Infinera (INFN) Trading Up 6.3%
Infinera Corp. (NASDAQ:INFN)’s share price was up 6.3% during trading on Tuesday . The company traded as high as $7.49 and last traded at $7.43. Approximately 4,325,800 shares were traded during trading, an increase of 143% from the average daily volume of 1,777,774 shares. The stock had previously closed at $6.99.
A number of equities analysts recently commented on INFN shares. William Blair cut Infinera to an “outperform” rating in a report on Wednesday, May 30th. Goldman Sachs Group cut Infinera from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Wednesday, June 20th. BidaskClub upgraded Infinera from a “hold” rating to a “buy” rating in a report on Thursday, June 28th. ValuEngine upgraded Infinera from a “sell” rating to a “hold” rating in a report on Monday, July 2nd. Finally, Raymond James cut Infinera from a “market perform” rating to an “underperform” rating in a report on Tuesday, July 24th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Infinera has a consensus rating of “Hold” and an average target price of $11.00.
The firm has a market capitalization of $1.14 billion, a PE ratio of -8.90 and a beta of 0.14.
Several large investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Infinera by 100.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,567 shares of the communications equipment provider’s stock worth $155,000 after acquiring an additional 7,800 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Infinera in the first quarter valued at approximately $123,000. Swiss National Bank boosted its stake in shares of Infinera by 4.6% in the first quarter. Swiss National Bank now owns 258,400 shares of the communications equipment provider’s stock valued at $2,806,000 after buying an additional 11,400 shares during the period. Legal & General Group Plc boosted its stake in shares of Infinera by 21.1% in the first quarter. Legal & General Group Plc now owns 69,314 shares of the communications equipment provider’s stock valued at $753,000 after buying an additional 12,098 shares during the period. Finally, Eagle Boston Investment Management Inc. boosted its stake in shares of Infinera by 4.4% in the second quarter. Eagle Boston Investment Management Inc. now owns 324,744 shares of the communications equipment provider’s stock valued at $3,224,000 after buying an additional 13,712 shares during the period. Institutional investors own 83.12% of the company’s stock.
About Infinera (NASDAQ:INFN)
Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.
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