Stoneridge Investment Partners LLC Sells 87,973 Shares of Infinera Corporation (NASDAQ:INFN)
Stoneridge Investment Partners LLC reduced its stake in shares of Infinera Corporation (NASDAQ:INFN) by 51.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,856 shares of the communications equipment provider’s stock after selling 87,973 shares during the period. Stoneridge Investment Partners LLC’s holdings in Infinera Corporation were worth $873,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Bbva Compass Bancshares Inc. purchased a new position in Infinera Corporation during the first quarter valued at $103,000. First National Bank of Omaha purchased a new position in Infinera Corporation during the first quarter valued at $104,000. US Bancorp DE raised its position in 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 during the last quarter. Karp Capital Management Corp purchased a new position in Infinera Corporation during the first quarter valued at $106,000. Finally, Parametrica Management Ltd purchased a new position in Infinera Corporation during the first quarter valued at $154,000. 81.05% of the stock is currently owned by institutional investors.
Infinera Corporation (NASDAQ:INFN) opened at 9.05 on Thursday. The company’s market cap is $1.33 billion. The firm has a 50-day moving average of $11.20 and a 200-day moving average of $10.45. Infinera Corporation has a 52 week low of $7.23 and a 52 week high of $12.50.
Infinera Corporation (NASDAQ:INFN) last posted its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by $0.01. The business had revenue of $176.28 million for the quarter, compared to the consensus estimate of $181.16 million. Infinera Corporation had a negative return on equity of 12.25% and a negative net margin of 18.18%. Infinera Corporation’s quarterly revenue was down 31.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 earnings per share. Equities analysts forecast that Infinera Corporation will post ($0.54) earnings per share for the current year.
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Several research firms recently weighed in on INFN. B. Riley raised shares of Infinera Corporation from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $9.50 to $14.00 in a research note on Thursday, June 22nd. Zacks Investment Research raised shares of Infinera Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub lowered shares of Infinera Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 6th. Stifel Nicolaus reissued a “hold” rating and set a $10.00 price objective on shares of Infinera Corporation in a research note on Friday, July 21st. Finally, Needham & Company LLC reissued a “strong-buy” rating and set a $13.00 price objective (down previously from $14.50) on shares of Infinera Corporation in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $11.91.
In other Infinera Corporation news, President David F. Welch sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $9.29, for a total transaction of $185,800.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President David F. Welch sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $12.00, for a total value of $60,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 65,000 shares of company stock worth $729,400 over the last 90 days. Company insiders own 2.90% of the company’s stock.
About Infinera Corporation
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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