Suffolk Capital Management LLC grew its position in Infinera Corporation (NASDAQ:INFN) by 66.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 140,217 shares of the communications equipment provider’s stock after purchasing an additional 55,768 shares during the period. Suffolk Capital Management LLC owned approximately 0.09% of Infinera Corporation worth $1,244,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. US Bancorp DE boosted its holdings 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 acquiring an additional 1,186 shares in the last quarter. Fred Alger Management Inc. bought a new position in shares of Infinera Corporation in the second quarter valued at approximately $107,000. AlphaOne Investment Services LLC bought a new position in shares of Infinera Corporation in the second quarter valued at approximately $108,000. Summit Securities Group LLC bought a new position in shares of Infinera Corporation in the second quarter valued at approximately $109,000. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Infinera Corporation by 3.6% in the second quarter. Teacher Retirement System of Texas now owns 11,858 shares of the communications equipment provider’s stock valued at $127,000 after acquiring an additional 409 shares in the last quarter. Institutional investors and hedge funds own 89.35% of the company’s stock.
In related news, President David F. Welch sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $9.02, for a total value of $180,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is currently owned by corporate insiders.
INFN has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Infinera Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Deutsche Bank AG decreased their price objective on shares of Infinera Corporation from $12.50 to $12.00 and set a “buy” rating for the company in a report on Monday, August 7th. Needham & Company LLC reiterated a “strong-buy” rating and issued a $13.00 price objective on shares of Infinera Corporation in a report on Thursday, August 31st. Craig Hallum initiated coverage on shares of Infinera Corporation in a report on Tuesday, July 18th. They issued a “buy” rating and a $15.00 price objective for the company. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $10.00 price objective on shares of Infinera Corporation in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $10.96.
Infinera Corporation (INFN) traded down $0.01 during mid-day trading on Friday, reaching $6.35. 4,042,700 shares of the company traded hands, compared to its average volume of 1,910,151. Infinera Corporation has a fifty-two week low of $6.28 and a fifty-two week high of $12.50.
Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings results on Wednesday, November 8th. The communications equipment provider reported ($0.11) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.12. The business had revenue of $192.60 million during the quarter, compared to the consensus estimate of $190.37 million. Infinera Corporation had a negative net margin of 21.59% and a negative return on equity of 16.35%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.15) EPS. equities analysts predict that Infinera Corporation will post -0.85 EPS for the current year.
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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