Zacks Investment Research upgraded shares of Infinera (NASDAQ:INFN) from a sell rating to a hold rating in a report published 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. “
Several other equities analysts also recently weighed in on the company. B. Riley reduced their price target on Infinera from $6.50 to $5.50 and set a neutral rating for the company in a report on Monday, November 5th. BidaskClub upgraded Infinera from a sell rating to a hold rating in a report on Saturday, November 3rd. ValuEngine upgraded Infinera from a sell rating to a hold rating in a report on Thursday, November 1st. Stifel Nicolaus began coverage on Infinera in a report on Monday, October 22nd. They set a hold rating and a $8.00 price target for the company. Finally, MKM Partners downgraded Infinera from a neutral rating to a sell rating and reduced their price target for the company from $10.00 to $5.50 in a report on Monday, October 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Infinera presently has an average rating of Hold and an average price target of $9.40.
Infinera (NASDAQ:INFN) last issued its quarterly earnings results on Tuesday, November 6th. The communications equipment provider reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). Infinera had a negative return on equity of 11.78% and a negative net margin of 19.18%. The firm had revenue of $200.41 million during the quarter, compared to the consensus estimate of $210.57 million. During the same period last year, the company earned ($0.11) earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. Research analysts anticipate that Infinera will post -0.62 earnings per share for the current fiscal year.
In other Infinera news, CEO Thomas J. Fallon acquired 50,000 shares of Infinera stock in a transaction that occurred on Friday, November 9th. The stock was bought at an average cost of $4.63 per share, for a total transaction of $231,500.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO David W. Heard acquired 20,000 shares of Infinera stock in a transaction that occurred on Friday, November 9th. The stock was acquired at an average price of $4.74 per share, with a total value of $94,800.00. Following the completion of the acquisition, the chief operating officer now directly owns 44,532 shares in the company, valued at approximately $211,081.68. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INFN. Legal & General Group Plc boosted its position in Infinera by 21.1% in the first quarter. Legal & General Group Plc now owns 69,314 shares of the communications equipment provider’s stock worth $753,000 after purchasing an additional 12,098 shares during the last quarter. Royal Bank of Canada boosted its position in Infinera by 1,721.2% in the first quarter. Royal Bank of Canada now owns 186,835 shares of the communications equipment provider’s stock worth $2,029,000 after purchasing an additional 176,576 shares during the last quarter. Fisher Asset Management LLC boosted its position in Infinera by 0.6% in the second quarter. Fisher Asset Management LLC now owns 5,966,448 shares of the communications equipment provider’s stock worth $59,247,000 after purchasing an additional 37,172 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Infinera in the second quarter worth about $242,000. Finally, Victory Capital Management Inc. boosted its position in Infinera by 5.3% in the second quarter. Victory Capital Management Inc. now owns 2,448,025 shares of the communications equipment provider’s stock worth $24,309,000 after purchasing an additional 123,169 shares during the last quarter. Institutional investors own 82.94% of the company’s stock.
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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