Infinera Corp. (INFN) Trading 2% Higher
Infinera Corp. (NASDAQ:INFN)’s share price traded up 2% on Thursday . The company traded as high as $8.77 and last traded at $8.75, with a volume of 978,383 shares traded. The stock had previously closed at $8.58.
A number of equities analysts have weighed in on the company. Nomura assumed coverage on Infinera Corp. in a research report on Friday, June 3rd. They issued a “buy” rating and a $17.00 target price for the company. Jefferies Group restated a “buy” rating and set a $18.00 price target on shares of Infinera Corp. in a research note on Wednesday, June 1st. MKM Partners restated a “hold” rating on shares of Infinera Corp. in a research note on Thursday, May 26th. JPMorgan Chase & Co. downgraded Infinera Corp. from an “overweight” rating to a “neutral” rating and cut their price target for the company from $19.00 to $8.50 in a research note on Thursday, July 28th. Finally, Citigroup Inc. downgraded Infinera Corp. to a “market perform” rating and cut their price target for the company from $13.00 to $10.00 in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.14.
The firm has a market capitalization of $1.26 billion and a price-to-earnings ratio of 29.14. The firm has a 50-day moving average of $9.85 and a 200-day moving average of $12.70.
Infinera Corp. (NASDAQ:INFN) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. The business earned $258.82 million during the quarter, compared to analysts’ expectations of $255.83 million. During the same quarter last year, the business posted $0.18 earnings per share. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. Analysts anticipate that Infinera Corp. will post $0.42 earnings per share for the current fiscal year.
In other news, CFO Brad Feller acquired 20,000 shares of Infinera Corp. stock in a transaction dated Tuesday, August 2nd. The stock was purchased at an average cost of $8.60 per share, for a total transaction of $172,000.00. Following the completion of the purchase, the chief financial officer now directly owns 109,586 shares in the company, valued at approximately $942,439.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas J. Fallon acquired 100,000 shares of Infinera Corp. stock in a transaction dated Monday, August 1st. The stock was purchased at an average price of $8.54 per share, with a total value of $854,000.00. The disclosure for this purchase can be found here.
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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