Nomura reiterated their neutral rating on shares of Infinera (NASDAQ:INFN) in a research note published on Wednesday morning, Marketbeat reports. They currently have a $6.00 target price on the communications equipment provider’s stock, down from their previous target price of $12.00.
Several other equities analysts have also recently issued reports on the stock. Needham & Company LLC reduced their price target on shares of Infinera from $14.00 to $9.00 and set a strong-buy rating on the stock in a research report on Wednesday. Piper Jaffray Companies reduced their price target on shares of Infinera to $6.50 and set a neutral rating on the stock in a research report on Wednesday. Zacks Investment Research upgraded shares of Infinera from a sell rating to a hold rating in a research report on Tuesday. B. Riley reduced their price target on shares of Infinera from $6.50 to $5.50 and set a neutral rating on the stock in a research report on Monday, November 5th. Finally, BidaskClub upgraded shares of Infinera from a sell rating to a hold rating in a research report on Saturday, November 3rd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $9.40.
Shares of INFN stock traded up $0.26 during mid-day trading on Wednesday, reaching $4.70. The stock had a trading volume of 8,286,403 shares, compared to its average volume of 4,066,045. Infinera has a 52-week low of $4.11 and a 52-week high of $12.39.
Infinera (NASDAQ:INFN) last released its quarterly earnings data on Tuesday, November 6th. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). Infinera had a negative net margin of 19.18% and a negative return on equity of 11.78%. The firm had revenue of $200.41 million for the quarter, compared to analysts’ expectations of $210.57 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, equities analysts predict that Infinera will post -0.62 EPS for the current year.
In other news, CEO Thomas J. Fallon bought 50,000 shares of the company’s stock in a transaction dated Friday, November 9th. The shares were purchased at an average price of $4.63 per share, for a total transaction of $231,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO David W. Heard bought 20,000 shares of the company’s stock in a transaction dated Friday, November 9th. The stock was purchased at an average price of $4.74 per share, for a total transaction of $94,800.00. Following the purchase, the chief operating officer now owns 44,532 shares of the company’s stock, valued at approximately $211,081.68. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Infinera by 100.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,567 shares of the communications equipment provider’s stock worth $155,000 after buying an additional 7,800 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Infinera in the third quarter worth approximately $165,000. Campbell & CO Investment Adviser LLC bought a new position in shares of Infinera in the second quarter worth approximately $242,000. Cim Investment Mangement Inc. bought a new position in shares of Infinera in the third quarter worth approximately $197,000. Finally, Gilder Gagnon Howe & Co. LLC lifted its stake in shares of Infinera by 48.6% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 56,473 shares of the communications equipment provider’s stock worth $412,000 after buying an additional 18,457 shares in the last quarter. Hedge funds and other institutional investors own 82.94% of the company’s stock.
Infinera Company Profile
Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.
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