Allspring Global Investments Holdings LLC Buys 6,047 Shares of Infinera Co. (NASDAQ:INFN)

Allspring Global Investments Holdings LLC boosted its stake in shares of Infinera Co. (NASDAQ:INFNGet Rating) by 6.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,254 shares of the communications equipment provider’s stock after buying an additional 6,047 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Infinera were worth $475,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its stake in shares of Infinera by 7.2% during the second quarter. Arizona State Retirement System now owns 51,905 shares of the communications equipment provider’s stock valued at $278,000 after acquiring an additional 3,473 shares in the last quarter. HighTower Trust Services LTA purchased a new stake in shares of Infinera in the 2nd quarter worth $515,000. Legal & General Group Plc grew its position in shares of Infinera by 6.1% during the 2nd quarter. Legal & General Group Plc now owns 75,463 shares of the communications equipment provider’s stock worth $405,000 after buying an additional 4,371 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC increased its stake in shares of Infinera by 16.0% during the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 36,300 shares of the communications equipment provider’s stock valued at $195,000 after buying an additional 5,000 shares during the period. Finally, Shay Capital LLC bought a new stake in shares of Infinera in the first quarter valued at about $87,000. 97.74% of the stock is owned by hedge funds and other institutional investors.

Infinera Price Performance

Shares of INFN opened at $7.77 on Tuesday. The company has a 50 day moving average of $6.79 and a two-hundred day moving average of $5.93. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -11.60 and a beta of 1.20. The company has a quick ratio of 1.13, a current ratio of 1.70 and a debt-to-equity ratio of 5.84. Infinera Co. has a twelve month low of $4.26 and a twelve month high of $9.25.

Infinera (NASDAQ:INFNGet Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.05. Infinera had a negative return on equity of 36.40% and a negative net margin of 9.58%. The firm had revenue of $390.45 million during the quarter, compared to analysts’ expectations of $380.57 million. During the same quarter last year, the firm earned ($0.07) EPS. The business’s quarterly revenue was up 9.7% on a year-over-year basis. As a group, analysts predict that Infinera Co. will post -0.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on INFN shares. Morgan Stanley increased their target price on shares of Infinera from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Thursday, November 3rd. StockNews.com began coverage on shares of Infinera in a report on Wednesday, October 12th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $9.38.

About Infinera

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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.

Further Reading

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Institutional Ownership by Quarter for Infinera (NASDAQ:INFN)

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