Infinera Corporation (INFN) Stock Rating Reaffirmed by Needham & Company LLC

Infinera Corporation (NASDAQ:INFN)‘s stock had its “strong-buy” rating reissued by stock analysts at Needham & Company LLC in a research note issued on Wednesday, August 9th. They currently have a $13.00 price target on the communications equipment provider’s stock, down from their prior price target of $14.50. Needham & Company LLC’s target price indicates a potential upside of 54.76% from the stock’s previous close.

A number of other equities research analysts have also weighed in on INFN. B. Riley restated a “buy” rating and set a $14.00 price objective on shares of Infinera Corporation in a research note on Friday, August 4th. BidaskClub lowered Infinera Corporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 9th. Zacks Investment Research upgraded Infinera Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. MKM Partners raised Infinera Corporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $10.00 to $14.00 in a report on Wednesday, June 14th. Finally, Deutsche Bank AG reduced their target price on Infinera Corporation from $12.50 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $11.82.

Shares of Infinera Corporation (NASDAQ:INFN) traded up 0.12% during trading on Wednesday, hitting $8.40. The stock had a trading volume of 1,455,798 shares. The firm’s market cap is $1.24 billion. The stock has a 50-day moving average of $10.61 and a 200 day moving average of $10.43. Infinera Corporation has a 12-month low of $7.23 and a 12-month high of $12.50.

Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share 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 analyst estimates of $181.16 million. During the same quarter last year, the business earned $0.21 EPS. Infinera Corporation’s revenue for the quarter was down 31.9% compared to the same quarter last year. On average, analysts predict that Infinera Corporation will post ($0.56) earnings per share for the current fiscal year.

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In other Infinera Corporation news, President David F. Welch sold 20,000 shares of Infinera Corporation stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $9.29, for a total transaction of $185,800.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President David F. Welch sold 40,000 shares of Infinera Corporation 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 a total of 65,000 shares of company stock worth $729,400 in the last ninety days. 2.90% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. First Trust Advisors LP boosted its position in shares of Infinera Corporation by 39.4% in the first quarter. First Trust Advisors LP now owns 219,796 shares of the communications equipment provider’s stock valued at $2,249,000 after buying an additional 62,105 shares during the period. Jennison Associates LLC boosted 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 valued at $19,265,000 after buying an additional 1,845,704 shares during the period. Wells Fargo & Company MN boosted its position in shares of Infinera Corporation by 4.2% in the first quarter. Wells Fargo & Company MN now owns 1,611,289 shares of the communications equipment provider’s stock valued at $16,483,000 after buying an additional 65,192 shares during the period. Granite Investment Partners LLC boosted its position in shares of Infinera Corporation by 110.6% in the first quarter. Granite Investment Partners LLC now owns 1,286,114 shares of the communications equipment provider’s stock valued at $13,157,000 after buying an additional 675,407 shares during the period. Finally, First Mercantile Trust Co. boosted its position in shares of Infinera Corporation by 6.4% in the first quarter. First Mercantile Trust Co. now owns 30,466 shares of the communications equipment provider’s stock valued at $311,000 after buying an additional 1,820 shares during the period. Institutional investors own 81.95% 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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