Infinera Corporation (NASDAQ:INFN) Position Raised by Geode Capital Management LLC

Geode Capital Management LLC boosted its position in Infinera Corporation (NASDAQ:INFN) by 13.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,212,946 shares of the communications equipment provider’s stock after buying an additional 142,004 shares during the period. Geode Capital Management LLC owned about 0.83% of Infinera Corporation worth $12,408,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fisher Asset Management LLC purchased a new position in shares of Infinera Corporation during the first quarter worth about $52,424,000. Jennison Associates LLC increased its position in shares of Infinera Corporation by 4,929.1% in the first quarter. Jennison Associates LLC now owns 1,883,149 shares of the communications equipment provider’s stock worth $19,265,000 after buying an additional 1,845,704 shares in the last quarter. Empyrean Capital Partners LP increased its position in shares of Infinera Corporation by 213.0% in the fourth quarter. Empyrean Capital Partners LP now owns 2,000,000 shares of the communications equipment provider’s stock worth $16,980,000 after buying an additional 1,361,096 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Infinera Corporation by 42.0% in the first quarter. Frontier Capital Management Co. LLC now owns 4,503,482 shares of the communications equipment provider’s stock worth $46,071,000 after buying an additional 1,331,026 shares in the last quarter. Finally, Teachers Advisors LLC increased its position 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. Institutional investors own 81.95% of the company’s stock.

Shares of Infinera Corporation (INFN) traded up 0.12% during midday trading on Friday, hitting $8.40. 1,455,798 shares of the company’s stock traded hands. The company has a 50 day moving average of $10.61 and a 200 day moving average of $10.43. The stock’s market cap is $1.24 billion. Infinera Corporation has a 52 week low of $7.23 and a 52 week high of $12.50.

Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by $0.01. The business had revenue of $176.28 million for the quarter, compared to analyst estimates of $181.16 million. Infinera Corporation had a negative net margin of 18.18% and a negative return on equity of 12.39%. Infinera Corporation’s revenue for the quarter was down 31.9% on a year-over-year basis. During the same period last year, the business posted $0.21 earnings per share. On average, equities analysts forecast that Infinera Corporation will post ($0.56) EPS for the current fiscal year.

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A number of research firms have weighed in on INFN. Zacks Investment Research cut shares of Infinera Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, May 9th. Wells Fargo & Company raised shares of Infinera Corporation from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $10.00 to $13.00 in a report on Friday, May 26th. Needham & Company LLC reissued a “strong-buy” rating and set a $13.50 price objective on shares of Infinera Corporation in a report on Monday, May 8th. TheStreet cut shares of Infinera Corporation from a “c-” rating to a “d+” rating in a report on Monday, May 15th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $12.50 target price (up from $12.00) on shares of Infinera Corporation in a report on Monday, July 17th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Infinera Corporation has an average rating of “Hold” and an average target price of $11.82.

In related news, President David F. Welch sold 20,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $9.29, for a total value of $185,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President David F. Welch sold 40,000 shares of the stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $12.09, for a total value of $483,600.00. The disclosure for this sale can be found here. Insiders have sold 65,000 shares of company stock worth $729,400 over the last three months. Corporate insiders own 2.90% 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.

Institutional Ownership by Quarter for Infinera Corporation (NASDAQ:INFN)

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