Infinera Corporation (NASDAQ:INFN)’s share price hit a new 52-week low on Thursday after Citigroup lowered their price target on the stock from $9.00 to $8.50. Citigroup currently has a neutral rating on the stock. Infinera Corporation traded as low as $6.58 and last traded at $6.48, with a volume of 6398230 shares traded. The stock had previously closed at $8.71.

Other equities research analysts have also recently issued reports about the stock. B. Riley reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Infinera Corporation in a research report on Wednesday, August 9th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $9.00 price objective (down from $10.00) on shares of Infinera Corporation in a research report on Thursday. William Blair reaffirmed a “buy” rating on shares of Infinera Corporation in a research report on Thursday. Craig Hallum reaffirmed a “buy” rating and issued a $10.00 price objective (down from $15.00) on shares of Infinera Corporation in a research report on Thursday. Finally, Nomura cut their price objective on shares of Infinera Corporation from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $10.96.

In other Infinera Corporation news, President David F. Welch sold 20,000 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN boosted its holdings in Infinera Corporation by 8.1% in the 3rd quarter. Wells Fargo & Company MN now owns 1,748,085 shares of the communications equipment provider’s stock valued at $15,505,000 after purchasing an additional 130,573 shares during the period. JPMorgan Chase & Co. boosted its holdings in Infinera Corporation by 65.2% in 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 purchasing an additional 1,446,641 shares during the period. Eagle Boston Investment Management Inc. boosted its holdings in Infinera Corporation by 9.8% in the 3rd quarter. Eagle Boston Investment Management Inc. now owns 409,648 shares of the communications equipment provider’s stock valued at $3,686,000 after purchasing an additional 36,725 shares during the period. Granite Investment Partners LLC boosted its holdings in Infinera Corporation by 6.2% in the 3rd quarter. Granite Investment Partners LLC now owns 1,394,593 shares of the communications equipment provider’s stock valued at $12,370,000 after purchasing an additional 82,027 shares during the period. Finally, Adirondack Research & Management Inc. lifted its holdings in shares of Infinera Corporation by 90.7% during the 3rd quarter. Adirondack Research & Management Inc. now owns 431,010 shares of the communications equipment provider’s stock worth $3,823,000 after acquiring an additional 205,010 shares during the period. 89.35% of the stock is owned by hedge funds and other institutional investors.

Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings results on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.12. Infinera Corporation had a negative net margin of 21.59% and a negative return on equity of 16.25%. The company had revenue of $192.60 million during the quarter, compared to the consensus estimate of $190.37 million. During the same quarter in the prior year, the firm posted ($0.15) EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. research analysts expect that Infinera Corporation will post -0.85 EPS for the current fiscal year.

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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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