Infinera (INFN) Upgraded to Hold by Jefferies Financial Group

Jefferies Financial Group upgraded shares of Infinera (NASDAQ:INFN) from an underperform rating to a hold rating in a research report sent to investors on Friday, MarketBeat reports.

A number of other research analysts also recently issued reports on INFN. B. Riley dropped their target price on shares of Infinera from $10.00 to $9.50 and set a neutral rating on the stock in a research report on Wednesday, August 8th. MKM Partners dropped their target price on shares of Infinera to $10.00 and set a neutral rating on the stock in a research report on Tuesday, July 24th. BidaskClub downgraded shares of Infinera from a hold rating to a sell rating in a research report on Wednesday, July 25th. ValuEngine upgraded shares of Infinera from a sell rating to a hold rating in a report on Thursday, November 1st. Finally, Needham & Company LLC lowered their price objective on shares of Infinera from $14.00 to $9.00 and set a strong-buy rating on the stock in a report on Wednesday. Two 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 given a strong buy rating to the stock. The company presently has an average rating of Hold and an average price target of $9.40.

Shares of Infinera stock traded up $0.26 during trading on Friday, reaching $4.70. 8,286,403 shares of the company traded hands, compared to its average volume of 4,066,045. Infinera has a 1-year low of $4.11 and a 1-year high of $12.39.

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

In other Infinera news, COO David W. Heard acquired 20,000 shares of the stock in a transaction on Friday, November 9th. The shares were purchased at an average price of $4.74 per share, for a total transaction of $94,800.00. Following the completion of the acquisition, the chief operating officer now owns 44,532 shares in the company, valued at approximately $211,081.68. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Thomas J. Fallon acquired 50,000 shares of the stock in a transaction on Friday, November 9th. The shares were acquired at an average price of $4.63 per share, for a total transaction of $231,500.00. The disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in shares of 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 acquiring an additional 1,265,072 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Infinera in the 2nd quarter worth $1,038,000. Chicago Equity Partners LLC bought a new stake in shares of Infinera in the 2nd quarter worth $1,229,000. Canada Pension Plan Investment Board grew its stake in shares of Infinera by 582.9% in the 2nd quarter. Canada Pension Plan Investment Board now owns 203,499 shares of the communications equipment provider’s stock worth $2,021,000 after acquiring an additional 173,699 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Infinera by 18.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 849,634 shares of the communications equipment provider’s stock worth $8,437,000 after acquiring an additional 132,777 shares in the last quarter. Hedge funds and other 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.

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Analyst Recommendations for Infinera (NASDAQ:INFN)

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