Zacks Investment Research upgraded shares of Infinera (NASDAQ:INFN) from a sell rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “Infinera provides Digital Optical Networking systems to telecommunications carriers, cable operators and other service providers worldwide. Infinera’s large-scale photonic integrated circuit incorporates hundred Gigabits per second of transmit and receive capacity and the functionality of more than sixty discrete optical components into a pair of indium phosphide chips. Infinera’s DTN system and PIC technology are designed to provide optical networks that provide operating simplicity, enhanced revenue generation, faster time-to-service and capital cost savings. “
Several other research firms have also recently issued reports on INFN. MKM Partners cut Infinera from a buy rating to a neutral rating and set a $13.00 price objective for the company. in a research report on Thursday, November 9th. Stifel Nicolaus reaffirmed a hold rating and set a $9.00 price objective (down from $10.00) on shares of Infinera in a research report on Thursday, November 9th. Citigroup raised Infinera from a sell rating to a neutral rating and set a $10.00 price objective for the company in a research report on Monday, October 16th. Needham & Company LLC reaffirmed a buy rating and set a $13.00 price objective on shares of Infinera in a research report on Tuesday, September 19th. Finally, B. Riley reaffirmed a buy rating and set a $12.00 price objective (down from $14.00) on shares of Infinera in a research report on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. Infinera currently has a consensus rating of Hold and a consensus price target of $10.96.
Infinera (NASDAQ:INFN) last released its quarterly earnings data on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.12. The business had revenue of $192.60 million during the quarter, compared to analysts’ expectations of $190.37 million. Infinera had a negative return on equity of 16.35% and a negative net margin of 21.59%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.15) EPS. research analysts predict that Infinera will post -0.85 EPS for the current year.
In other news, CEO Thomas J. Fallon bought 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was purchased at an average cost of $6.33 per share, with a total value of $633,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.90% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC boosted its position in shares of Infinera by 10.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 4,491,345 shares of the communications equipment provider’s stock valued at $39,838,000 after purchasing an additional 416,885 shares during the period. Cubist Systematic Strategies LLC boosted its position in shares of Infinera by 66.9% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 65,395 shares of the communications equipment provider’s stock valued at $580,000 after purchasing an additional 26,216 shares during the period. Granahan Investment Management Inc. MA boosted its position in shares of Infinera by 3.1% in the 3rd quarter. Granahan Investment Management Inc. MA now owns 259,835 shares of the communications equipment provider’s stock valued at $2,305,000 after purchasing an additional 7,758 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Infinera during the 3rd quarter worth approximately $20,143,000. Finally, Elk Creek Partners LLC lifted its position in Infinera by 10.9% during the 3rd quarter. Elk Creek Partners LLC now owns 1,834,820 shares of the communications equipment provider’s stock worth $16,275,000 after acquiring an additional 180,463 shares during the period. 90.57% of the stock is owned by hedge funds and other institutional investors.
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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