Infinera Corporation (INFN) Stock Price Up 7.7% Following Insider Buying Activity

Infinera Corporation (NASDAQ:INFN) rose 7.7% during mid-day trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $6.89 and last traded at $6.85. Approximately 5,637,000 shares traded hands during trading, an increase of 193% from the average daily volume of 1,927,168 shares. The stock had previously closed at $6.36.

Specifically, President David F. Welch sold 20,000 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $9.02, for a total value of $180,400.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Thomas J. Fallon acquired 100,000 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was acquired at an average cost of $6.33 per share, for a total transaction of $633,000.00. The disclosure for this purchase can be found here. 3.10% of the stock is currently owned by corporate insiders.

INFN has been the topic of a number of research reports. Needham & Company LLC reissued a “strong-buy” rating and issued a $13.00 price objective on shares of Infinera Corporation in a research note on Thursday, August 31st. Zacks Investment Research raised shares of Infinera Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, October 10th. Craig Hallum began coverage on shares of Infinera Corporation in a research note on Tuesday, July 18th. They set a “buy” rating and a $15.00 price target on the stock. Citigroup Inc. raised their price target on shares of Infinera Corporation from $8.50 to $10.00 and gave the stock a “sell” rating in a research note on Friday, July 21st. Finally, MKM Partners reaffirmed a “buy” rating and set a $14.00 price target on shares of Infinera Corporation in a research note on Friday, July 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. Infinera Corporation presently has an average rating of “Hold” and an average target price of $10.96.

Infinera Corporation (NASDAQ:INFN) last announced its quarterly earnings data on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.12. Infinera Corporation had a negative net margin of 21.59% and a negative return on equity of 16.35%. The business had revenue of $192.60 million for the quarter, compared to analyst estimates of $190.37 million. During the same period in the prior year, the firm posted ($0.15) EPS. The company’s revenue was up 3.8% on a year-over-year basis. equities research analysts forecast that Infinera Corporation will post -0.85 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of INFN. BlackRock Inc. raised its holdings in Infinera Corporation by 49,116.0% in the first quarter. BlackRock Inc. now owns 9,575,465 shares of the communications equipment provider’s stock valued at $97,957,000 after buying an additional 9,556,009 shares during the period. Alyeska Investment Group L.P. purchased a new position in Infinera Corporation in the third quarter valued at approximately $20,143,000. Bank of New York Mellon Corp raised its holdings in Infinera Corporation by 33.4% in the second quarter. Bank of New York Mellon Corp now owns 7,793,110 shares of the communications equipment provider’s stock valued at $83,151,000 after buying an additional 1,949,576 shares during the period. Victory Capital Management Inc. purchased a new position in Infinera Corporation in the third quarter valued at approximately $17,028,000. Finally, JPMorgan Chase & Co. raised its holdings in Infinera Corporation by 65.2% in the third quarter. JPMorgan Chase & Co. now owns 3,664,481 shares of the communications equipment provider’s stock valued at $32,176,000 after buying an additional 1,446,641 shares during the period. Hedge funds and other institutional investors own 90.15% of the company’s stock.

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About Infinera Corporation

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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