Infinera Corp. (NASDAQ:INFN) was downgraded by research analysts at B. Riley to a “neutral” rating in a research report issued to clients and investors on Tuesday. They presently have a $10.50 price objective on the stock. B. Riley’s price target would indicate a potential upside of 22.09% from the stock’s current price.
A number of other equities analysts also recently issued reports on INFN. Drexel Hamilton initiated coverage on shares of Infinera Corp. in a research note on Friday, April 8th. They issued a “buy” rating and a $22.00 price target for the company. Citigroup Inc. reaffirmed a “buy” rating and set a $20.00 target price on shares of Infinera Corp. in a research note on Sunday, April 10th. Goldman Sachs Group Inc. raised shares of Infinera Corp. from a “sell” rating to a “neutral” rating and set a $16.00 target price for the company in a research note on Friday, April 15th. They noted that the move was a valuation call. Deutsche Bank AG reaffirmed a “buy” rating on shares of Infinera Corp. in a research note on Tuesday, April 19th. Finally, Stifel Nicolaus decreased their target price on shares of Infinera Corp. from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, April 28th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Infinera Corp. presently has an average rating of “Hold” and a consensus target price of $15.07.
Shares of Infinera Corp. (NASDAQ:INFN) opened at 8.60 on Tuesday. The company has a 50 day moving average of $9.31 and a 200-day moving average of $12.48. Infinera Corp. has a 12-month low of $8.20 and a 12-month high of $22.85. The company has a market cap of $1.23 billion, a PE ratio of 28.48 and a beta of 0.99.
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Infinera Corp. (NASDAQ:INFN) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. Infinera Corp. had a net margin of 4.48% and a return on equity of 11.38%. The company earned $258.82 million during the quarter, compared to the consensus estimate of $255.83 million. During the same period in the prior year, the firm earned $0.18 earnings per share. Infinera Corp.’s revenue was up 24.8% on a year-over-year basis. Equities research analysts anticipate that Infinera Corp. will post $0.42 earnings per share for the current year.
In other Infinera Corp. news, Director John Daane purchased 12,000 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were acquired at an average price of $8.49 per share, for a total transaction of $101,880.00. Following the purchase, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $101,880. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Thomas J. Fallon purchased 100,000 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were acquired at an average price of $8.54 per share, for a total transaction of $854,000.00. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by corporate insiders.
Several hedge funds and institutional investors have modified their holdings of the company. BlackRock Inc. boosted its position in shares of Infinera Corp. by 124.4% in the first quarter. BlackRock Inc. now owns 8,956 shares of the company’s stock valued at $144,000 after buying an additional 4,965 shares in the last quarter. Pitcairn Co. boosted its position in shares of Infinera Corp. by 2.8% in the second quarter. Pitcairn Co. now owns 11,695 shares of the company’s stock valued at $132,000 after buying an additional 321 shares in the last quarter. Rafferty Asset Management LLC acquired a new position in shares of Infinera Corp. during the first quarter valued at $203,000. Prudential Financial Inc. boosted its position in shares of Infinera Corp. by 35.5% in the first quarter. Prudential Financial Inc. now owns 16,811 shares of the company’s stock valued at $270,000 after buying an additional 4,401 shares in the last quarter. Finally, Virginia Retirement System acquired a new position in shares of Infinera Corp. during the first quarter valued at $432,000. Institutional investors and hedge funds own 72.71% 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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