Infinera Corporation (INFN) Stock Price Down 0% on Analyst Downgrade
Shares of Infinera Corporation (NASDAQ:INFN) fell 0% on Friday 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 $6.34 and last traded at $6.37. 2,560,977 shares changed hands during trading, an increase of 35% from the average session volume of 1,892,799 shares. The stock had previously closed at $6.37.
Other analysts have also issued reports about the stock. B. Riley reiterated a “buy” rating and set a $14.00 target price on shares of Infinera Corporation in a research report on Wednesday, August 9th. Craig Hallum reiterated a “buy” rating and set a $10.00 target price (down from $15.00) on shares of Infinera Corporation in a research report on Thursday. MKM Partners reiterated a “buy” rating and set a $14.00 target price on shares of Infinera Corporation in a research report on Friday, July 21st. Zacks Investment Research lowered shares of Infinera Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Finally, William Blair reiterated a “buy” rating on shares of Infinera Corporation in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $10.96.
In related news, President David F. Welch sold 20,000 shares of the business’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.90% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE raised its stake in shares of Infinera Corporation by 13.7% during the second quarter. US Bancorp DE now owns 9,843 shares of the communications equipment provider’s stock worth $105,000 after buying an additional 1,186 shares during the last quarter. Fred Alger Management Inc. acquired a new position in Infinera Corporation during the second quarter valued at approximately $107,000. AlphaOne Investment Services LLC acquired a new position in Infinera Corporation during the second quarter valued at approximately $108,000. Summit Securities Group LLC acquired a new position in Infinera Corporation during the second quarter valued at approximately $109,000. Finally, Teacher Retirement System of Texas grew its holdings in Infinera Corporation by 3.6% during the second quarter. Teacher Retirement System of Texas now owns 11,858 shares of the communications equipment provider’s stock valued at $127,000 after purchasing an additional 409 shares during the period. 89.35% of the stock is owned by institutional investors and hedge funds.
Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings data on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.12. The firm had revenue of $192.60 million during the quarter, compared to analysts’ expectations of $190.37 million. Infinera Corporation had a negative net margin of 21.59% and a negative return on equity of 16.35%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.15) earnings per share. equities analysts predict that Infinera Corporation will post -0.85 EPS for the current year.
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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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