Insider Selling: David F. Welch Unloads 180,000 Shares of Infinera Corp. Stock (INFN)
Infinera Corp. (NASDAQ:INFN) President David F. Welch unloaded 180,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $9.99, for a total transaction of $1,798,200.00. Following the sale, the president now directly owns 14,132 shares in the company, valued at approximately $141,179. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Separately, analysts at MKM Partners reiterated a “buy” rating on shares of Infinera Corp. in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $11.25.
Shares of Infinera Corp. (NASDAQ:INFN) traded down 1.71% during mid-day trading on Wednesday, hitting $10.37. The stock had a trading volume of 1,780,560 shares. Infinera Corp. has a one year low of $6.96 and a one year high of $11.91. The stock’s 50-day moving average is $9.17 and its 200-day moving average is $8.96. The company’s market cap is $1.282 billion.
Infinera Corp. (NASDAQ:INFN) last released its earnings data on Wednesday, July 23rd. The company reported $0.11 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.04 by $0.07. The company had revenue of $165.40 million for the quarter, compared to the consensus estimate of $165.38 million. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The company’s quarterly revenue was up 19.5% on a year-over-year basis. On average, analysts predict that Infinera Corp. will post $0.25 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.
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.