Infinera (INFN) Price Target Cut to $8.50 by Analysts at Citigroup

Infinera (NASDAQ:INFN) had its price objective trimmed by Citigroup from $9.00 to $8.50 in a report released on Friday, November 10th. The brokerage currently has a neutral rating on the communications equipment provider’s stock.

A number of other brokerages also recently weighed in on INFN. B. Riley reiterated a buy rating and issued a $14.00 target price on shares of Infinera in a report on Friday, August 4th. BidaskClub downgraded Infinera from a sell rating to a strong sell rating in a report on Wednesday, August 9th. MKM Partners dropped their target price on Infinera from $14.00 to $13.00 and set a buy rating on the stock in a report on Friday, August 18th. Zacks Investment Research upgraded Infinera from a sell rating to a hold rating in a report on Tuesday, August 8th. Finally, Needham & Company LLC restated a strong-buy rating and issued a $13.00 price objective (down previously from $14.50) on shares of Infinera in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. The company has an average rating of Hold and an average target price of $10.96.

Shares of Infinera (NASDAQ:INFN) traded down $0.05 during midday trading on Friday, reaching $7.25. 1,203,600 shares of the company’s stock were exchanged, compared to its average volume of 1,919,401. Infinera has a 52 week low of $6.27 and a 52 week high of $12.50.

Infinera (NASDAQ:INFN) last issued its quarterly earnings results on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.12. Infinera had a negative net margin of 21.59% and a negative return on equity of 16.35%. The company had revenue of $192.60 million during the quarter, compared to the consensus estimate of $190.37 million. During the same period in the prior year, the company earned ($0.15) EPS. Infinera’s revenue was up 3.8% on a year-over-year basis. equities research analysts anticipate that Infinera will post -0.85 earnings per share for the current fiscal year.

In other Infinera news, CEO Thomas J. Fallon bought 100,000 shares of the stock in a transaction dated Monday, November 13th. The stock was bought at an average cost of $6.33 per share, for a total transaction of $633,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President David F. Welch sold 20,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $9.02, for a total value of $180,400.00. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Neuberger Berman Group LLC increased its position in Infinera by 10.2% in the third quarter. Neuberger Berman Group LLC now owns 4,491,345 shares of the communications equipment provider’s stock worth $39,838,000 after purchasing an additional 416,885 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in Infinera by 66.9% during the third quarter. Cubist Systematic Strategies LLC now owns 65,395 shares of the communications equipment provider’s stock worth $580,000 after buying an additional 26,216 shares during the last quarter. Granahan Investment Management Inc. MA boosted its holdings in Infinera by 3.1% during the third quarter. Granahan Investment Management Inc. MA now owns 259,835 shares of the communications equipment provider’s stock worth $2,305,000 after buying an additional 7,758 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in Infinera during the third quarter worth about $20,143,000. Finally, Elk Creek Partners LLC boosted its holdings in Infinera by 10.9% during the third quarter. Elk Creek Partners LLC now owns 1,834,820 shares of the communications equipment provider’s stock worth $16,275,000 after buying an additional 180,463 shares during the last quarter. Hedge funds and other institutional investors own 90.72% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This news story was published by BBNS and is the property of of BBNS. If you are reading this news story on another domain, it was copied illegally and republished in violation of US & international copyright and trademark legislation. The legal version of this news story can be accessed at https://baseballnewssource.com/markets/citigroup-inc-cuts-infinera-corporation-infn-price-target-to-8-50/1775598.html.

About Infinera

Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.

Analyst Recommendations for Infinera (NASDAQ:INFN)

Receive News & Ratings for Infinera Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Infinera Corporation and related companies with our FREE daily email newsletter.

 


Latest News

Tigers Trade Ian Kinsler to Angels for Pair of Minor Leaguers
Tigers Trade Ian Kinsler to Angels for Pair of Minor Leaguers
Manny Machado Could Change Positions or Uniforms
Manny Machado Could Change Positions or Uniforms
Jack Morris, Alan Trammel Voted by Modern Era Committee into Hall of Fame
Jack Morris, Alan Trammel Voted by Modern Era Committee into Hall of Fame
Yankees and Marlins Continue Stanton Trade Talks
Yankees and Marlins Continue Stanton Trade Talks
Marlins Making Moves, Trade Dee Gordon to Seattle
Marlins Making Moves, Trade Dee Gordon to Seattle
Report: Astros Dallas Keuchel Pitched With Injured Foot
Report: Astros Dallas Keuchel Pitched With Injured Foot


Leave a Reply

 
© 2006-2017 BBNS.