Insider Selling: David F. Welch Unloads 10,000 Shares of Infinera Corp. Stock (INFN)
Infinera Corp. (NASDAQ:INFN) President David F. Welch sold 10,000 shares of Infinera Corp. stock on the open market in a transaction dated Thursday, June 5th. The stock was sold at an average price of $9.00, for a total value of $90,000.00. Following the sale, the president now directly owns 14,132 shares of the company’s stock, valued at approximately $127,188. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Infinera Corp. (NASDAQ:INFN) traded down 0.65% during mid-day trading on Friday, hitting $9.14. 1,260,953 shares of the company’s stock traded hands. Infinera Corp. has a 52-week low of $6.96 and a 52-week high of $12.16. The stock’s 50-day moving average is $8.83 and its 200-day moving average is $8.85. The company’s market cap is $1.120 billion.
Infinera Corp. (NASDAQ:INFN) last released its earnings data on Wednesday, April 23rd. The company reported $0.03 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.01) by $0.04. The company had revenue of $142.82 million for the quarter, compared to the consensus estimate of $140.46 million. During the same quarter last year, the company posted ($0.06) earnings per share. Infinera Corp.’s revenue was up 14.6% compared to the same quarter last year. Analysts expect that Infinera Corp. will post $0.17 EPS for the current fiscal year.
A number of analysts have recently weighed in on INFN shares. Analysts at Goldman Sachs upgraded shares of Infinera Corp. from a “buy” rating to a “conviction-buy” rating in a research note on Tuesday, April 29th. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Infinera Corp. in a research note on Thursday, April 24th. They now have a $10.50 price target on the stock. Finally, analysts at MKM Partners raised their price target on shares of Infinera Corp. from $11.00 to $12.00 in a research note on Thursday, April 24th. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $11.86.
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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