Infinera (NASDAQ:INFN) Shares Gap Down to $6.48

Infinera Co. (NASDAQ:INFNGet Rating)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $6.48, but opened at $5.84. Infinera shares last traded at $5.13, with a volume of 62,788 shares changing hands.

Analyst Ratings Changes

Several analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Infinera in a research note on Monday, May 16th. Citigroup dropped their price objective on Infinera from $9.00 to $6.50 in a research note on Thursday, July 14th. B. Riley dropped their price objective on Infinera from $12.50 to $11.00 in a research note on Wednesday, May 4th. MKM Partners reissued a “buy” rating and issued a $9.00 price objective on shares of Infinera in a research note on Thursday. Finally, JPMorgan Chase & Co. dropped their price objective on Infinera from $7.50 to $6.50 and set an “underweight” rating on the stock in a research note on Thursday, July 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Infinera has a consensus rating of “Hold” and an average price target of $9.86.

Infinera Stock Down 0.7 %

The company has a current ratio of 1.67, a quick ratio of 1.11 and a debt-to-equity ratio of 5.49. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -5.79 and a beta of 1.10. The stock has a fifty day moving average of $5.62 and a 200-day moving average of $7.07.

Infinera (NASDAQ:INFNGet Rating) last issued its earnings results on Thursday, July 28th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. Infinera had a negative return on equity of 33.09% and a negative net margin of 12.69%. The business had revenue of $357.99 million for the quarter, compared to analysts’ expectations of $350.62 million. During the same period in the previous year, the firm posted ($0.09) EPS. The company’s quarterly revenue was up 5.8% on a year-over-year basis. As a group, sell-side analysts expect that Infinera Co. will post -0.23 EPS for the current year.

Insider Buying and Selling at Infinera

In other news, Director George Andrew Riedel bought 10,000 shares of the stock in a transaction on Friday, June 10th. The shares were purchased at an average price of $5.28 per share, for a total transaction of $52,800.00. Following the completion of the purchase, the director now directly owns 82,451 shares of the company’s stock, valued at approximately $435,341.28. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, CEO David W. Heard purchased 6,500 shares of Infinera stock in a transaction on Thursday, May 19th. The stock was bought at an average price of $5.72 per share, with a total value of $37,180.00. Following the completion of the transaction, the chief executive officer now directly owns 608,740 shares of the company’s stock, valued at $3,481,992.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director George Andrew Riedel purchased 10,000 shares of Infinera stock in a transaction on Friday, June 10th. The stock was bought at an average cost of $5.28 per share, with a total value of $52,800.00. Following the transaction, the director now directly owns 82,451 shares of the company’s stock, valued at $435,341.28. The disclosure for this purchase can be found here. Corporate insiders own 2.82% of the company’s stock.

Institutional Trading of Infinera

A number of institutional investors and hedge funds have recently made changes to their positions in INFN. Allspring Global Investments Holdings LLC acquired a new position in shares of Infinera during the 4th quarter worth about $947,000. Assenagon Asset Management S.A. acquired a new position in shares of Infinera during the 4th quarter worth about $2,642,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Infinera by 84.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,318 shares of the communications equipment provider’s stock worth $339,000 after purchasing an additional 16,212 shares during the last quarter. Advisor Group Holdings Inc. lifted its position in shares of Infinera by 17.1% during the 4th quarter. Advisor Group Holdings Inc. now owns 36,625 shares of the communications equipment provider’s stock worth $352,000 after purchasing an additional 5,341 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Infinera by 6.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,959,397 shares of the communications equipment provider’s stock worth $28,380,000 after purchasing an additional 189,327 shares during the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.

About Infinera

(Get Rating)

Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms.

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