Infinera Corporation (NASDAQ:INFN)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Tuesday. They currently have a $13.00 target price on the communications equipment provider’s stock. Needham & Company LLC’s price target would suggest a potential upside of 52.40% from the company’s previous close.
A number of other research analysts also recently weighed in on the company. MKM Partners dropped their price target on Infinera Corporation from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 18th. B. Riley reaffirmed a “buy” rating and set a $14.00 price target on shares of Infinera Corporation in a research note on Wednesday, August 9th. BidaskClub downgraded Infinera Corporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised Infinera Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Deutsche Bank AG dropped their price target on Infinera Corporation from $12.50 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $11.82.
Infinera Corporation (NASDAQ:INFN) opened at 8.53 on Tuesday. The company’s 50 day moving average price is $8.93 and its 200-day moving average price is $10.12. Infinera Corporation has a 12-month low of $7.23 and a 12-month high of $12.50. The company’s market capitalization is $1.26 billion.
Infinera Corporation (NASDAQ:INFN) last announced its quarterly earnings data 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 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 12.39%. The firm’s revenue for the quarter was down 31.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 earnings per share. Equities analysts forecast that Infinera Corporation will post ($0.56) earnings per share for the current fiscal year.
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In other Infinera Corporation news, President David F. Welch sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $12.09, for a total transaction of $483,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President David F. Welch sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $12.00, for a total value of $60,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 65,000 shares of company stock valued at $729,400 over the last three months. Corporate insiders own 2.90% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. US Bancorp DE increased its holdings in Infinera Corporation by 13.7% during the 2nd quarter. US Bancorp DE now owns 9,843 shares of the communications equipment provider’s stock worth $105,000 after purchasing an additional 1,186 shares in the last quarter. Fred Alger Management Inc. bought a new stake in Infinera Corporation during the 2nd quarter worth approximately $107,000. AlphaOne Investment Services LLC bought a new stake in Infinera Corporation during the 2nd quarter worth approximately $108,000. Summit Securities Group LLC bought a new stake in Infinera Corporation during the 2nd quarter worth approximately $109,000. Finally, Karp Capital Management Corp bought a new stake in Infinera Corporation during the 1st quarter worth approximately $106,000. 86.67% of the stock is owned by hedge funds and other institutional investors.
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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