Infinera Corp. (INFN) Expected to Post Quarterly Sales of $190.89 Million
Wall Street brokerages expect Infinera Corp. (NASDAQ:INFN) to announce sales of $190.89 million for the current quarter, Zacks reports. Seven analysts have issued estimates for Infinera’s earnings. The highest sales estimate is $196.01 million and the lowest is $187.80 million. Infinera posted sales of $181.04 million in the same quarter last year, which suggests a positive year over year growth rate of 5.4%. The company is scheduled to report its next quarterly earnings results on Thursday, February 8th.
According to Zacks, analysts expect that Infinera will report full year sales of $190.89 million for the current fiscal year, with estimates ranging from $732.70 million to $739.90 million. For the next financial year, analysts anticipate that the business will post sales of $802.05 million per share, with estimates ranging from $774.20 million to $851.10 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Infinera.
Infinera (NASDAQ:INFN) last released its quarterly earnings data on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.12. The company had revenue of $192.60 million for the quarter, compared to analyst estimates of $190.37 million. Infinera had a negative net margin of 21.59% and a negative return on equity of 16.35%. Infinera’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.15) EPS.
A number of research analysts recently commented on INFN shares. Nomura decreased their price target on shares of Infinera from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, November 9th. Zacks Investment Research raised shares of Infinera from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. MKM Partners downgraded shares of Infinera from a “buy” rating to a “neutral” rating and set a $13.00 price target for the company. in a report on Thursday, November 9th. ValuEngine downgraded shares of Infinera from a “hold” rating to a “sell” rating in a research note on Thursday, November 2nd. Finally, William Blair reissued a “buy” rating on shares of Infinera in a research note on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $10.96.
Shares of Infinera (INFN) traded up $0.13 on Friday, reaching $7.08. 1,319,500 shares of the company were exchanged, compared to its average volume of 1,399,510. Infinera has a twelve month low of $6.27 and a twelve month high of $12.50.
In related news, CEO Thomas J. Fallon acquired 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was acquired at an average price of $6.33 per share, for a total transaction of $633,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.90% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of INFN. Alyeska Investment Group L.P. bought a new stake in Infinera during the third quarter valued at approximately $20,143,000. Victory Capital Management Inc. bought a new stake in Infinera during the 3rd quarter valued at $17,028,000. JPMorgan Chase & Co. raised its holdings in Infinera by 65.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,664,481 shares of the communications equipment provider’s stock valued at $32,176,000 after buying an additional 1,446,641 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Infinera by 14.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 8,954,566 shares of the communications equipment provider’s stock valued at $79,428,000 after buying an additional 1,161,456 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Infinera by 22.7% during the 3rd quarter. Fisher Asset Management LLC now owns 6,089,914 shares of the communications equipment provider’s stock valued at $54,018,000 after buying an additional 1,126,763 shares during the last quarter. Hedge funds and other institutional investors own 90.57% of the company’s stock.
Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.
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