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.
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