Infinera Corp. President David F. Welch Unloads 10,000 Shares (INFN)
Infinera Corp. (NASDAQ:INFN) President David F. Welch sold 10,000 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $9.21, for a total value of $92,100.00. Following the transaction, the president now directly owns 14,132 shares in the company, valued at approximately $130,156. The transaction was disclosed in a filing with the SEC, which is available at this link.
A number of analysts have recently weighed in on INFN shares. Analysts at Zacks downgraded shares of Infinera Corp. from an “outperform” rating to a “neutral” rating in a research note on Tuesday, June 17th. They now have a $10.00 price target on the stock. Separately, 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. Finally, 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. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $11.86.
Shares of Infinera Corp. (NASDAQ:INFN) traded down 0.33% on Thursday, hitting $9.4985. 819,285 shares of the company’s stock traded hands. Infinera Corp. has a 1-year low of $6.96 and a 1-year high of $12.16. The stock’s 50-day moving average is $9.16 and its 200-day moving average is $8.88. The company’s market cap is $1.163 billion. Infinera Corp. also was the target of a large decline in short interest in June. As of June 13th, there was short interest totalling 13,575,416 shares, a decline of 4.1% from the May 30th total of 14,156,742 shares. Currently, 11.4% of the company’s stock are sold short. Based on an average trading volume of 1,394,395 shares, the days-to-cover ratio is currently 9.7 days.
Infinera Corp. (NASDAQ:INFN) last announced its earnings results on Wednesday, April 23rd. The company reported $0.03 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted ($0.06) earnings per share. The company’s quarterly revenue was up 14.6% on a year-over-year basis. Analysts expect that Infinera Corp. will post $0.17 EPS 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.