MKM Partners Downgrades Infinera Corporation (INFN) to Neutral
Infinera Corporation (NASDAQ:INFN) was downgraded by equities researchers at MKM Partners from a “buy” rating to a “neutral” rating in a research report issued on Thursday. They presently have a $13.00 price objective on the communications equipment provider’s stock. MKM Partners’ target price would indicate a potential upside of 104.56% from the company’s current price.
A number of other equities research analysts have also weighed in on INFN. Zacks Investment Research lowered Infinera Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. BidaskClub raised Infinera Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 12th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Infinera Corporation in a report on Monday, July 17th. Craig Hallum started coverage on Infinera Corporation in a report on Tuesday, July 18th. They issued a “buy” rating and a $15.00 price objective on the stock. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $10.00 price objective on shares of Infinera Corporation in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $10.96.
Shares of Infinera Corporation (NASDAQ INFN) opened at $6.36 on Thursday. Infinera Corporation has a twelve month low of $6.28 and a twelve month high of $12.50.
Infinera Corporation (NASDAQ:INFN) last announced its quarterly earnings data on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.12. Infinera Corporation had a negative return on equity of 16.35% and a negative net margin of 21.59%. The company had revenue of $192.60 million for the quarter, compared to analyst estimates of $190.37 million. During the same quarter in the previous year, the company earned ($0.15) EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. analysts forecast that Infinera Corporation will post -0.85 EPS for the current fiscal year.
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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 stock was sold at an average price of $9.02, for a total value of $180,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.90% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of INFN. UBS Asset Management Americas Inc. lifted its stake in Infinera Corporation by 42.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 71,753 shares of the communications equipment provider’s stock valued at $734,000 after buying an additional 21,217 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Infinera Corporation in the 1st quarter valued at approximately $106,000. Wellington Management Group LLP purchased a new stake in Infinera Corporation in the 1st quarter valued at approximately $3,383,000. Teachers Advisors LLC lifted its stake in Infinera Corporation by 510.1% in the 1st quarter. Teachers Advisors LLC now owns 1,416,917 shares of the communications equipment provider’s stock valued at $14,495,000 after buying an additional 1,184,678 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Infinera Corporation by 27.8% in the 1st quarter. Legal & General Group Plc now owns 54,446 shares of the communications equipment provider’s stock valued at $557,000 after buying an additional 11,828 shares in the last quarter. 89.35% of the stock is currently owned by hedge funds and other institutional investors.
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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