Infinera Corporation (INFN) Upgraded to Neutral by Citigroup Inc.

Citigroup Inc. upgraded shares of Infinera Corporation (NASDAQ:INFN) from a sell rating to a neutral rating in a research report released on Monday morning, Marketbeat.com reports. They currently have $10.00 target price on the communications equipment provider’s stock.

A number of other research firms have also commented on INFN. MKM Partners reaffirmed a buy rating and issued a $14.00 price objective on shares of Infinera Corporation in a research note on Friday, July 21st. Stifel Nicolaus reaffirmed a hold rating and issued a $10.00 price objective on shares of Infinera Corporation in a research note on Friday, July 21st. Needham & Company LLC raised their price objective on shares of Infinera Corporation from $13.50 to $14.50 and gave the stock a strong-buy rating in a research note on Monday, June 19th. B. Riley reaffirmed a buy rating and issued a $14.00 price objective on shares of Infinera Corporation in a research note on Friday, August 4th. Finally, Deutsche Bank AG reaffirmed a buy rating and issued a $12.50 price objective (up previously from $12.00) on shares of Infinera Corporation in a research note on Monday, July 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $11.82.

Infinera Corporation (NASDAQ INFN) opened at 8.48 on Monday. The company’s 50 day moving average price is $8.54 and its 200 day moving average price is $9.80. Infinera Corporation has a 12 month low of $7.23 and a 12 month high of $12.50. The firm’s market capitalization is $1.26 billion.

Infinera Corporation (NASDAQ:INFN) last issued its earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.01). Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. The business had revenue of $176.28 million for the quarter, compared to the consensus estimate of $181.16 million. During the same quarter in the previous year, the business posted $0.21 earnings per share. The company’s quarterly revenue was down 31.9% on a year-over-year basis. Analysts anticipate that Infinera Corporation will post ($0.56) EPS for the current year.

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In other Infinera Corporation news, President David F. Welch sold 20,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $9.02, for a total value of $180,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in INFN. Comerica Bank purchased a new stake in Infinera Corporation in the 1st quarter worth approximately $943,000. Swiss National Bank lifted its position in Infinera Corporation by 5.0% in the 1st quarter. Swiss National Bank now owns 239,100 shares of the communications equipment provider’s stock worth $2,446,000 after buying an additional 11,300 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in Infinera Corporation by 42.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 71,753 shares of the communications equipment provider’s stock worth $734,000 after buying an additional 21,217 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Infinera Corporation in the 1st quarter worth approximately $106,000. Finally, Ameriprise Financial Inc. lifted its position in Infinera Corporation by 16.5% in the 1st quarter. Ameriprise Financial Inc. now owns 237,392 shares of the communications equipment provider’s stock worth $2,429,000 after buying an additional 33,678 shares in the last quarter. Institutional investors own 86.67% 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.

Analyst Recommendations for Infinera Corporation (NASDAQ:INFN)

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