Infinera Corporation (NASDAQ:INFN) Shares Gap Down on Analyst Downgrade
Shares of Infinera Corporation (NASDAQ:INFN) gapped down prior to trading on Monday after Deutsche Bank AG lowered their price target on the stock from $12.50 to $12.00. The stock had previously closed at $9.15, but opened at $9.57. Deutsche Bank AG currently has a buy rating on the stock. Infinera Corporation shares last traded at $9.28, with a volume of 4,031,326 shares changing hands.
Other analysts also recently issued reports about the stock. B. Riley raised shares of Infinera Corporation to a “buy” rating and set a $14.00 price target for the company in a report on Tuesday, June 27th. MKM Partners raised shares of Infinera Corporation from a “neutral” rating to a “buy” rating and increased their price target for the company from $10.00 to $14.00 in a report on Wednesday, June 14th. Craig Hallum started coverage on shares of Infinera Corporation in a report on Tuesday, July 18th. They issued a “buy” rating and a $15.00 price target for the company. TheStreet downgraded shares of Infinera Corporation from a “c-” rating to a “d+” rating in a report on Monday, May 15th. Finally, Northland Securities set a $7.00 price target on shares of Infinera Corporation and gave the company a “hold” rating in a report on Tuesday, July 4th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Infinera Corporation presently has a consensus rating of “Hold” and an average price target of $12.05.
In other news, President David F. Welch sold 40,000 shares of the firm’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $12.09, for a total transaction of $483,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President David F. Welch sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $12.00, for a total transaction of $60,000.00. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in INFN. US Bancorp DE increased its position in shares of Infinera Corporation by 13.7% in the second quarter. US Bancorp DE now owns 9,843 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 1,186 shares in the last quarter. Bbva Compass Bancshares Inc. purchased a new position in shares of Infinera Corporation during the first quarter valued at about $103,000. First National Bank of Omaha purchased a new position in shares of Infinera Corporation during the first quarter valued at about $104,000. Summit Securities Group LLC purchased a new position in shares of Infinera Corporation during the second quarter valued at about $109,000. Finally, Karp Capital Management Corp purchased a new position in shares of Infinera Corporation during the first quarter valued at about $106,000. 81.05% of the stock is owned by hedge funds and other institutional investors.
The stock’s 50-day moving average is $11.43 and its 200 day moving average is $10.41. The stock’s market capitalization is $1.36 billion.
Infinera Corporation (NASDAQ:INFN) last released its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by $0.01. Infinera Corporation had a negative net margin of 18.18% and a negative return on equity of 12.25%. The business had revenue of $176.28 million during the quarter, compared to analyst estimates of $181.16 million. During the same quarter last year, the company posted $0.21 earnings per share. The company’s revenue was down 31.9% on a year-over-year basis. On average, analysts predict that Infinera Corporation will post ($0.48) earnings per share for the current fiscal year.
Infinera Corporation Company 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.
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