Infinera Corp. (NASDAQ:INFN) COO David W. Heard purchased 20,000 shares of the business’s stock in a transaction dated Friday, November 9th. The shares were acquired at an average cost of $4.74 per share, for a total transaction of $94,800.00. Following the acquisition, the chief operating officer now owns 44,532 shares of the company’s stock, valued at approximately $211,081.68. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of NASDAQ INFN traded up $0.26 during mid-day trading on Friday, reaching $4.70. 8,286,403 shares of the company traded hands, compared to its average volume of 4,066,045. Infinera Corp. has a fifty-two week low of $4.11 and a fifty-two week high of $12.39.
Infinera (NASDAQ:INFN) last posted its quarterly earnings data on Tuesday, November 6th. The communications equipment provider reported ($0.04) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.04). Infinera had a negative net margin of 19.18% and a negative return on equity of 11.78%. The business had revenue of $200.41 million for the quarter, compared to analyst estimates of $210.57 million. During the same quarter last year, the business earned ($0.11) earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. Sell-side analysts predict that Infinera Corp. will post -0.62 EPS for the current fiscal year.
A number of equities research analysts have recently weighed in on the company. BidaskClub cut Infinera from a “hold” rating to a “sell” rating in a report on Wednesday, July 25th. Jefferies Financial Group raised Infinera from an “underperform” rating to a “hold” rating in a report on Friday. B. Riley cut their price target on Infinera from $10.00 to $9.50 and set a “neutral” rating on the stock in a report on Wednesday, August 8th. ValuEngine raised Infinera from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Finally, Zacks Investment Research raised Infinera from a “hold” rating to a “strong-buy” rating and set a $9.50 price target on the stock in a report on Wednesday, August 1st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Infinera presently has a consensus rating of “Hold” and a consensus target price of $9.40.
Several hedge funds and other institutional investors have recently bought and sold shares of INFN. Bank of New York Mellon Corp increased its stake in shares of Infinera by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 13,804,996 shares of the communications equipment provider’s stock valued at $137,084,000 after acquiring an additional 1,265,072 shares during the period. BlackRock Inc. increased its stake in shares of Infinera by 12.5% during the second quarter. BlackRock Inc. now owns 10,961,436 shares of the communications equipment provider’s stock valued at $108,849,000 after acquiring an additional 1,222,230 shares during the period. FMR LLC grew its position in Infinera by 3.3% in the third quarter. FMR LLC now owns 23,100,000 shares of the communications equipment provider’s stock worth $168,630,000 after buying an additional 742,901 shares during the last quarter. JPMorgan Chase & Co. grew its position in Infinera by 335.2% in the third quarter. JPMorgan Chase & Co. now owns 928,023 shares of the communications equipment provider’s stock worth $6,775,000 after buying an additional 714,799 shares during the last quarter. Finally, Elk Creek Partners LLC grew its position in Infinera by 26.0% in the third quarter. Elk Creek Partners LLC now owns 2,350,922 shares of the communications equipment provider’s stock worth $17,162,000 after buying an additional 484,850 shares during the last quarter. Institutional investors and hedge funds 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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