Infinera Corporation (NASDAQ:INFN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, November 1st.
According to Zacks, “Infinera provides Digital Optical Networking systems to telecommunications carriers, cable operators and other service providers worldwide. Infinera’s large-scale photonic integrated circuit incorporates hundred Gigabits per second of transmit and receive capacity and the functionality of more than sixty discrete optical components into a pair of indium phosphide chips. Infinera’s DTN system and PIC technology are designed to provide optical networks that provide operating simplicity, enhanced revenue generation, faster time-to-service and capital cost savings. “
Several other research analysts have also issued reports on INFN. Northland Securities set a $7.00 target price on shares of Infinera Corporation and gave the company a “hold” rating in a research note on Tuesday, July 4th. BidaskClub lowered shares of Infinera Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 6th. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Infinera Corporation in a research note on Monday, July 10th. Deutsche Bank AG reiterated a “buy” rating and issued a $12.50 price target (up from $12.00) on shares of Infinera Corporation in a research report on Monday, July 17th. Finally, Craig Hallum started coverage on shares of Infinera Corporation in a research report on Tuesday, July 18th. They issued a “buy” rating and a $15.00 price target on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Infinera Corporation has a consensus rating of “Hold” and a consensus target price of $10.96.
Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings data on Wednesday, November 8th. The communications equipment provider reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.12. The firm had revenue of $192.60 million for the quarter, compared to analyst estimates of $190.37 million. Infinera Corporation had a negative net margin of 21.59% and a negative return on equity of 16.35%. The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.15) EPS. equities analysts forecast that Infinera Corporation will post -0.85 earnings per share for the current year.
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In related news, CEO Thomas J. Fallon acquired 100,000 shares of Infinera Corporation stock in a transaction on Monday, November 13th. The stock was purchased at an average cost of $6.33 per share, with a total value of $633,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President David F. Welch sold 20,000 shares of Infinera Corporation stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $9.02, for a total transaction of $180,400.00. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in Infinera Corporation by 33.4% during the second quarter. Bank of New York Mellon Corp now owns 7,793,110 shares of the communications equipment provider’s stock worth $83,151,000 after purchasing an additional 1,949,576 shares during the period. Vanguard Group Inc. boosted its position in Infinera Corporation by 4.6% during the first quarter. Vanguard Group Inc. now owns 11,415,540 shares of the communications equipment provider’s stock worth $116,781,000 after purchasing an additional 498,787 shares during the period. Teachers Advisors LLC lifted its holdings in shares of Infinera Corporation by 510.1% during the first quarter. Teachers Advisors LLC now owns 1,416,917 shares of the communications equipment provider’s stock worth $14,495,000 after buying an additional 1,184,678 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Infinera Corporation by 1.3% during the second quarter. Northern Trust Corp now owns 1,874,770 shares of the communications equipment provider’s stock worth $20,004,000 after buying an additional 24,773 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its holdings in shares of Infinera Corporation by 8.6% during the second quarter. Eagle Asset Management Inc. now owns 4,353,295 shares of the communications equipment provider’s stock worth $46,449,000 after buying an additional 346,427 shares in the last quarter. 89.39% of the stock is owned by hedge funds and other institutional investors.
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.
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