Infinera Corp. President David Welch Sells 50,000 Shares (INFN)
Infinera Corp. (NASDAQ:INFN) President David Welch sold 50,000 shares of the stock on the open market in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $10.00, for a total value of $500,000.00. Following the completion of the transaction, the president now directly owns 14,132 shares of the company’s stock, valued at approximately $141,320. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Separately, analysts at FBR Capital Markets initiated coverage on shares of Infinera Corp. in a research note to investors on Thursday, December 19th. They set an “outperform” rating and a $12.50 price target on the stock. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Infinera Corp. presently has a consensus rating of “Buy” and an average target price of $12.16.
Infinera Corp. (NASDAQ:INFN) traded down 2.42% on Friday, hitting $9.28. The stock had a trading volume of 1,722,233 shares. Infinera Corp. has a 52-week low of $6.06 and a 52-week high of $12.16. The stock’s 50-day moving average is $9.36 and its 200-day moving average is $10.42. The company’s market cap is $1.110 billion.
Infinera Corp. (NASDAQ:INFN) last announced its earnings results on Wednesday, October 23rd. The company reported $0.10 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.04 by $0.06. The company had revenue of $142.00 million for the quarter, compared to the consensus estimate of $140.40 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. The company’s quarterly revenue was up 26.6% on a year-over-year basis. On average, analysts predict that Infinera Corp. will post $0.02 earnings per share for the current fiscal year.
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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