Infinera (NASDAQ:INFN) issued an update on its third quarter 2019 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $-0.19–0.15 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.15. The company issued revenue guidance of $318-338 million, compared to the consensus revenue estimate of $327.96 million.Infinera also updated its Q3 guidance to (0.19-0.15) EPS.
NASDAQ:INFN traded down $0.04 during trading hours on Friday, reaching $4.52. The company had a trading volume of 2,671,626 shares, compared to its average volume of 3,062,620. The business has a 50-day simple moving average of $3.30. Infinera has a one year low of $2.80 and a one year high of $9.54. The firm has a market cap of $803.57 million, a price-to-earnings ratio of -7.06 and a beta of 0.80. The company has a quick ratio of 1.10, a current ratio of 1.78 and a debt-to-equity ratio of 0.55.
Infinera (NASDAQ:INFN) last announced its quarterly earnings results on Wednesday, August 7th. The communications equipment provider reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.11. Infinera had a negative return on equity of 25.97% and a negative net margin of 35.53%. The firm had revenue of $296.25 million for the quarter, compared to analysts’ expectations of $300.40 million. During the same period in the prior year, the business posted ($0.01) earnings per share. The business’s revenue was up 42.3% compared to the same quarter last year. As a group, equities research analysts predict that Infinera will post -0.92 earnings per share for the current year.
INFN has been the topic of a number of analyst reports. Rosenblatt Securities reiterated a hold rating and issued a $4.00 price target on shares of Infinera in a research report on Thursday. Raymond James upgraded Infinera from an underperform rating to a market perform rating in a research report on Thursday. ValuEngine upgraded Infinera from a sell rating to a hold rating in a research report on Thursday, August 1st. BidaskClub upgraded Infinera from a sell rating to a hold rating in a research report on Friday. Finally, Goldman Sachs Group upgraded Infinera from a neutral rating to a buy rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Infinera currently has an average rating of Hold and an average price target of $6.14.
In other news, Director Marcel Gani purchased 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average price of $3.15 per share, for a total transaction of $315,000.00. Following the completion of the acquisition, the director now directly owns 222,281 shares in the company, valued at $700,185.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas J. Fallon purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was purchased at an average price of $3.32 per share, for a total transaction of $166,000.00. The disclosure for this purchase can be found here. Insiders have bought 175,000 shares of company stock worth $559,250 in the last 90 days. Company insiders own 2.80% of the company’s stock.
Infinera Corporation provides optical transport networking 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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