California Public Employees Retirement System cut its position in Infinera Corporation (NASDAQ:INFN) by 4.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 271,500 shares of the communications equipment provider’s stock after selling 11,700 shares during the period. California Public Employees Retirement System owned approximately 0.19% of Infinera Corporation worth $2,777,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. Bbva Compass Bancshares Inc. acquired a new stake in Infinera Corporation during the first quarter worth $103,000. First National Bank of Omaha acquired a new stake in Infinera Corporation during the first quarter worth $104,000. Karp Capital Management Corp acquired a new stake in Infinera Corporation during the first quarter worth $106,000. Parametrica Management Ltd purchased a new position in shares of Infinera Corporation during the first quarter worth approximately $154,000. Finally, Envestnet Asset Management Inc. raised 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 last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.
Infinera Corporation (INFN) traded up 0.12% during mid-day trading on Friday, hitting $8.40. The company had a trading volume of 1,455,798 shares. The company’s 50 day moving average price is $10.61 and its 200-day moving average price is $10.43. Infinera Corporation has a 12-month low of $7.23 and a 12-month high of $12.50. The firm’s market capitalization is $1.24 billion.
Infinera Corporation (NASDAQ:INFN) last posted its earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by $0.01. The company had revenue of $176.28 million for the quarter, compared to analysts’ expectations of $181.16 million. Infinera Corporation had a negative net margin of 18.18% and a negative return on equity of 12.39%. The business’s revenue was down 31.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.21 earnings per share. On average, analysts forecast that Infinera Corporation will post ($0.56) EPS for the current fiscal year.
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A number of research analysts have commented on the company. Citigroup Inc. increased their price objective on Infinera Corporation from $8.50 to $10.00 and gave the company a “sell” rating in a research report on Friday, July 21st. Stifel Nicolaus reiterated a “hold” rating and issued a $10.00 price objective on shares of Infinera Corporation in a research report on Friday, July 21st. MKM Partners restated a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a research report on Friday, July 21st. Needham & Company LLC raised their price target on Infinera Corporation from $13.50 to $14.50 and gave the stock a “strong-buy” rating in a research report on Monday, June 19th. Finally, B. Riley restated a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a research report on Friday, August 4th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $11.82.
In related news, President David F. Welch sold 40,000 shares of the firm’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $12.09, for a total transaction of $483,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President David F. Welch sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $9.29, for a total transaction of $185,800.00. The disclosure for this sale can be found here. Insiders have sold 65,000 shares of company stock valued at $729,400 over the last ninety days. 2.90% of the stock is currently owned by corporate insiders.
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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