Formula Growth Ltd. Invests $4.69 Million in Infinera Corporation (INFN)

Formula Growth Ltd. bought a new position in Infinera Corporation (NASDAQ:INFN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 529,000 shares of the communications equipment provider’s stock, valued at approximately $4,692,000. Formula Growth Ltd. owned about 0.35% of Infinera as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its position in Infinera by 27.8% during the first quarter. Legal & General Group Plc now owns 54,446 shares of the communications equipment provider’s stock valued at $557,000 after buying an additional 11,828 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Infinera by 8.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 598,766 shares of the communications equipment provider’s stock valued at $6,126,000 after purchasing an additional 44,567 shares during the period. State Street Corp raised its stake in shares of Infinera by 3.7% during the first quarter. State Street Corp now owns 2,682,165 shares of the communications equipment provider’s stock valued at $27,440,000 after purchasing an additional 95,720 shares during the period. US Bancorp DE raised its stake in shares of Infinera 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 purchasing an additional 1,186 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Infinera by 370.5% in the second quarter. Russell Investments Group Ltd. now owns 113,778 shares of the communications equipment provider’s stock worth $1,215,000 after buying an additional 89,594 shares during the last quarter. 90.72% of the stock is currently owned by institutional investors and hedge funds.

Infinera Corporation (INFN) opened at $6.66 on Friday. Infinera Corporation has a twelve month low of $6.27 and a twelve month high of $12.50.

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

In other news, CEO Thomas J. Fallon bought 100,000 shares of the business’s 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 purchase 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 company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $9.02, for a total value of $180,400.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

A number of brokerages recently issued reports on INFN. MKM Partners dropped their price target on shares of Infinera from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, August 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Infinera in a report on Tuesday, September 19th. Citigroup raised shares of Infinera from a “sell” rating to a “neutral” rating and set a $10.00 price objective for the company in a report on Monday, October 16th. B. Riley reissued a “buy” rating and set a $12.00 price target (down previously from $14.00) on shares of Infinera in a report on Tuesday, November 7th. Finally, Nomura reduced their price target on shares of Infinera from $13.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, November 9th. 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 stock. The company has a consensus rating of “Hold” and an average target price of $10.96.

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Infinera 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.

Institutional Ownership by Quarter for Infinera (NASDAQ:INFN)

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