Infinera (INFN) PT Lowered to $6.50 at Piper Jaffray Companies

Infinera (NASDAQ:INFN) had its target price decreased by Piper Jaffray Companies to $6.50 in a report published on Wednesday morning, The Fly reports. Piper Jaffray Companies currently has a neutral rating on the communications equipment provider’s stock.

A number of other analysts also recently issued reports on INFN. B. Riley dropped their price objective on shares of Infinera from $10.00 to $9.50 and set a neutral rating for the company in a report on Wednesday, August 8th. MKM Partners dropped their price objective on shares of Infinera to $10.00 and set a neutral rating for the company in a report on Tuesday, July 24th. ValuEngine raised shares of Infinera from a sell rating to a hold rating in a report on Thursday, November 1st. BidaskClub downgraded shares of Infinera from a hold rating to a sell rating in a report on Wednesday, July 25th. Finally, Rosenblatt Securities set a $13.00 price objective on shares of Infinera and gave the stock a buy rating in a report on Tuesday, July 24th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Infinera currently has a consensus rating of Hold and an average target price of $9.40.

NASDAQ:INFN traded up $0.26 during trading hours on Wednesday, hitting $4.70. The stock had a trading volume of 8,286,403 shares, compared to its average volume of 4,066,045. Infinera has a one year low of $4.11 and a one year high of $12.39.

Infinera (NASDAQ:INFN) last announced its quarterly earnings results on Tuesday, November 6th. The communications equipment provider reported ($0.04) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.04). Infinera had a negative net margin of 19.18% and a negative return on equity of 11.78%. The firm had revenue of $200.41 million during the quarter, compared to the consensus estimate of $210.57 million. During the same period last year, the firm earned ($0.11) EPS. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, equities analysts expect that Infinera will post -0.62 earnings per share for the current fiscal year.

In other Infinera news, CEO Thomas J. Fallon bought 50,000 shares of the firm’s stock in a transaction that occurred on Friday, November 9th. The shares were bought at an average price of $4.63 per share, for a total transaction of $231,500.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO David W. Heard bought 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 9th. The stock was acquired at an average price of $4.74 per share, for a total transaction of $94,800.00. Following the transaction, the chief operating officer now owns 44,532 shares in the company, valued at $211,081.68. The disclosure for this purchase can be found here. 2.90% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the stock. FMR LLC raised its position in Infinera by 3.3% in the 3rd quarter. FMR LLC now owns 23,100,000 shares of the communications equipment provider’s stock worth $168,630,000 after purchasing an additional 742,901 shares during the period. Bank of New York Mellon Corp raised its position in Infinera by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,804,996 shares of the communications equipment provider’s stock worth $137,084,000 after purchasing an additional 1,265,072 shares during the period. BlackRock Inc. raised its position in Infinera by 12.5% in the 2nd quarter. BlackRock Inc. now owns 10,961,436 shares of the communications equipment provider’s stock worth $108,849,000 after purchasing an additional 1,222,230 shares during the period. Fisher Asset Management LLC raised its position in Infinera by 0.6% in the 2nd quarter. Fisher Asset Management LLC now owns 5,966,448 shares of the communications equipment provider’s stock worth $59,247,000 after purchasing an additional 37,172 shares during the period. Finally, Victory Capital Management Inc. raised its position in Infinera by 5.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,448,025 shares of the communications equipment provider’s stock worth $24,309,000 after purchasing an additional 123,169 shares during the period. Institutional investors own 82.94% of the company’s stock.

About Infinera

Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.

See Also: Cost of Debt

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