Independent Portfolio Consultants Inc. raised its position in shares of Infinera Corporation (NASDAQ:INFN) by 2.9% during the second quarter, according to its most recent 13F filing with the 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 quarter.
Other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. boosted 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 valued at $132,000 after buying an additional 5,538 shares in the last quarter. Norges Bank purchased a new position in shares of Infinera Corporation during the fourth quarter valued at about $3,729,000. Symmetry Peak Management LLC purchased a new position in shares of Infinera Corporation during the first quarter valued at about $256,000. Neuberger Berman Group LLC boosted 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 valued at $43,482,000 after buying an additional 114,009 shares in the last quarter. Finally, Princeton Capital Management Inc. boosted 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 valued at $985,000 after buying an additional 8,316 shares in the last quarter. 81.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of Infinera Corporation (INFN) opened at 10.89 on Wednesday. Infinera Corporation has a 52-week low of $7.23 and a 52-week high of $13.24. The company has a 50 day moving average of $10.53 and a 200 day moving average of $9.97. The stock’s market capitalization is $1.60 billion.
Infinera Corporation (NASDAQ:INFN) last announced its earnings results on Thursday, May 4th. The communications equipment provider reported ($0.15) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.15). Infinera Corporation had a negative return on equity of 4.94% and a negative net margin of 9.54%. The business had revenue of $175.50 million during the quarter, compared to analysts’ expectations of $172.62 million. During the same quarter last year, the business posted $0.19 earnings per share. The company’s quarterly revenue was down 28.3% on a year-over-year basis. Analysts predict that Infinera Corporation will post ($0.44) EPS for the current fiscal year.
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Several equities analysts have issued reports on the stock. Needham & Company LLC boosted their price objective on shares of Infinera Corporation from $13.50 to $14.50 and gave the company a “strong-buy” rating in a research note on Monday, June 19th. B. Riley raised shares of Infinera Corporation to a “buy” rating and set a $14.00 price objective on the stock in a research note on Tuesday, June 27th. BidaskClub raised shares of Infinera Corporation from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 15th. Deutsche Bank AG boosted their price objective on shares of Infinera Corporation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, March 20th. Finally, MKM Partners raised shares of Infinera Corporation from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $10.00 to $14.00 in a research note on Wednesday, June 14th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $11.08.
In related news, President David F. Welch sold 40,000 shares of the firm’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $12.09, for a total transaction of $483,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.90% of the company’s stock.
About Infinera Corporation
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.
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