Independent Portfolio Consultants Inc. Has $178,000 Stake in Infinera Corporation (INFN)

Independent Portfolio Consultants Inc. boosted its position in Infinera Corporation (NASDAQ:INFN) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,714 shares of the communications equipment provider’s stock after buying an additional 469 shares during the period. Independent Portfolio Consultants Inc.’s holdings in Infinera Corporation were worth $178,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its position in shares of Infinera Corporation by 55.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 15,571 shares of the communications equipment provider’s stock worth $132,000 after buying an additional 5,538 shares during the period. Norges Bank acquired a new position in shares of Infinera Corporation during the fourth quarter worth about $3,729,000. Symmetry Peak Management LLC acquired a new position in shares of Infinera Corporation during the first quarter worth about $256,000. Neuberger Berman Group LLC increased its position in shares of Infinera Corporation by 2.8% in the first quarter. Neuberger Berman Group LLC now owns 4,250,403 shares of the communications equipment provider’s stock worth $43,482,000 after buying an additional 114,009 shares during the period. Finally, Princeton Capital Management Inc. increased its position in shares of Infinera Corporation by 9.4% in the first quarter. Princeton Capital Management Inc. now owns 96,318 shares of the communications equipment provider’s stock worth $985,000 after buying an additional 8,316 shares during the period. Hedge funds and other institutional investors own 81.21% of the company’s stock.

Infinera Corporation (INFN) traded down 16.56% during midday trading on Friday, hitting $9.57. The stock had a trading volume of 11,490,949 shares. The firm’s market cap is $1.40 billion. The stock has a 50-day moving average price of $11.43 and a 200 day moving average price of $10.41. Infinera Corporation has a one year low of $7.23 and a one year high of $12.50.

Infinera Corporation (NASDAQ:INFN) last released its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.23) by $0.01. Infinera Corporation had a negative net margin of 18.18% and a negative return on equity of 12.25%. The company had revenue of $176.28 million for the quarter, compared to analyst estimates of $181.16 million. During the same quarter in the prior year, the firm earned $0.21 EPS. The company’s revenue for the quarter was down 31.9% compared to the same quarter last year. On average, analysts predict that Infinera Corporation will post ($0.45) earnings per share for the current year.

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A number of equities analysts recently issued reports on the company. B. Riley raised Infinera Corporation to a “buy” rating and set a $14.00 price target for the company in a report on Tuesday, June 27th. BidaskClub downgraded Infinera Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 6th. Citigroup Inc. upped their price target on Infinera Corporation from $8.50 to $10.00 and gave the company a “sell” rating in a report on Friday, July 21st. MKM Partners reaffirmed a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a report on Friday, July 21st. Finally, Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Infinera Corporation in a report on Monday, July 10th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $12.09.

In related news, President David F. Welch sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $12.09, for a total transaction of $483,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President David F. Welch sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $12.00, for a total value of $60,000.00. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Infinera Corporation Company Profile

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.

Institutional Ownership by Quarter for Infinera Corporation (NASDAQ:INFN)

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