Formula Growth Ltd. Acquires New Position in Infinera Corporation (INFN)
Formula Growth Ltd. acquired a new stake in shares of Infinera Corporation (NASDAQ:INFN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 529,000 shares of the communications equipment provider’s stock, valued at approximately $4,692,000. Formula Growth Ltd. owned 0.35% of Infinera as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. US Bancorp DE lifted its stake in Infinera 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 acquiring an additional 1,186 shares during the last quarter. Fred Alger Management Inc. acquired a new stake in Infinera in the second quarter valued at approximately $107,000. AlphaOne Investment Services LLC bought a new position in shares of Infinera in the second quarter valued at approximately $108,000. Summit Securities Group LLC bought a new position in shares of Infinera in the second quarter valued at approximately $109,000. Finally, Teacher Retirement System of Texas raised its position in shares of Infinera by 3.6% in the second quarter. Teacher Retirement System of Texas now owns 11,858 shares of the communications equipment provider’s stock valued at $127,000 after purchasing an additional 409 shares during the period. 90.72% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the stock. Zacks Investment Research raised shares of Infinera from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. William Blair reiterated a “buy” rating on shares of Infinera in a research note on Thursday, November 9th. Needham & Company LLC reiterated a “strong-buy” rating and set a $13.00 price target on shares of Infinera in a research note on Thursday, August 31st. B. Riley reissued a “buy” rating and set a $14.00 price objective on shares of Infinera in a report on Wednesday, August 9th. Finally, BidaskClub cut Infinera from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $10.96.
In related news, President David F. Welch sold 20,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $9.02, for a total transaction of $180,400.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas J. Fallon acquired 100,000 shares of the company’s stock in a transaction on Monday, November 13th. The shares were purchased at an average cost of $6.33 per share, with a total value of $633,000.00. The disclosure for this purchase can be found here. Insiders own 3.10% of the company’s stock.
Infinera Corporation (NASDAQ:INFN) opened at $7.24 on Friday. Infinera Corporation has a 12-month low of $6.27 and a 12-month high of $12.50.
Infinera (NASDAQ:INFN) last announced its quarterly earnings results on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.12. Infinera had a negative net margin of 21.59% and a negative return on equity of 16.35%. The business had revenue of $192.60 million during the quarter, compared to the consensus estimate of $190.37 million. During the same quarter last year, the firm earned ($0.15) EPS. The business’s revenue was up 3.8% compared to the same quarter last year. research analysts anticipate that Infinera Corporation will post -0.85 EPS for the current year.
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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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