Infinera Corporation (INFN) Receives $11.27 Consensus Price Target from Analysts
Infinera Corporation (NASDAQ:INFN) has been assigned an average recommendation of “Hold” from the nineteen analysts that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $11.91.
A number of research analysts have issued reports on the company. Needham & Company LLC reissued a “strong-buy” rating and issued a $13.00 price target (down from $14.50) on shares of Infinera Corporation in a report on Wednesday. B. Riley reissued a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a report on Wednesday. BidaskClub downgraded Infinera Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday. Zacks Investment Research raised Infinera Corporation from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Deutsche Bank AG cut their price objective on Infinera Corporation from $12.50 to $12.00 and set a “buy” rating for the company in a research report on Monday.
Infinera Corporation (NASDAQ:INFN) opened at 9.05 on Monday. The company’s 50 day moving average is $11.20 and its 200-day moving average is $10.45. Infinera Corporation has a 52-week low of $7.23 and a 52-week high of $12.50. The company’s market capitalization is $1.33 billion.
Infinera Corporation (NASDAQ:INFN) last announced its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.23) by $0.01. Infinera Corporation had a negative net margin of 18.18% and a negative return on equity of 12.25%. The company had revenue of $176.28 million during the quarter, compared to analyst estimates of $181.16 million. During the same period in the previous year, the firm posted $0.21 earnings per share. The company’s revenue was down 31.9% compared to the same quarter last year. Equities analysts anticipate that Infinera Corporation will post ($0.54) EPS for the current fiscal year.
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In other Infinera Corporation news, President David F. Welch sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $12.00, for a total value of $60,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President David F. Welch sold 40,000 shares of the company’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $12.09, for a total value of $483,600.00. The disclosure for this sale can be found here. Insiders have sold 65,000 shares of company stock valued at $729,400 over the last quarter. 2.90% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its position in shares of Infinera Corporation by 55.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 15,571 shares of the communications equipment provider’s stock valued at $132,000 after buying an additional 5,538 shares during the period. Norges Bank acquired a new position in shares of Infinera Corporation during the fourth quarter valued at approximately $3,729,000. Independent Portfolio Consultants Inc. raised its position in shares of Infinera Corporation by 2,399.2% in the first quarter. Independent Portfolio Consultants Inc. now owns 16,245 shares of the communications equipment provider’s stock valued at $166,000 after buying an additional 15,595 shares during the period. Symmetry Peak Management LLC acquired a new position in shares of Infinera Corporation during the first quarter valued at approximately $256,000. Finally, Neuberger Berman Group LLC raised its position in shares of Infinera Corporation by 2.8% in the first quarter. Neuberger Berman Group LLC now owns 4,250,403 shares of the communications equipment provider’s stock valued at $43,482,000 after buying an additional 114,009 shares during the period. Institutional investors own 81.05% of the company’s stock.
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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