target (down previously from $12.00) on shares of Infinera in a report on Monday, July 1st. Morgan Stanley upped their price target on shares of Infinera from $5.40 to $6.65 and gave the company an “equal weight” rating in a report on Friday, June 28th. B. Riley reaffirmed a “buy” rating and issued a $9.00 price target on shares of Infinera in a report on Wednesday, May 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Infinera in a report on Friday, June 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $7.00 price target on shares of Infinera in a report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.55.
Check Out Our Latest Report on INFN
Infinera Stock Down 1.2 %
Infinera (NASDAQ:INFN – Get Free Report) last posted its quarterly earnings results on Tuesday, May 14th. The communications equipment provider reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.07). The company had revenue of $306.92 million for the quarter, compared to analysts’ expectations of $337.73 million. Infinera had a negative return on equity of 27.68% and a negative net margin of 5.11%. As a group, equities research analysts expect that Infinera Co. will post -0.19 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Infinera
A number of large investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. raised its stake in Infinera by 249.3% during the second quarter. Harbor Capital Advisors Inc. now owns 1,276,876 shares of the communications equipment provider’s stock worth $7,776,000 after purchasing an additional 911,293 shares during the period. First Hawaiian Bank acquired a new stake in shares of Infinera in the second quarter worth $666,000. Verity Asset Management Inc. acquired a new stake in shares of Infinera in the first quarter worth $291,000. Price T Rowe Associates Inc. MD increased its position in shares of Infinera by 4.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 148,324 shares of the communications equipment provider’s stock worth $895,000 after acquiring an additional 6,617 shares in the last quarter. Finally, Hood River Capital Management LLC increased its position in shares of Infinera by 52.5% in the first quarter. Hood River Capital Management LLC now owns 4,162,231 shares of the communications equipment provider’s stock worth $25,098,000 after acquiring an additional 1,432,016 shares in the last quarter. Hedge funds and other institutional investors own 97.54% of the company’s stock.
About Infinera
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.
See Also
- Five stocks we like better than Infinera
- 3 Healthcare Dividend Stocks to Buy
- ScottsMiracle-Gro Stock Blooms After Investor Day Optimism
- The 3 Best Blue-Chip Stocks to Buy Now
- Leading Beverage Company’s Stock Bubbles Higher: Rally Ahead
- About the Markup Calculator
- Can This Meme Stock Stage One Last Rally?
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.