Belpointe Asset Management LLC bought a new position in shares of Infinera Co. (NASDAQ:INFN – Get Rating) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 8,500 shares of the communications equipment provider’s stock, valued at approximately $57,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. lifted its holdings in Infinera by 54.1% during the third quarter. Rockefeller Capital Management L.P. now owns 6,304 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 2,212 shares in the last quarter. Eagle Bay Advisors LLC raised its stake in shares of Infinera by 200.2% in the 4th quarter. Eagle Bay Advisors LLC now owns 7,841 shares of the communications equipment provider’s stock valued at $53,000 after purchasing an additional 5,229 shares during the period. Metropolitan Life Insurance Co NY raised its stake in shares of Infinera by 22.0% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 11,483 shares of the communications equipment provider’s stock valued at $56,000 after purchasing an additional 2,073 shares during the period. Veritable L.P. raised its stake in shares of Infinera by 42.3% in the 3rd quarter. Veritable L.P. now owns 14,953 shares of the communications equipment provider’s stock valued at $72,000 after purchasing an additional 4,446 shares during the period. Finally, FDx Advisors Inc. increased its position in shares of Infinera by 17.8% in the third quarter. FDx Advisors Inc. now owns 17,097 shares of the communications equipment provider’s stock valued at $83,000 after acquiring an additional 2,578 shares during the last quarter. 97.74% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on INFN. Morgan Stanley lifted their target price on Infinera from $7.00 to $7.50 and gave the company an “equal weight” rating in a research report on Thursday, March 9th. StockNews.com started coverage on Infinera in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Needham & Company LLC reissued a “strong-buy” rating and set a $15.00 price target on shares of Infinera in a research report on Monday, March 13th. Northland Securities lowered their price target on Infinera from $7.00 to $6.00 in a research report on Thursday, May 4th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $9.00 price target on shares of Infinera in a research report on Friday, February 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Infinera presently has an average rating of “Moderate Buy” and an average target price of $8.50.
Infinera Stock Down 1.2 %
Infinera (NASDAQ:INFN – Get Rating) last announced its quarterly earnings results on Wednesday, May 3rd. The communications equipment provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The company had revenue of $392.08 million during the quarter, compared to analysts’ expectations of $381.39 million. Infinera had a negative return on equity of 9.66% and a negative net margin of 2.62%. Infinera’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.13) EPS. As a group, sell-side analysts anticipate that Infinera Co. will post -0.02 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CEO David W. Heard bought 6,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was acquired at an average cost of $4.95 per share, with a total value of $29,700.00. Following the transaction, the chief executive officer now directly owns 744,943 shares in the company, valued at $3,687,467.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.18% of the stock is owned by corporate insiders.
Infinera Company Profile
Infinera Corp. engages in the provision of networking solutions, which consists of networking equipment, software and services. It operates through the following geographical segments: United States, Other Americas, Europe, Middle East and Africa, and Asia Pacific and Japan. Its products include control and automation, network routers, packet optical, and compact modular.
- Get a free copy of the StockNews.com research report on Infinera (INFN)
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