Zacks Investment Research upgraded shares of Infinera Corporation (NASDAQ:INFN) from a sell rating to a hold rating in a research report report published on Wednesday morning.
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. “
INFN has been the topic of a number of other reports. BidaskClub lowered shares of Infinera Corporation from a sell rating to a strong sell rating in a research report on Thursday, July 6th. Needham & Company LLC reiterated a strong-buy rating and issued a $13.00 price objective on shares of Infinera Corporation in a research report on Thursday, August 31st. B. Riley reiterated a buy rating and issued a $14.00 price objective on shares of Infinera Corporation in a research report on Wednesday, August 9th. Stifel Nicolaus reiterated a hold rating and issued a $10.00 price objective on shares of Infinera Corporation in a research report on Friday, July 21st. Finally, Northland Securities set a $7.00 price objective on shares of Infinera Corporation and gave the company a hold rating in a research report on Tuesday, July 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. Infinera Corporation currently has an average rating of Hold and a consensus price target of $11.82.
Infinera Corporation (NASDAQ:INFN) opened at $7.94 on Wednesday.
Infinera Corporation (NASDAQ:INFN) last announced 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). The business had revenue of $176.28 million for the quarter, compared to analysts’ expectations of $181.16 million. Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. The business’s revenue was down 31.9% on a year-over-year basis. During the same quarter last year, the business posted $0.21 earnings per share. equities research analysts anticipate that Infinera Corporation will post -0.85 EPS for the current year.
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In other Infinera Corporation news, President David F. Welch sold 20,000 shares of the firm’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Teacher Retirement System of Texas lifted its holdings 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 valued at $127,000 after acquiring an additional 409 shares during the period. Independent Portfolio Consultants Inc. lifted its holdings 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 valued at $178,000 after acquiring an additional 469 shares during the period. Prudential Financial Inc. lifted its holdings 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 valued at $161,000 after acquiring an additional 710 shares during the period. Legal & General Group Plc lifted its holdings 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 valued at $591,000 after acquiring an additional 972 shares during the period. Finally, Amalgamated Bank lifted its holdings in Infinera Corporation by 5.7% in the second quarter. Amalgamated Bank now owns 18,344 shares of the communications equipment provider’s stock valued at $196,000 after acquiring an additional 992 shares during the period. 87.59% of the stock is owned by 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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