Infinera Corporation (NASDAQ:INFN) gapped down prior to trading on Monday after BidaskClub downgraded the stock from a sell rating to a strong sell rating. The stock had previously closed at $9.15, but opened at $9.57. Infinera Corporation shares last traded at $9.28, with a volume of 4,031,326 shares traded.
A number of other equities research analysts have also recently weighed in on INFN. Zacks Investment Research cut Infinera Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, May 3rd. B. Riley restated a “neutral” rating and issued a $9.50 price target on shares of Infinera Corporation in a 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 report on Monday, May 8th. TheStreet cut Infinera Corporation from a “c-” rating to a “d+” rating in a report on Monday, May 15th. Finally, Wells Fargo & Company upgraded Infinera Corporation from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $10.00 to $13.00 in a report on Friday, May 26th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $11.91.
In other Infinera Corporation news, President David F. Welch sold 20,000 shares of the 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, President David F. Welch sold 40,000 shares of the stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $12.09, for a total value of $483,600.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,000 shares of company stock worth $729,400. Corporate insiders own 2.90% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bbva Compass Bancshares Inc. acquired a new position in shares of Infinera Corporation during the first quarter worth $103,000. First National Bank of Omaha purchased a new position in shares of Infinera Corporation during the first quarter valued at $104,000. US Bancorp DE raised its position in shares of 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 period. Karp Capital Management Corp purchased a new position in shares of Infinera Corporation during the first quarter valued at $106,000. Finally, Fred Alger Management Inc. purchased a new position in shares of Infinera Corporation during the second quarter valued at $107,000. 81.95% of the stock is currently owned by institutional investors.
The stock’s market cap is $1.24 billion. The firm has a 50-day moving average of $10.68 and a 200 day moving average of $10.43.
Infinera Corporation (NASDAQ:INFN) last issued its earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by $0.01. The company had revenue of $176.28 million for 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 12.39%. The company’s quarterly revenue was down 31.9% on a year-over-year basis. During the same period last year, the business earned $0.21 EPS. On average, equities research analysts predict that Infinera Corporation will post ($0.56) earnings per share for the current fiscal year.
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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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