Insider Selling: Infinera Corp. President Sells 30,000 Shares of Stock (INFN)
Infinera Corp. (NASDAQ:INFN) President David Welch unloaded 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $11.39, for a total transaction of $341,700.00. Following the sale, the president now directly owns 14,132 shares in the company, valued at approximately $160,963. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at MKM Partners raised their price target on shares of Infinera Corp. from $12.00 to $14.00 in a research note to investors on Thursday, July 25th. They now have a “buy” rating on the stock. Separately, analysts at Needham & Company raised their price target on shares of Infinera Corp. from $12.00 to $16.00 in a research note to investors on Monday, July 22nd. They now have a “buy” rating on the stock. Finally, analysts at William Blair initiated coverage on shares of Infinera Corp. in a research note to investors on Wednesday, July 17th. They set an “outperform” rating on the stock. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $12.10.
Shares of Infinera Corp. (NASDAQ:INFN) traded down 0.82% on Wednesday, hitting $10.90. 1,403,588 shares of the company’s stock traded hands. Infinera Corp. has a 52 week low of $4.33 and a 52 week high of $12.16. The stock has a 50-day moving average of $10.80 and a 200-day moving average of $9.91. The company’s market cap is $1.287 billion.
Infinera Corp. (NASDAQ:INFN) last announced its earnings results on Wednesday, July 24th. The company reported ($0.01) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.02) by $0.01. The company had revenue of $138.40 million for the quarter, compared to the consensus estimate of $133.30 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The company’s revenue for the quarter was up 48.0% on a year-over-year basis.
Infinera Corporation (NASDAQ:INFN) provides optical networking equipment, software and services to communications service providers, Internet content providers, cable operators and subsea network operators (collectively, Service Providers) across the globe.
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