Zacks Investment Research upgraded shares of Infinera (NASDAQ:INFN) from a sell rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Infinera provides Digital Optical Networking systems to telecommunications carriers, cable operators and other service providers worldwide. Infinera’s large-scale photonic integrated circuit incorporates hundred Gigabits per second of transmit and receive capacity and the functionality of more than sixty discrete optical components into a pair of indium phosphide chips. Infinera’s DTN system and PIC technology are designed to provide optical networks that provide operating simplicity, enhanced revenue generation, faster time-to-service and capital cost savings. “

A number of other brokerages also recently commented on INFN. B. Riley reiterated a buy rating and issued a $12.00 target price (down from $14.00) on shares of Infinera in a report on Tuesday, November 7th. BidaskClub upgraded shares of Infinera from a sell rating to a hold rating in a report on Friday, December 22nd. Stifel Nicolaus reiterated a hold rating and issued a $9.00 target price (down from $10.00) on shares of Infinera in a report on Thursday, November 9th. Needham & Company LLC reiterated a buy rating and issued a $13.00 target price on shares of Infinera in a report on Tuesday, September 19th. Finally, Citigroup upgraded shares of Infinera from a sell rating to a neutral rating and set a $10.00 target price for the company in a report on Monday, October 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $10.96.

Shares of Infinera (NASDAQ:INFN) traded up $0.34 during trading on Wednesday, reaching $7.08. 1,860,200 shares of the company’s stock were exchanged, compared to its average volume of 1,410,000. The company has a market capitalization of $1,060.00, a P/E ratio of -6.62 and a beta of 1.43. Infinera has a fifty-two week low of $6.27 and a fifty-two week high of $12.50.

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

In other Infinera news, CEO Thomas J. Fallon purchased 100,000 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were acquired at an average price of $6.33 per share, for a total transaction of $633,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.10% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Infinera by 65.2% during the third quarter. JPMorgan Chase & Co. now owns 3,664,481 shares of the communications equipment provider’s stock worth $32,176,000 after acquiring an additional 1,446,641 shares during the last quarter. Nationwide Fund Advisors grew its stake in shares of Infinera by 127.3% during the third quarter. Nationwide Fund Advisors now owns 214,224 shares of the communications equipment provider’s stock worth $1,900,000 after acquiring an additional 119,968 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Infinera during the third quarter worth about $20,143,000. Wells Fargo & Company MN grew its stake in shares of Infinera by 8.1% during the third quarter. Wells Fargo & Company MN now owns 1,748,085 shares of the communications equipment provider’s stock worth $15,505,000 after acquiring an additional 130,573 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Infinera by 33.4% during the third quarter. Ameriprise Financial Inc. now owns 374,852 shares of the communications equipment provider’s stock worth $3,327,000 after acquiring an additional 93,825 shares during the last quarter. Institutional investors and hedge funds own 90.57% of the company’s stock.

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About Infinera

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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