Zacks Investment Research upgraded shares of Infinera Corporation (NASDAQ:INFN) from a sell rating to a hold rating in a research report sent to investors on Tuesday 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. “
A number of other research firms also recently commented on INFN. Northland Securities set a $7.00 target price on shares of Infinera Corporation and gave the company a hold rating in a research report on Tuesday, July 4th. BidaskClub raised shares of Infinera Corporation from a strong sell rating to a sell rating in a research report on Thursday, June 15th. Deutsche Bank AG cut their target price on shares of Infinera Corporation from $12.50 to $12.00 and set a buy rating on the stock in a research report on Monday, August 7th. Craig Hallum initiated coverage on shares of Infinera Corporation in a research report on Tuesday, July 18th. They set a buy rating and a $15.00 target price on the stock. Finally, Needham & Company LLC raised their target price on shares of Infinera Corporation from $13.50 to $14.50 and gave the company a strong-buy rating in a research report on Monday, June 19th. Three equities research 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’s stock. Infinera Corporation currently has an average rating of Hold and a consensus target price of $11.82.
Shares of Infinera Corporation (NASDAQ:INFN) traded down 0.82% during midday trading on Tuesday, hitting $8.51. 403,662 shares of the stock were exchanged. The firm has a 50 day moving average of $8.56 and a 200-day moving average of $9.87. Infinera Corporation has a 12 month low of $7.23 and a 12 month high of $12.50. The stock’s market cap is $1.26 billion.
Infinera Corporation (NASDAQ:INFN) last posted its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.01). The company had revenue of $176.28 million during the quarter, compared to analysts’ expectations of $181.16 million. Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. The company’s quarterly revenue was down 31.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.21 EPS. Equities research analysts anticipate that Infinera Corporation will post ($0.56) EPS for the current year.
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In related 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President David F. Welch sold 20,000 shares of Infinera Corporation stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $9.29, for a total transaction of $185,800.00. The disclosure for this sale can be found here. Insiders sold a total of 45,000 shares of company stock worth $426,200 over the last 90 days. Company insiders own 2.90% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its stake in Infinera Corporation by 13.7% in 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. Karp Capital Management Corp acquired a new stake in Infinera Corporation in the 1st quarter worth approximately $106,000. Fred Alger Management Inc. acquired a new stake in Infinera Corporation in the 2nd quarter worth approximately $107,000. AlphaOne Investment Services LLC acquired a new stake in Infinera Corporation in the 2nd quarter worth approximately $108,000. Finally, Summit Securities Group LLC acquired a new stake in Infinera Corporation in the 2nd quarter worth approximately $109,000. Institutional investors own 86.67% of the company’s stock.
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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