Eagle Asset Management Inc. lifted its position in shares of Infinera Corporation (NASDAQ:INFN) by 8.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,353,295 shares of the communications equipment provider’s stock after acquiring an additional 346,427 shares during the quarter. Eagle Asset Management Inc. owned 2.97% of Infinera Corporation worth $46,449,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in INFN. US Bancorp DE raised its position in shares of Infinera Corporation by 13.7% in 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 last quarter. Bbva Compass Bancshares Inc. acquired a new position in Infinera Corporation during the first quarter worth approximately $103,000. Summit Securities Group LLC acquired a new position in Infinera Corporation during the second quarter worth approximately $109,000. Karp Capital Management Corp acquired a new position in Infinera Corporation during the first quarter worth approximately $106,000. Finally, Teacher Retirement System of Texas increased its position 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 worth $127,000 after purchasing an additional 409 shares during the last quarter. 86.70% of the stock is currently owned by institutional investors.
Infinera Corporation (INFN) traded up 1.21% during trading on Friday, reaching $8.37. 3,371,429 shares of the company’s stock traded hands. Infinera Corporation has a 12 month low of $7.23 and a 12 month high of $12.50. The company’s market capitalization is $1.24 billion. The firm’s 50 day moving average is $9.02 and its 200-day moving average is $10.15.
Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings data 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). The company had revenue of $176.28 million for the quarter, compared to the consensus estimate of $181.16 million. Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. Infinera Corporation’s revenue was down 31.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.21 earnings per share. Analysts expect that Infinera Corporation will post ($0.56) EPS for the current fiscal year.
In related news, President David F. Welch sold 40,000 shares of Infinera Corporation stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $12.09, for a total transaction of $483,600.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President David F. Welch sold 20,000 shares of Infinera Corporation stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $9.29, for a total value of $185,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,000 shares of company stock valued at $729,400. 2.90% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company raised shares of Infinera Corporation from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $10.00 to $13.00 in a research report on Friday, May 26th. ValuEngine upgraded shares of Infinera Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. MKM Partners upgraded shares of Infinera Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the company from $10.00 to $14.00 in a research note on Wednesday, June 14th. BidaskClub upgraded shares of Infinera Corporation from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 15th. Finally, Needham & Company LLC increased their price objective on shares of Infinera Corporation from $13.50 to $14.50 and gave the company a “strong-buy” rating in a research note on Monday, June 19th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Infinera Corporation currently has a consensus rating of “Hold” and a consensus target price of $11.82.
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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