Platinum Investment Management Ltd. continued to hold its stake in shares of Infinera Corporation (NASDAQ:INFN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 329,800 shares of the communications equipment provider’s stock at the close of the second quarter. Platinum Investment Management Ltd. owned approximately 0.22% of Infinera Corporation worth $3,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in INFN. US Bancorp DE lifted its position in Infinera Corporation by 13.7% during the second quarter. US Bancorp DE now owns 9,843 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 1,186 shares during the period. Karp Capital Management Corp purchased a new position in Infinera Corporation during the first quarter valued at $106,000. Fred Alger Management Inc. purchased a new position in Infinera Corporation during the second quarter valued at $107,000. AlphaOne Investment Services LLC purchased a new position in Infinera Corporation during the second quarter valued at $108,000. Finally, Summit Securities Group LLC purchased a new position in Infinera Corporation during the second quarter valued at $109,000. 86.67% of the stock is owned by institutional investors and hedge funds.
In related news, President David F. Welch sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $9.02, for a total transaction of $180,400.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President David F. Welch sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $12.00, for a total value of $60,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,000 shares of company stock worth $426,200. 2.90% of the stock is owned by corporate insiders.
Several equities analysts have commented on the company. Citigroup Inc. raised their price objective on Infinera Corporation from $8.50 to $10.00 and gave the company a “sell” rating in a research report on Friday, July 21st. Stifel Nicolaus reaffirmed a “hold” rating and issued a $10.00 price target on shares of Infinera Corporation in a research report on Friday, July 21st. MKM Partners reaffirmed a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a research report on Friday, July 21st. Needham & Company LLC lifted their price target on Infinera Corporation from $13.50 to $14.50 and gave the stock a “strong-buy” rating in a research report on Monday, June 19th. Finally, B. Riley reaffirmed a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a research report on Friday, August 4th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $11.82.
Infinera Corporation (NASDAQ:INFN) traded up 1.26% during midday trading on Friday, hitting $8.87. The company’s stock had a trading volume of 962,806 shares. The company’s 50-day moving average is $8.53 and its 200 day moving average is $9.93. Infinera Corporation has a one year low of $7.23 and a one year high of $12.50. The company’s market cap is $1.31 billion.
Infinera Corporation (NASDAQ:INFN) last announced its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. The firm had revenue of $176.28 million during the quarter, compared to analysts’ expectations of $181.16 million. During the same quarter in the previous year, the business earned $0.21 earnings per share. The company’s revenue for the quarter was down 31.9% compared to the same quarter last year. On average, analysts predict that Infinera Corporation will post ($0.56) EPS for the current year.
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Infinera Corporation Profile
Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.
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