Infinera Corporation (INFN) Expected to Announce Earnings of -$0.16 Per Share
Wall Street brokerages expect that Infinera Corporation (NASDAQ:INFN) will announce ($0.16) earnings per share (EPS) for the current fiscal quarter, Zacks reports. Seven analysts have issued estimates for Infinera Corporation’s earnings. The lowest EPS estimate is ($0.16) and the highest is ($0.15). Infinera Corporation posted earnings per share of $0.05 during the same quarter last year, which suggests a negative year-over-year growth rate of 420%. The firm is expected to issue its next quarterly earnings results after the market closes on Wednesday, November 8th.
On average, analysts expect that Infinera Corporation will report full year earnings of ($0.56) per share for the current financial year, with EPS estimates ranging from ($0.59) to ($0.52). For the next financial year, analysts forecast that the firm will post earnings of ($0.08) per share, with EPS estimates ranging from ($0.32) to $0.10. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover Infinera Corporation.
Infinera Corporation (NASDAQ:INFN) last posted its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The company had revenue of $176.28 million during the quarter, compared to analysts’ expectations of $181.16 million. Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. The company’s revenue for the quarter was down 31.9% on a year-over-year basis. During the same quarter last year, the company earned $0.21 earnings per share.
A number of research analysts recently issued reports on INFN shares. BidaskClub upgraded shares of Infinera Corporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 12th. Craig Hallum started coverage on shares of Infinera Corporation in a research report on Tuesday, July 18th. They set a “buy” rating and a $15.00 target price for the company. Deutsche Bank AG decreased their target price on shares of Infinera Corporation from $12.50 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 7th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Infinera Corporation in a research report on Monday, July 10th. Finally, MKM Partners decreased their target price on shares of Infinera Corporation from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, August 18th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. Infinera Corporation has a consensus rating of “Hold” and an average price target of $11.82.
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In other Infinera Corporation news, President David F. Welch sold 20,000 shares of Infinera Corporation stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $9.02, for a total value of $180,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Infinera Corporation by 3.2% during the second quarter. Vanguard Group Inc. now owns 11,785,059 shares of the communications equipment provider’s stock worth $125,746,000 after purchasing an additional 369,519 shares in the last quarter. BlackRock Inc. increased its stake in shares of Infinera Corporation by 2.8% during the second quarter. BlackRock Inc. now owns 9,844,377 shares of the communications equipment provider’s stock worth $105,040,000 after purchasing an additional 268,912 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Infinera Corporation by 33.4% during the second quarter. Bank of New York Mellon Corp now owns 7,793,110 shares of the communications equipment provider’s stock worth $83,151,000 after purchasing an additional 1,949,576 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Infinera Corporation by 22.7% during the third quarter. Fisher Asset Management LLC now owns 6,089,914 shares of the communications equipment provider’s stock worth $54,018,000 after purchasing an additional 1,126,763 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Infinera Corporation by 19.1% during the second quarter. Alliancebernstein L.P. now owns 5,961,108 shares of the communications equipment provider’s stock worth $63,605,000 after purchasing an additional 957,416 shares in the last quarter. 87.59% of the stock is owned by institutional investors and hedge funds.
Infinera Corporation Company Profile
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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