The Manufacturers Life Insurance Company increased its position in Infinera Corporation (NASDAQ:INFN) by 2.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 112,126 shares of the communications equipment provider’s stock after buying an additional 2,781 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Infinera Corporation worth $1,196,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC increased its holdings in Infinera Corporation by 14.0% in the second quarter. Cubist Systematic Strategies LLC now owns 39,179 shares of the communications equipment provider’s stock worth $418,000 after buying an additional 4,815 shares during the last quarter. State Street Corp increased its holdings in Infinera Corporation by 8.0% in the second quarter. State Street Corp now owns 2,897,156 shares of the communications equipment provider’s stock worth $30,911,000 after buying an additional 214,991 shares during the last quarter. Divisar Capital Management LLC increased its holdings in Infinera Corporation by 107.2% in the second quarter. Divisar Capital Management LLC now owns 1,478,849 shares of the communications equipment provider’s stock worth $15,779,000 after buying an additional 765,243 shares during the last quarter. Fred Alger Management Inc. acquired a new position in Infinera Corporation in the second quarter worth approximately $107,000. Finally, Manatuck Hill Partners LLC acquired a new position in Infinera Corporation in the second quarter worth approximately $3,201,000. Hedge funds and other institutional investors own 89.35% of the company’s stock.
A number of research firms recently commented on INFN. Citigroup Inc. dropped their price objective on Infinera Corporation from $9.00 to $8.50 and set a “neutral” rating on the stock in a report on Friday. William Blair reiterated a “buy” rating on shares of Infinera Corporation in a report on Thursday. Nomura lowered their price target on Infinera Corporation from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday. Craig Hallum reiterated a “buy” rating and set a $10.00 price target (down previously from $15.00) on shares of Infinera Corporation in a report on Thursday. Finally, MKM Partners downgraded Infinera Corporation from a “buy” rating to a “neutral” rating and set a $13.00 price target on the stock. in a report on Thursday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $10.96.
Shares of Infinera Corporation (INFN) opened at $6.35 on Friday. Infinera Corporation has a 52 week low of $6.28 and a 52 week high of $12.50.
Infinera Corporation (NASDAQ:INFN) last announced its quarterly earnings data on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.12. The business had revenue of $192.60 million for the quarter, compared to the consensus estimate of $190.37 million. Infinera Corporation had a negative net margin of 21.59% and a negative return on equity of 16.35%. Infinera Corporation’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.15) earnings per share. analysts anticipate that Infinera Corporation will post -0.85 earnings per share for the current fiscal year.
In related news, President David F. Welch sold 20,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $9.02, for a total value of $180,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.90% of the company’s stock.
Infinera Corporation 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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