Aigen Investment Management LP acquired a new position in shares of Infinera Co. (NASDAQ:INFN – Get Rating) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 15,706 shares of the communications equipment provider’s stock, valued at approximately $136,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. First Eagle Investment Management LLC raised its position in shares of Infinera by 144.7% in the fourth quarter. First Eagle Investment Management LLC now owns 92,156 shares of the communications equipment provider’s stock worth $884,000 after acquiring an additional 54,500 shares during the period. Verity Asset Management Inc. purchased a new position in shares of Infinera during the 4th quarter worth approximately $235,000. Assenagon Asset Management S.A. purchased a new position in shares of Infinera during the 4th quarter worth approximately $2,642,000. WINTON GROUP Ltd acquired a new stake in Infinera during the 4th quarter worth approximately $235,000. Finally, Victory Capital Management Inc. lifted its holdings in Infinera by 6.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,959,397 shares of the communications equipment provider’s stock worth $28,380,000 after buying an additional 189,327 shares in the last quarter. 92.64% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, Director George Andrew Riedel bought 10,000 shares of the stock in a transaction that occurred on Friday, June 10th. The stock was purchased at an average cost of $5.28 per share, for a total transaction of $52,800.00. Following the completion of the acquisition, the director now owns 82,451 shares in the company, valued at $435,341.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director George Andrew Riedel acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 10th. The shares were acquired at an average price of $5.28 per share, with a total value of $52,800.00. Following the acquisition, the director now directly owns 82,451 shares in the company, valued at $435,341.28. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David W. Heard acquired 6,500 shares of Infinera stock in a transaction dated Thursday, May 19th. The shares were acquired at an average price of $5.72 per share, with a total value of $37,180.00. Following the transaction, the chief executive officer now owns 608,740 shares in the company, valued at approximately $3,481,992.80. The disclosure for this purchase can be found here. 2.82% of the stock is currently owned by company insiders.
Infinera Price Performance
Infinera (NASDAQ:INFN – Get Rating) last issued its earnings results on Thursday, July 28th. The communications equipment provider reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $357.99 million for the quarter, compared to the consensus estimate of $350.62 million. Infinera had a negative net margin of 12.69% and a negative return on equity of 33.09%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. As a group, sell-side analysts predict that Infinera Co. will post -0.24 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of research firms have issued reports on INFN. B. Riley reduced their target price on shares of Infinera from $12.50 to $11.00 in a report on Wednesday, May 4th. Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Infinera in a report on Monday, May 16th. Citigroup reduced their price objective on shares of Infinera from $9.00 to $6.50 in a report on Thursday, July 14th. JPMorgan Chase & Co. reduced their price objective on shares of Infinera from $7.50 to $6.50 and set an “underweight” rating on the stock in a report on Thursday, July 14th. Finally, MKM Partners restated a “buy” rating and issued a $9.00 price objective on shares of Infinera in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.86.
Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms.
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