Infinera Corporation (INFN) Downgraded to Sell at Zacks Investment Research
Infinera Corporation (NASDAQ:INFN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Infinera provides Digital Optical Networking systems to telecommunications carriers, cable operators and other service providers worldwide. Infinera’s large-scale photonic integrated circuit incorporates hundred Gigabits per second of transmit and receive capacity and the functionality of more than sixty discrete optical components into a pair of indium phosphide chips. Infinera’s DTN system and PIC technology are designed to provide optical networks that provide operating simplicity, enhanced revenue generation, faster time-to-service and capital cost savings. “
Several other equities analysts also recently weighed in on the stock. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $13.00 price target on shares of Infinera Corporation in a report on Thursday, August 31st. Deutsche Bank AG reaffirmed a “buy” rating and set a $12.50 price target (up previously from $12.00) on shares of Infinera Corporation in a report on Monday, July 17th. Craig Hallum initiated coverage on shares of Infinera Corporation in a report on Tuesday, July 18th. They set a “buy” rating and a $15.00 price target on the stock. Citigroup Inc. lifted their price target on shares of Infinera Corporation from $8.50 to $10.00 and gave the company a “sell” rating in a report on Friday, July 21st. Finally, MKM Partners reaffirmed a “buy” rating and set a $14.00 price target on shares of Infinera Corporation in a report on Friday, July 21st. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company. Infinera Corporation has a consensus rating of “Hold” and a consensus price target of $11.82.
Infinera Corporation (INFN) traded down 1.34% during mid-day trading on Wednesday, reaching $8.84. 499,540 shares of the company were exchanged. The stock’s market capitalization is $1.31 billion. Infinera Corporation has a one year low of $7.23 and a one year high of $12.50. The stock has a 50 day moving average of $8.51 and a 200-day moving average of $9.95.
Infinera Corporation (NASDAQ:INFN) last posted its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. The business had revenue of $176.28 million during the quarter, compared to analysts’ expectations of $181.16 million. During the same period in the previous year, the business posted $0.21 EPS. The business’s quarterly revenue was down 31.9% compared to the same quarter last year. On average, equities analysts expect that Infinera Corporation will post ($0.56) earnings per share for the current fiscal year.
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In other news, President David F. Welch sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $9.29, for a total value of $185,800.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President David F. Welch sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $12.00, for a total transaction of $60,000.00. The disclosure for this sale can be found here. Insiders sold 45,000 shares of company stock worth $426,200 in the last three months. Insiders own 2.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in INFN. BlackRock Inc. lifted its holdings in shares of Infinera Corporation by 49,116.0% in 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 lifted its holdings in shares of Infinera Corporation by 33.4% in 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. 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 worth $14,495,000 after buying an additional 1,184,678 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Infinera Corporation by 55.7% in the second quarter. Jennison Associates LLC now owns 2,931,573 shares of the communications equipment provider’s stock worth $31,280,000 after buying an additional 1,048,424 shares in the last quarter. Finally, Hood River Capital Management LLC purchased a new position in shares of Infinera Corporation in the second quarter worth $11,087,000. 86.67% of the stock is currently owned by hedge funds and other institutional investors.
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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