Infinera Corporation (NASDAQ:INFN) Cut to Strong Sell at BidaskClub

BidaskClub cut shares of Infinera Corporation (NASDAQ:INFN) from a sell rating to a strong sell rating in a report published on Wednesday.

A number of other brokerages have also recently issued reports on INFN. Citigroup Inc. boosted their target price 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. MKM Partners reissued a buy rating and set a $14.00 target price on shares of Infinera Corporation in a report on Friday, July 21st. Stifel Nicolaus reissued a hold rating and set a $10.00 target price on shares of Infinera Corporation in a report on Friday, July 21st. Needham & Company LLC boosted their target price on shares of Infinera Corporation from $13.50 to $14.50 and gave the company a strong-buy rating in a report on Monday, June 19th. Finally, B. Riley reissued a buy rating and set a $14.00 target price on shares of Infinera Corporation in a report on Friday, August 4th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $11.91.

Shares of Infinera Corporation (INFN) traded down 0.34% during midday trading on Wednesday, reaching $8.67. The company had a trading volume of 1,702,393 shares. The firm’s market capitalization is $1.28 billion. The company has a 50 day moving average price of $11.04 and a 200-day moving average price of $10.44. Infinera Corporation has a one year low of $7.23 and a one year high of $12.50.

Infinera Corporation (NASDAQ:INFN) last issued its earnings results 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 net margin of 18.18% and a negative return on equity of 12.39%. The business had revenue of $176.28 million for the quarter, compared to the consensus estimate of $181.16 million. During the same period in the previous year, the firm earned $0.21 EPS. The company’s revenue was down 31.9% compared to the same quarter last year. On average, analysts anticipate that Infinera Corporation will post ($0.54) EPS for the current fiscal year.

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In other news, President David F. Welch sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $12.00, for a total transaction of $60,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $185,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 65,000 shares of company stock valued at $729,400 over the last 90 days. Company insiders own 2.90% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas raised its position in Infinera Corporation by 3.6% in the second quarter. Teacher Retirement System of Texas now owns 11,858 shares of the communications equipment provider’s stock worth $127,000 after buying an additional 409 shares during the period. Independent Portfolio Consultants Inc. raised its position in Infinera Corporation by 2.9% in the second quarter. Independent Portfolio Consultants Inc. now owns 16,714 shares of the communications equipment provider’s stock worth $178,000 after buying an additional 469 shares during the period. Prudential Financial Inc. raised its position in Infinera Corporation by 4.9% in the second quarter. Prudential Financial Inc. now owns 15,110 shares of the communications equipment provider’s stock worth $161,000 after buying an additional 710 shares during the period. Legal & General Group Plc raised its position in Infinera Corporation by 1.8% in the second quarter. Legal & General Group Plc now owns 55,418 shares of the communications equipment provider’s stock worth $591,000 after buying an additional 972 shares during the period. Finally, Amalgamated Bank raised its position in Infinera Corporation by 5.7% in the second quarter. Amalgamated Bank now owns 18,344 shares of the communications equipment provider’s stock worth $196,000 after buying an additional 992 shares during the period. Hedge funds and other institutional investors own 81.05% of the company’s stock.

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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