Infinera Corp. (INFN) Receives $10.67 Average Price Target from Analysts
Shares of Infinera Corp. (NASDAQ:INFN) have been given a consensus recommendation of “Hold” by the sixteen ratings firms that are covering the stock. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $10.67.
A number of research analysts have weighed in on INFN shares. MKM Partners lowered their target price on Infinera Corp. from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Tuesday, September 6th. Needham & Company LLC reissued a “strong-buy” rating and issued a $15.00 target price on shares of Infinera Corp. in a report on Tuesday, August 23rd. Stifel Nicolaus started coverage on Infinera Corp. in a report on Friday, September 30th. They issued a “hold” rating and a $9.00 target price on the stock. Zacks Investment Research downgraded Infinera Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, July 27th. Finally, Citigroup Inc. downgraded Infinera Corp. from a “neutral” rating to a “sell” rating and lowered their target price for the company from $10.00 to $8.00 in a report on Thursday, August 25th.
Shares of Infinera Corp. (NASDAQ:INFN) opened at 8.84 on Thursday. The stock’s 50 day moving average price is $8.84 and its 200-day moving average price is $11.31. The company has a market cap of $1.27 billion, a P/E ratio of 29.27 and a beta of 1.11. Infinera Corp. has a 12 month low of $8.20 and a 12 month high of $22.85.
Infinera Corp. (NASDAQ:INFN) last posted its earnings results on Wednesday, July 27th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. Infinera Corp. had a return on equity of 11.38% and a net margin of 4.48%. The company had revenue of $258.82 million for the quarter, compared to the consensus estimate of $255.83 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. Infinera Corp.’s revenue was up 24.8% on a year-over-year basis. Equities research analysts expect that Infinera Corp. will post $0.42 earnings per share for the current year.
In other news, Director John Daane purchased 12,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was bought at an average cost of $8.49 per share, with a total value of $101,880.00. Following the completion of the purchase, the director now owns 12,000 shares in the company, valued at $101,880. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brad Feller purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were purchased at an average cost of $8.60 per share, with a total value of $172,000.00. Following the completion of the purchase, the chief financial officer now owns 109,586 shares of the company’s stock, valued at approximately $942,439.60. The disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Infinera Corp. by 1.8% in the second quarter. Vanguard Group Inc. now owns 10,197,594 shares of the company’s stock worth $115,028,000 after buying an additional 182,205 shares during the last quarter. Alliancebernstein L.P. raised its stake in Infinera Corp. by 1,680.3% in the second quarter. Alliancebernstein L.P. now owns 4,176,127 shares of the company’s stock valued at $47,107,000 after buying an additional 3,941,556 shares during the last quarter. BlackRock Fund Advisors raised its stake in Infinera Corp. by 5.6% in the second quarter. BlackRock Fund Advisors now owns 3,982,671 shares of the company’s stock valued at $44,925,000 after buying an additional 212,809 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Infinera Corp. by 2.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,492,044 shares of the company’s stock valued at $39,390,000 after buying an additional 82,295 shares during the last quarter. Finally, Eagle Asset Management Inc. raised its stake in Infinera Corp. by 45.6% in the third quarter. Eagle Asset Management Inc. now owns 2,844,945 shares of the company’s stock valued at $25,689,000 after buying an additional 891,570 shares during the last quarter. 69.80% of the stock is owned by institutional investors.
About Infinera Corp.
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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