Fmr LLC boosted its position in shares of Infinera Corp. (NASDAQ:INFN) by 3.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 23,100,000 shares of the communications equipment provider’s stock after purchasing an additional 742,901 shares during the period. Fmr LLC owned 15.10% of Infinera worth $168,630,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of INFN. Bank of New York Mellon Corp grew its position in Infinera by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,804,996 shares of the communications equipment provider’s stock worth $137,084,000 after purchasing an additional 1,265,072 shares in the last quarter. BlackRock Inc. grew its position in Infinera by 12.5% during the 2nd quarter. BlackRock Inc. now owns 10,961,436 shares of the communications equipment provider’s stock worth $108,849,000 after purchasing an additional 1,222,230 shares in the last quarter. JPMorgan Chase & Co. grew its position in Infinera by 335.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 928,023 shares of the communications equipment provider’s stock worth $6,775,000 after purchasing an additional 714,799 shares in the last quarter. Wells Fargo & Company MN grew its position in Infinera by 28.0% during the 3rd quarter. Wells Fargo & Company MN now owns 2,024,688 shares of the communications equipment provider’s stock worth $14,781,000 after purchasing an additional 442,399 shares in the last quarter. Finally, Bank of Montreal Can grew its position in Infinera by 587.1% during the 3rd quarter. Bank of Montreal Can now owns 228,194 shares of the communications equipment provider’s stock worth $1,665,000 after purchasing an additional 194,983 shares in the last quarter. Hedge funds and other institutional investors own 75.24% of the company’s stock.
Several equities analysts have weighed in on INFN shares. MKM Partners cut shares of Infinera from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $10.00 to $5.50 in a research report on Monday, October 1st. Morgan Stanley set a $10.00 price objective on shares of Infinera and gave the stock a “buy” rating in a research report on Wednesday, September 26th. ValuEngine cut shares of Infinera from a “hold” rating to a “sell” rating in a report on Friday, September 7th. Stifel Nicolaus initiated coverage on shares of Infinera in a report on Monday, October 22nd. They set a “hold” rating and a $8.00 price target on the stock. Finally, BidaskClub upgraded shares of Infinera from a “sell” rating to a “hold” rating in a report on Friday, August 24th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Infinera presently has an average rating of “Hold” and a consensus price target of $9.13.
In other Infinera news, COO David W. Heard acquired 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 9th. The stock was purchased at an average cost of $4.74 per share, for a total transaction of $94,800.00. Following the completion of the acquisition, the chief operating officer now owns 44,532 shares of the company’s stock, valued at approximately $211,081.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robert J. Jandro acquired 40,000 shares of the firm’s stock in a transaction that occurred on Friday, November 30th. The stock was acquired at an average price of $4.24 per share, with a total value of $169,600.00. Following the completion of the acquisition, the vice president now directly owns 179,061 shares of the company’s stock, valued at approximately $759,218.64. The disclosure for this purchase can be found here. Insiders purchased 150,000 shares of company stock valued at $675,900 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.
Infinera stock opened at $4.38 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.95 and a current ratio of 3.92. Infinera Corp. has a 12 month low of $4.11 and a 12 month high of $12.39. The firm has a market cap of $771.69 million, a PE ratio of -5.28 and a beta of 0.51.
Infinera (NASDAQ:INFN) last posted its quarterly earnings results on Tuesday, November 6th. The communications equipment provider reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). Infinera had a negative net margin of 19.18% and a negative return on equity of 11.58%. The business had revenue of $200.41 million for the quarter, compared to analysts’ expectations of $210.57 million. During the same period in the previous year, the company posted ($0.11) EPS. Infinera’s revenue was up 4.1% on a year-over-year basis. As a group, equities analysts expect that Infinera Corp. will post -0.69 earnings per share for the current fiscal year.
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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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