Infinera Corp. (INFN) Lowered to “Market Perform” at Northland Securities

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Infinera Corp. (NASDAQ:INFN) was downgraded by Northland Securities from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday.
Several other research analysts have also recently weighed in on the company. Raymond James Financial Inc. cut Infinera Corp. from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 28th. Citigroup Inc. cut Infinera Corp. to a “market perform” rating and reduced their price objective for the stock from $13.00 to $10.00 in a research report on Thursday, July 28th. JPMorgan Chase & Co. cut Infinera Corp. from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $19.00 to $8.50 in a research report on Thursday, July 28th. Nomura cut Infinera Corp. from a “buy” rating to a “neutral” rating and set a $9.00 price objective for the company. in a research report on Thursday, July 28th. Finally, Needham & Company LLC reduced their price objective on Infinera Corp. from $20.00 to $15.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 28th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $15.07.
Infinera Corp. (NASDAQ:INFN) traded up 0.24% during mid-day trading on Thursday, hitting $8.49. The stock had a trading volume of 2,358,904 shares. The stock’s 50 day moving average price is $9.10 and its 200 day moving average price is $12.33. Infinera Corp. has a one year low of $8.20 and a one year high of $22.85. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 28.11 and a beta of 0.99.

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Infinera Corp. (NASDAQ:INFN) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. The company earned $258.82 million during the quarter, compared to analysts’ expectations of $255.83 million. Infinera Corp. had a return on equity of 11.38% and a net margin of 4.48%. Infinera Corp.’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. Analysts forecast that Infinera Corp. will post $0.42 EPS for the current year.
In related news, CEO Thomas J. Fallon acquired 100,000 shares of the stock in a transaction on Monday, August 1st. The shares were purchased at an average price of $8.54 per share, for a total transaction of $854,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John Daane acquired 12,000 shares of the stock in a transaction on Monday, August 1st. The shares were bought at an average price of $8.49 per share, for a total transaction of $101,880.00. Following the purchase, the director now owns 12,000 shares in the company, valued at $101,880. The disclosure for this purchase can be found here. Insiders own 2.90% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. raised its position in Infinera Corp. by 68.2% in the second quarter. Macquarie Group Ltd. now owns 1,237,303 shares of the company’s stock worth $13,957,000 after buying an additional 501,822 shares during the period. Schwab Charles Investment Management Inc. raised its position in Infinera Corp. by 4.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 475,678 shares of the company’s stock worth $5,366,000 after buying an additional 20,910 shares during the period. Stifel Financial Corp raised its position in Infinera Corp. by 4.9% in the second quarter. Stifel Financial Corp now owns 58,998 shares of the company’s stock worth $667,000 after buying an additional 2,759 shares during the period. Amalgamated Bank raised its position in Infinera Corp. by 7.0% in the second quarter. Amalgamated Bank now owns 14,996 shares of the company’s stock worth $136,000 after buying an additional 976 shares during the period. Finally, Fiera Capital Corp bought a new position in Infinera Corp. during the second quarter worth approximately $29,645,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Infinera Corp. Company Profile
Infinera Corporation is a provider of optical transport networking systems to service providers. The Company operates through optical transport networking systems segment. The Company serves Tier 1 and Tier 2 telecommunications service providers, Internet content providers, cable operators, wholesale and enterprise carriers, research and education institutions and government entities around the world.

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