Infinera (NASDAQ:INFN)‘s stock had its “hold” rating reiterated by equities researchers at Citigroup in a research note issued to investors on Friday, March 9th. They currently have a $12.00 price target on the communications equipment provider’s stock, up from their previous price target of $8.50. Citigroup’s price target indicates a potential upside of 12.46% from the company’s current price.
A number of other equities analysts also recently commented on INFN. ValuEngine upgraded Infinera from a “sell” rating to a “hold” rating in a report on Thursday, February 8th. BidaskClub upgraded Infinera from a “strong sell” rating to a “sell” rating in a report on Wednesday, February 7th. Nomura decreased their price objective on Infinera from $13.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, November 9th. William Blair reissued an “outperform” rating on shares of Infinera in a research note on Tuesday, February 6th. Finally, B. Riley increased their target price on Infinera from $10.75 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, February 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. Infinera presently has a consensus rating of “Hold” and an average target price of $11.46.
Shares of INFN traded down $0.19 during midday trading on Friday, hitting $10.67. 934,409 shares of the company traded hands, compared to its average volume of 1,784,812. Infinera has a one year low of $6.10 and a one year high of $12.38. The stock has a market cap of $1,625.08, a PE ratio of -12.86 and a beta of 0.53.
Infinera (NASDAQ:INFN) last issued its quarterly earnings data on Wednesday, February 7th. The communications equipment provider reported ($0.12) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.01. The company had revenue of $195.82 million during the quarter, compared to analyst estimates of $190.26 million. Infinera had a negative return on equity of 17.20% and a negative net margin of 26.26%. Infinera’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. equities analysts expect that Infinera will post -0.43 earnings per share for the current year.
In other news, insider David F. Welch sold 60,000 shares of Infinera stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $9.07, for a total value of $544,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David F. Welch sold 149,093 shares of Infinera stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $10.03, for a total value of $1,495,402.79. The disclosure for this sale can be found here. Insiders have sold a total of 289,093 shares of company stock valued at $2,770,803 in the last 90 days. 3.10% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB purchased a new position in Infinera during the 4th quarter valued at $130,000. MetLife Investment Advisors LLC purchased a new position in Infinera during the 4th quarter valued at $422,000. Jane Street Group LLC boosted its holdings in Infinera by 2,170.9% during the 4th quarter. Jane Street Group LLC now owns 15,896 shares of the communications equipment provider’s stock valued at $101,000 after acquiring an additional 15,196 shares during the period. Millennium Management LLC purchased a new position in Infinera during the 4th quarter valued at $621,000. Finally, Guggenheim Capital LLC boosted its holdings in Infinera by 10.4% during the 4th quarter. Guggenheim Capital LLC now owns 1,092,262 shares of the communications equipment provider’s stock valued at $6,914,000 after acquiring an additional 102,584 shares during the period. Institutional investors own 87.32% of the company’s stock.
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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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