Teachers Advisors LLC boosted its position in shares of Infinera Corporation (NASDAQ:INFN) by 510.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 about 0.97% of Infinera Corporation worth $14,495,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. First Mercantile Trust Co. raised its stake in shares of Infinera Corporation by 6.4% in the first quarter. First Mercantile Trust Co. now owns 30,466 shares of the communications equipment provider’s stock worth $311,000 after buying an additional 1,820 shares during the last quarter. American International Group Inc. raised its stake in shares of Infinera Corporation by 5.3% in the first quarter. American International Group Inc. now owns 85,117 shares of the communications equipment provider’s stock worth $871,000 after buying an additional 4,294 shares during the last quarter. Envestnet Asset Management Inc. raised its stake 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. Stifel Financial Corp raised its stake in shares of Infinera Corporation by 65.6% in the first quarter. Stifel Financial Corp now owns 17,432 shares of the communications equipment provider’s stock worth $178,000 after buying an additional 6,905 shares during the last quarter. Finally, Princeton Capital Management Inc. raised its stake in shares of Infinera Corporation by 9.4% in the first quarter. Princeton Capital Management Inc. now owns 96,318 shares of the communications equipment provider’s stock worth $985,000 after buying an additional 8,316 shares during the last quarter. Hedge funds and other institutional investors own 81.21% of the company’s stock.
Infinera Corporation (INFN) opened at 9.57 on Monday. Infinera Corporation has a 52-week low of $7.23 and a 52-week high of $12.50. The firm’s market capitalization is $1.40 billion. The company has a 50 day moving average price of $11.43 and a 200 day moving average price of $10.41.
Infinera Corporation (NASDAQ:INFN) last posted its earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ 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 net margin of 18.18% and a negative return on equity of 12.25%. Infinera Corporation’s revenue was down 31.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.21 earnings per share. On average, equities analysts forecast that Infinera Corporation will post ($0.45) EPS for the current fiscal year.
A number of brokerages recently issued reports on INFN. B. Riley upgraded Infinera Corporation to a “buy” rating and set a $14.00 price target for the company in a report on Tuesday, June 27th. BidaskClub lowered Infinera Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 6th. Citigroup Inc. boosted their price target on Infinera Corporation from $8.50 to $10.00 and gave the company a “sell” rating in a report on Friday, July 21st. MKM Partners reiterated a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a report on Friday, July 21st. Finally, Raymond James Financial, Inc. restated a “market perform” rating on shares of Infinera Corporation in a report on Monday, July 10th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $12.09.
In other news, President David F. Welch sold 5,000 shares of Infinera Corporation stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $12.00, for a total value of $60,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, President David F. Welch sold 40,000 shares of Infinera Corporation 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 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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