Needham & Company LLC Reiterates Strong-Buy Rating for Infinera Corporation (INFN)
Infinera Corporation (NASDAQ:INFN)‘s stock had its “strong-buy” rating reaffirmed by Needham & Company LLC in a note issued to investors on Wednesday. They currently have a $13.00 target price on the communications equipment provider’s stock, down from their previous target price of $14.50. Needham & Company LLC’s price target points to a potential upside of 43.65% from the stock’s current price.
Several other research firms also recently commented on INFN. Citigroup Inc. upped their price objective on Infinera Corporation from $8.50 to $10.00 and gave the company a “sell” rating in a research note on Friday, July 21st. Stifel Nicolaus reiterated a “hold” rating and issued a $10.00 price objective on shares of Infinera Corporation in a research note on Friday, July 21st. MKM Partners reiterated a “buy” rating and issued a $14.00 price objective on shares of Infinera Corporation in a research note on Friday, July 21st. B. Riley reiterated a “buy” rating and issued a $14.00 price objective on shares of Infinera Corporation in a research note on Friday, August 4th. Finally, BidaskClub upgraded Infinera Corporation from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 15th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $11.91.
Infinera Corporation (NASDAQ:INFN) traded down 0.98% during mid-day trading on Wednesday, hitting $9.05. The stock had a trading volume of 2,386,436 shares. The firm’s 50-day moving average price is $11.40 and its 200-day moving average price is $10.42. The stock’s market cap is $1.33 billion. Infinera Corporation has a 1-year low of $7.23 and a 1-year high of $12.50.
Infinera Corporation (NASDAQ:INFN) last posted its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by $0.01. Infinera Corporation had a negative net margin of 18.18% and a negative return on equity of 12.25%. The firm had revenue of $176.28 million during the quarter, compared to analysts’ expectations of $181.16 million. During the same quarter in the previous year, the company posted $0.21 EPS. Infinera Corporation’s revenue for the quarter was down 31.9% on a year-over-year basis. On average, equities analysts expect that Infinera Corporation will post ($0.54) earnings per share for the current year.
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In other news, President David F. Welch sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $12.00, for a total value of $60,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President David F. Welch sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $9.29, for a total transaction of $185,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,000 shares of company stock worth $729,400. Insiders own 2.90% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in INFN. Bbva Compass Bancshares Inc. purchased a new position in Infinera Corporation during the first quarter valued at $103,000. First National Bank of Omaha purchased a new position in Infinera Corporation during the first quarter valued at $104,000. US Bancorp DE boosted its position in Infinera Corporation by 13.7% in the second quarter. US Bancorp DE now owns 9,843 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 1,186 shares during the last quarter. Karp Capital Management Corp purchased a new position in Infinera Corporation during the first quarter valued at $106,000. Finally, Summit Securities Group LLC purchased a new position in Infinera Corporation during the second quarter valued at $109,000. 81.05% of the stock is currently owned by hedge funds and other institutional investors.
Infinera Corporation Company Profile
Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.
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