Infinera Corporation (INFN) Shares Sold by Jennison Associates LLC
Jennison Associates LLC lowered its stake in shares of Infinera Corporation (NASDAQ:INFN) by 4.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,790,041 shares of the communications equipment provider’s stock after selling 141,532 shares during the period. Jennison Associates LLC owned about 1.88% of Infinera Corporation worth $24,748,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in INFN. BlackRock Inc. boosted its holdings in Infinera Corporation by 49,116.0% during the first quarter. BlackRock Inc. now owns 9,575,465 shares of the communications equipment provider’s stock worth $97,957,000 after buying an additional 9,556,009 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 buying an additional 1,949,576 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in Infinera Corporation during the third quarter worth about $17,028,000. Teachers Advisors LLC lifted its holdings in shares of Infinera Corporation by 510.1% in the first quarter. Teachers Advisors LLC now owns 1,416,917 shares of the communications equipment provider’s stock valued at $14,495,000 after purchasing an additional 1,184,678 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Infinera Corporation by 22.7% in the third quarter. Fisher Asset Management LLC now owns 6,089,914 shares of the communications equipment provider’s stock valued at $54,018,000 after purchasing an additional 1,126,763 shares in the last quarter. 90.15% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have issued reports on the stock. B. Riley reaffirmed a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a report on Friday, August 4th. BidaskClub downgraded shares of Infinera Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 9th. MKM Partners downgraded shares of Infinera Corporation from a “buy” rating to a “neutral” rating and set a $13.00 price target on the stock. in a report on Thursday, November 9th. Nomura reduced their price target on shares of Infinera Corporation from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, November 9th. Finally, Citigroup Inc. reduced their price target on shares of Infinera Corporation from $9.00 to $8.50 and set a “neutral” rating on the stock in a report on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $10.96.
In related news, President David F. Welch sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $9.02, for a total transaction of $180,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas J. Fallon purchased 100,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were bought at an average cost of $6.33 per share, with a total value of $633,000.00. The disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company’s stock.
Infinera Corporation (NASDAQ:INFN) opened at $7.06 on Friday. Infinera Corporation has a 52-week low of $6.27 and a 52-week high of $12.50.
Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings results on Wednesday, November 8th. The communications equipment provider reported ($0.11) EPS for the quarter, topping the 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 16.35%. The firm had revenue of $192.60 million during the quarter, compared to analyst estimates of $190.37 million. During the same quarter in the prior year, the business posted ($0.15) earnings per share. Infinera Corporation’s revenue for the quarter was up 3.8% compared to the same quarter last year. equities analysts forecast that Infinera Corporation will post -0.85 earnings per share for the current fiscal year.
About Infinera Corporation
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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