Drexel Hamilton restated their buy rating on shares of Infinera (NASDAQ:INFN) in a research report report published on Wednesday morning. They currently have a $13.00 price target on the communications equipment provider’s stock.
“We are resuming coverage of INFN with a Buy rating and a 12-month target of $13.00. In our view, INFN has successfully navigated the challenges posed by an aging product portfolio and lower customer capex spend, and now has all of the pieces to begin driving sustainable long-term revenue growth. Demand for the firm’s refreshed product portfolio is being well received thus far, with 1/3 of the company’s market covered by the two platforms. The remainder of products should begin rolling out during 1HFY into the service provider market.”,” the firm’s analyst commented.
Several other equities research analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Infinera from a sell rating to a hold rating in a research report on Wednesday, January 10th. Citigroup dropped their target price on shares of Infinera from $8.50 to $7.50 and set a neutral rating for the company in a research report on Wednesday, January 24th. William Blair reissued an outperform rating on shares of Infinera in a research report on Tuesday, February 6th. BidaskClub raised shares of Infinera from a sell rating to a hold rating in a report on Friday, December 22nd. Finally, Northland Securities raised shares of Infinera from a market perform rating to an outperform rating and set a $11.00 price target for the company in a report on Thursday, February 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Hold and an average target price of $11.46.
Infinera (NASDAQ:INFN) last released its earnings results on Wednesday, February 7th. The communications equipment provider reported ($0.12) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.01. The company had revenue of $195.82 million during the quarter, compared to the consensus estimate of $190.26 million. Infinera had a negative net margin of 26.26% and a negative return on equity of 17.20%. The company’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.12) EPS. sell-side analysts anticipate that Infinera will post -0.43 earnings per share for the current year.
In other Infinera news, insider David F. Welch sold 149,093 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $10.03, for a total transaction of $1,495,402.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David F. Welch sold 80,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $9.14, for a total transaction of $731,200.00. The disclosure for this sale can be found here. Insiders sold a total of 289,093 shares of company stock valued at $2,770,803 over the last ninety days. Company insiders own 2.90% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Granahan Investment Management Inc. MA boosted its stake in Infinera by 3.1% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 259,835 shares of the communications equipment provider’s stock valued at $2,305,000 after purchasing an additional 7,758 shares during the period. Aperio Group LLC boosted its stake in Infinera by 87.6% during the 3rd quarter. Aperio Group LLC now owns 18,948 shares of the communications equipment provider’s stock valued at $168,000 after purchasing an additional 8,847 shares during the period. State of Wisconsin Investment Board boosted its stake in Infinera by 5.1% during the 4th quarter. State of Wisconsin Investment Board now owns 205,000 shares of the communications equipment provider’s stock valued at $1,298,000 after purchasing an additional 10,000 shares during the period. Jane Street Group LLC boosted its stake in Infinera by 2,170.9% during the 4th quarter. Jane Street Group LLC now owns 15,896 shares of the communications equipment provider’s stock valued at $101,000 after purchasing an additional 15,196 shares during the period. Finally, Xact Kapitalforvaltning AB acquired a new position in Infinera during the 4th quarter valued at about $130,000. 87.32% of the stock is owned by hedge funds and other institutional investors.
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Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.
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