Zacks Investment Research upgraded shares of Infinera Corporation (NASDAQ:INFN) from a sell rating to a hold rating in a research report released on Tuesday, August 8th.
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. B. Riley restated a neutral rating and issued a $9.50 price target on shares of Infinera Corporation in a research report on Friday, May 5th. Needham & Company LLC restated a strong-buy rating and issued a $13.50 price target on shares of Infinera Corporation in a research report on Monday, May 8th. TheStreet lowered shares of Infinera Corporation from a c- rating to a d+ rating in a research report on Monday, May 15th. Wells Fargo & Company raised shares of Infinera Corporation from a market perform rating to an outperform rating and raised their price objective for the stock from $10.00 to $13.00 in a research note on Friday, May 26th. Finally, ValuEngine raised shares of Infinera Corporation from a strong sell rating to a sell rating in a research note on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Infinera Corporation has an average rating of Hold and a consensus target price of $11.82.
Shares of Infinera Corporation (INFN) traded up 0.12% on Tuesday, hitting $8.40. The stock had a trading volume of 1,455,798 shares. The stock has a 50 day moving average price of $10.61 and a 200-day moving average price of $10.43. The company’s market cap is $1.24 billion. Infinera Corporation has a 12-month low of $7.23 and a 12-month high of $12.50.
Infinera Corporation (NASDAQ:INFN) last posted its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by $0.01. The business had revenue of $176.28 million during the quarter, compared to analyst estimates of $181.16 million. Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. The company’s quarterly revenue was down 31.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.21 EPS. On average, equities analysts expect that Infinera Corporation will post ($0.56) earnings per share for the current year.
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In related news, President David F. Welch sold 5,000 shares of Infinera Corporation stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $12.00, for a total value of $60,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President David F. Welch sold 20,000 shares of Infinera Corporation stock in a transaction on Tuesday, August 8th. The stock was 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 sold a total of 65,000 shares of company stock worth $729,400 in the last quarter. Insiders own 2.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. US Bancorp DE increased its position in Infinera Corporation by 13.7% in the second quarter. US Bancorp DE now owns 9,843 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 1,186 shares during the last quarter. Fred Alger Management Inc. bought a new position in Infinera Corporation during the second quarter valued at about $107,000. Bbva Compass Bancshares Inc. bought a new position in Infinera Corporation during the first quarter valued at about $103,000. AlphaOne Investment Services LLC bought a new position in Infinera Corporation during the second quarter valued at about $108,000. Finally, First National Bank of Omaha bought a new position in Infinera Corporation during the first quarter valued at about $104,000. Institutional investors own 81.95% 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.
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