Infinera Corporation (INFN) Holdings Raised by Legal & General Group Plc
Legal & General Group Plc raised its position in shares of Infinera Corporation (NASDAQ:INFN) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,418 shares of the communications equipment provider’s stock after acquiring an additional 972 shares during the period. Legal & General Group Plc’s holdings in Infinera Corporation were worth $591,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE boosted its holdings 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 acquiring an additional 1,186 shares during the period. Karp Capital Management Corp bought a new stake in Infinera Corporation during the first quarter valued at about $106,000. Summit Securities Group LLC bought a new stake in Infinera Corporation during the second quarter valued at about $109,000. Teacher Retirement System of Texas boosted its holdings in Infinera Corporation by 3.6% during the second quarter. Teacher Retirement System of Texas now owns 11,858 shares of the communications equipment provider’s stock valued at $127,000 after acquiring an additional 409 shares during the period. Finally, First National Bank of Omaha boosted its holdings in Infinera Corporation by 31.0% during the second quarter. First National Bank of Omaha now owns 13,255 shares of the communications equipment provider’s stock valued at $141,000 after acquiring an additional 3,135 shares during the period. Institutional investors own 86.67% of the company’s stock.
In other Infinera Corporation news, President David F. Welch sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $12.00, for a total value of $60,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President David F. Welch sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $9.29, for a total transaction of $185,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,000 shares of company stock worth $426,200. 2.90% of the stock is owned by company insiders.
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A number of equities research analysts have issued reports on the stock. B. Riley restated a “buy” rating and set a $14.00 price target on shares of Infinera Corporation in a report on Friday, August 4th. BidaskClub cut shares of Infinera Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 9th. Zacks Investment Research cut shares of Infinera Corporation from a “hold” rating to a “sell” rating in a report on Wednesday. Needham & Company LLC restated a “strong-buy” rating and set a $13.00 price target (down from $14.50) on shares of Infinera Corporation in a report on Wednesday, August 9th. Finally, MKM Partners decreased their price target on shares of Infinera Corporation from $14.00 to $13.00 and set a “buy” rating for the company in a report on Friday, August 18th. 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 stock. Infinera Corporation has a consensus rating of “Hold” and an average target price of $11.82.
Shares of Infinera Corporation (NASDAQ INFN) opened at 8.76 on Friday. The company has a 50 day moving average of $8.52 and a 200 day moving average of $9.94. Infinera Corporation has a 1-year low of $7.23 and a 1-year high of $12.50. The company’s market cap is $1.30 billion.
Infinera Corporation (NASDAQ:INFN) last announced its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) 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 12.39%. The company had revenue of $176.28 million during the quarter, compared to analyst estimates of $181.16 million. During the same quarter last year, the company posted $0.21 EPS. The firm’s quarterly revenue was down 31.9% on a year-over-year basis. Equities analysts expect that Infinera Corporation will post ($0.56) earnings per share for the current fiscal year.
Infinera Corporation Company 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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