Teachers Advisors LLC increased its stake in shares of Infinera Corporation (NASDAQ:INFN) by 510.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,416,917 shares of the communications equipment provider’s stock after buying an additional 1,184,678 shares during the period. Teachers Advisors LLC owned approximately 0.97% of Infinera Corporation worth $14,495,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in Infinera Corporation by 12.3% in the first quarter. Bank of New York Mellon Corp now owns 5,843,534 shares of the communications equipment provider’s stock worth $59,779,000 after buying an additional 640,819 shares during the last quarter. Fisher Asset Management LLC acquired a new stake in Infinera Corporation during the first quarter worth about $52,424,000. Alliancebernstein L.P. boosted its stake in Infinera Corporation by 4.2% in the first quarter. Alliancebernstein L.P. now owns 5,003,692 shares of the communications equipment provider’s stock worth $51,188,000 after buying an additional 199,889 shares during the last quarter. Frontier Capital Management Co. LLC boosted its stake in Infinera Corporation by 42.0% in the first quarter. Frontier Capital Management Co. LLC now owns 4,503,482 shares of the communications equipment provider’s stock worth $46,071,000 after buying an additional 1,331,026 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in 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 worth $43,482,000 after buying an additional 114,009 shares during the last quarter. 81.11% of the stock is owned by hedge funds and other institutional investors.
Infinera Corporation (NASDAQ:INFN) opened at 11.73 on Friday. The stock has a 50 day moving average price of $11.37 and a 200 day moving average price of $10.35. The company’s market cap is $1.72 billion. Infinera Corporation has a 52 week low of $7.23 and a 52 week high of $12.50.
Infinera Corporation (NASDAQ:INFN) last released its earnings results on Thursday, May 4th. The communications equipment provider reported ($0.15) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.15). Infinera Corporation had a negative net margin of 9.54% and a negative return on equity of 4.94%. The firm had revenue of $175.50 million during the quarter, compared to analyst estimates of $172.62 million. During the same period last year, the business earned $0.19 earnings per share. The business’s revenue was down 28.3% on a year-over-year basis. On average, equities analysts forecast that Infinera Corporation will post ($0.45) earnings per share for the current year.
A number of analysts have recently issued reports on INFN shares. B. Riley raised Infinera Corporation to a “buy” rating and set a $14.00 price objective for the company in a research report on Tuesday, June 27th. MKM Partners raised Infinera Corporation from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $10.00 to $14.00 in a report on Wednesday, June 14th. Deutsche Bank AG reissued a “buy” rating and set a $12.50 price target (up from $12.00) on shares of Infinera Corporation in a report on Monday, July 17th. Craig Hallum assumed coverage on Infinera Corporation in a report on Tuesday, July 18th. They set a “buy” rating and a $15.00 price target for the company. Finally, TheStreet cut Infinera Corporation from a “c-” rating to a “d+” rating in a report on Monday, May 15th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Infinera Corporation has a consensus rating of “Hold” and a consensus target price of $12.09.
In related news, President David F. Welch sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $12.00, for a total transaction of $60,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President David F. Welch sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $12.09, for a total transaction of $483,600.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by company 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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