Highbridge Capital Management LLC Acquires Shares of 263,300 Infinera Corp. (INFN)
Highbridge Capital Management LLC acquired a new stake in Infinera Corp. (NASDAQ:INFN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 263,300 shares of the communications equipment provider’s stock, valued at approximately $1,922,000. Highbridge Capital Management LLC owned 0.15% of Infinera at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in INFN. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Infinera by 100.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,567 shares of the communications equipment provider’s stock valued at $155,000 after acquiring an additional 7,800 shares during the period. Cpwm LLC bought a new position in shares of Infinera in the third quarter valued at approximately $155,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Infinera in the third quarter valued at approximately $165,000. Cim Investment Mangement Inc. bought a new position in shares of Infinera in the third quarter valued at approximately $197,000. Finally, Alambic Investment Management L.P. bought a new position in shares of Infinera in the third quarter valued at approximately $370,000. Institutional investors own 75.24% of the company’s stock.
INFN has been the subject of a number of analyst reports. BidaskClub upgraded shares of Infinera from a “sell” rating to a “hold” rating in a research report on Saturday, November 3rd. Morgan Stanley lowered shares of Infinera from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $9.50 to $6.00 in a research report on Tuesday, November 13th. MKM Partners lowered shares of Infinera from a “neutral” rating to a “sell” rating and dropped their target price for the company from $10.00 to $5.50 in a research report on Monday, October 1st. ValuEngine upgraded shares of Infinera from a “sell” rating to a “hold” rating in a research report on Thursday, November 1st. Finally, Zacks Investment Research lowered shares of Infinera from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $9.13.
Shares of Infinera stock opened at $4.38 on Friday. Infinera Corp. has a 1 year low of $4.11 and a 1 year high of $12.39. The company has a market cap of $801.44 million, a price-to-earnings ratio of -5.28 and a beta of 0.51. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.92 and a quick ratio of 2.95.
Infinera (NASDAQ:INFN) last announced its earnings results on Tuesday, November 6th. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). Infinera had a negative net margin of 19.18% and a negative return on equity of 11.58%. The business had revenue of $200.41 million during the quarter, compared to analyst estimates of $210.57 million. During the same period in the previous year, the business posted ($0.11) earnings per share. Infinera’s revenue for the quarter was up 4.1% on a year-over-year basis. Equities research analysts predict that Infinera Corp. will post -0.69 earnings per share for the current fiscal year.
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Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.
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