Infinera Corporation (INFN) President David F. Welch Sells 20,000 Shares
Infinera Corporation (NASDAQ:INFN) President David F. Welch sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $9.02, for a total value of $180,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Infinera Corporation (NASDAQ INFN) traded down 1.34% on Wednesday, hitting $8.84. The stock had a trading volume of 499,540 shares. The company’s market cap is $1.31 billion. The firm’s 50-day moving average is $8.51 and its 200-day moving average is $9.96. Infinera Corporation has a one year low of $7.23 and a one year high of $12.50.
Infinera Corporation (NASDAQ:INFN) last posted its quarterly earnings results 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). The business had revenue of $176.28 million during the quarter, compared to analyst estimates of $181.16 million. Infinera Corporation had a negative net margin of 18.18% and a negative return on equity of 12.39%. The firm’s quarterly revenue was down 31.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.21 earnings per share. On average, analysts expect that Infinera Corporation will post ($0.56) EPS for the current fiscal year.
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A number of research analysts have issued reports on INFN shares. BidaskClub raised Infinera Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 12th. Craig Hallum started coverage on Infinera Corporation in a report on Tuesday, July 18th. They issued a “buy” rating and a $15.00 price target for the company. Deutsche Bank AG decreased their price target on Infinera Corporation from $12.50 to $12.00 and set a “buy” rating for the company in a report on Monday, August 7th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Infinera Corporation in a report on Monday, July 10th. Finally, Needham & Company LLC boosted their price target on Infinera Corporation from $13.50 to $14.50 and gave the company a “strong-buy” rating in a report on Monday, June 19th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. Infinera Corporation presently has a consensus rating of “Hold” and an average price target of $11.82.
A number of hedge funds have recently modified their holdings of the stock. Teacher Retirement System of Texas raised its holdings in Infinera Corporation by 3.6% during the second quarter. Teacher Retirement System of Texas now owns 11,858 shares of the communications equipment provider’s stock worth $127,000 after purchasing an additional 409 shares during the last quarter. Independent Portfolio Consultants Inc. raised its holdings in Infinera Corporation by 2.9% during the second quarter. Independent Portfolio Consultants Inc. now owns 16,714 shares of the communications equipment provider’s stock worth $178,000 after purchasing an additional 469 shares during the last quarter. Prudential Financial Inc. raised its holdings in Infinera Corporation by 4.9% during the second quarter. Prudential Financial Inc. now owns 15,110 shares of the communications equipment provider’s stock worth $161,000 after purchasing an additional 710 shares during the last quarter. Legal & General Group Plc raised its holdings in Infinera Corporation by 1.8% during the second quarter. Legal & General Group Plc now owns 55,418 shares of the communications equipment provider’s stock worth $591,000 after purchasing an additional 972 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in Infinera Corporation by 5.7% during the second quarter. Amalgamated Bank now owns 18,344 shares of the communications equipment provider’s stock worth $196,000 after purchasing an additional 992 shares during the last quarter. 86.67% of the stock is owned by hedge funds and other institutional investors.
About Infinera Corporation
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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