Stoneridge Investment Partners LLC purchased a new position in shares of Infinera Corp. (NASDAQ:INFN) during the second quarter, Holdings Channel reports. The firm purchased 48,757 shares of the company’s stock, valued at approximately $550,000.
Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its stake in Infinera Corp. by 124.4% in the first quarter. BlackRock Inc. now owns 8,956 shares of the company’s stock valued at $144,000 after buying an additional 4,965 shares in the last quarter. Rafferty Asset Management LLC bought a new stake in Infinera Corp. during the first quarter valued at $203,000. Virginia Retirement System bought a new stake in Infinera Corp. during the first quarter valued at $432,000. Palo Capital Inc. bought a new stake in Infinera Corp. during the second quarter valued at $434,000. Finally, Legal & General Group Plc raised its stake in Infinera Corp. by 6.6% in the first quarter. Legal & General Group Plc now owns 27,390 shares of the company’s stock valued at $437,000 after buying an additional 1,690 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.
Infinera Corp. (NASDAQ:INFN) traded down 0.78% during trading on Friday, reaching $8.85. The company’s stock had a trading volume of 1,151,827 shares. The company has a market cap of $1.27 billion, a P/E ratio of 29.30 and a beta of 0.99. Infinera Corp. has a 52 week low of $8.20 and a 52 week high of $22.85. The company’s 50 day moving average price is $8.85 and its 200 day moving average price is $11.99.
Infinera Corp. (NASDAQ:INFN) last released its earnings results on Wednesday, July 27th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. Infinera Corp. had a net margin of 4.48% and a return on equity of 11.38%. The firm earned $258.82 million during the quarter, compared to analyst estimates of $255.83 million. During the same quarter in the previous year, the business earned $0.18 EPS. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. On average, equities analysts anticipate that Infinera Corp. will post $0.42 earnings per share for the current fiscal year.
Several equities research analysts have recently weighed in on the company. B. Riley assumed coverage on Infinera Corp. in a research note on Tuesday, July 19th. They set a “buy” rating and a $18.00 price objective for the company. Citigroup Inc. lowered Infinera Corp. to a “market perform” rating and reduced their price objective for the stock from $13.00 to $10.00 in a research note on Thursday, July 28th. Jefferies Group lowered Infinera Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 28th. Raymond James Financial Inc. lowered Infinera Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 28th. Finally, Needham & Company LLC reduced their target price on Infinera Corp. from $20.00 to $15.00 and set a “strong-buy” rating for the company in a report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Infinera Corp. has an average rating of “Hold” and an average target price of $15.07.
In other news, CFO Brad Feller purchased 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was bought at an average price of $8.60 per share, with a total value of $172,000.00. Following the acquisition, the chief financial officer now directly owns 109,586 shares of the company’s stock, valued at $942,439.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marcel Gani purchased 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was purchased at an average cost of $8.60 per share, with a total value of $430,000.00. Following the acquisition, the director now directly owns 87,547 shares in the company, valued at $752,904.20. The disclosure for this purchase can be found here. Company insiders own 2.90% of the company’s stock.
Infinera Corp. Company Profile
Infinera Corporation is a provider of optical transport networking systems to service providers. The Company operates through optical transport networking systems segment. The Company serves Tier 1 and Tier 2 telecommunications service providers, Internet content providers, cable operators, wholesale and enterprise carriers, research and education institutions and government entities around the world.
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