Acorn Financial Advisory Services Inc. ADV boosted its position in shares of Infinera Co. (NASDAQ:INFN) by 22.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,986 shares of the communications equipment provider’s stock after purchasing an additional 24,525 shares during the period. Acorn Financial Advisory Services Inc. ADV owned about 0.07% of Infinera worth $1,290,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in INFN. Brown Advisory Inc. bought a new position in Infinera during the 4th quarter worth about $31,570,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Infinera by 65.3% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,236,649 shares of the communications equipment provider’s stock worth $44,400,000 after purchasing an additional 1,674,294 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Infinera by 490.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,147,100 shares of the communications equipment provider’s stock worth $12,022,000 after purchasing an additional 952,900 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in Infinera by 7,026.3% during the 3rd quarter. Great West Life Assurance Co. Can now owns 774,627 shares of the communications equipment provider’s stock worth $1,288,000 after purchasing an additional 763,757 shares in the last quarter. Finally, Voloridge Investment Management LLC bought a new position in shares of Infinera in the 4th quarter valued at about $6,994,000. Hedge funds and other institutional investors own 91.39% of the company’s stock.
In other Infinera news, SVP Nicholas Walden sold 9,650 shares of the firm’s stock in a transaction that occurred on Monday, February 8th. The shares were sold at an average price of $9.94, for a total transaction of $95,921.00. Also, CAO Michael H. Fernicola sold 2,589 shares of the firm’s stock in a transaction that occurred on Thursday, February 18th. The stock was sold at an average price of $10.31, for a total transaction of $26,692.59. Following the sale, the chief accounting officer now owns 2,589 shares of the company’s stock, valued at $26,692.59. The disclosure for this sale can be found here. Insiders have sold 473,609 shares of company stock valued at $4,751,901 over the last 90 days. Company insiders own 2.82% of the company’s stock.
INFN has been the subject of several analyst reports. B. Riley decreased their price objective on Infinera from $11.50 to $10.50 and set a “neutral” rating for the company in a report on Wednesday, February 24th. Zacks Investment Research cut Infinera from a “hold” rating to a “sell” rating in a report on Monday, March 1st. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Infinera from a “sell” rating to a “neutral” rating and raised their price objective for the company from $7.00 to $11.50 in a report on Monday, December 21st. Smith Barney Citigroup upgraded Infinera from a “sell” rating to a “neutral” rating in a report on Monday, December 21st. Finally, Rosenblatt Securities raised their price objective on Infinera from $9.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, February 10th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Infinera has an average rating of “Hold” and a consensus price target of $8.95.
NASDAQ:INFN remained flat at $$10.05 during mid-day trading on Monday. 17,058 shares of the company traded hands, compared to its average volume of 2,744,486. Infinera Co. has a twelve month low of $3.98 and a twelve month high of $11.51. The firm has a market cap of $2.04 billion, a PE ratio of -6.98 and a beta of 1.28. The stock has a fifty day simple moving average of $9.77 and a 200 day simple moving average of $8.81. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.30 and a current ratio of 1.85.
Infinera (NASDAQ:INFN) last issued its quarterly earnings data on Monday, February 22nd. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.11. The firm had revenue of $353.50 million during the quarter, compared to the consensus estimate of $356.79 million. Infinera had a negative net margin of 19.00% and a negative return on equity of 27.33%. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same period last year, the business posted $0.03 earnings per share. Equities analysts anticipate that Infinera Co. will post -0.56 earnings per share for the current year.
Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms.
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