Infinera (INFN) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Infinera (NASDAQ:INFN) from a hold rating to a sell rating in a report released on Thursday morning.

According to Zacks, “Infinera provides Digital Optical Networking systems to telecommunications carriers, cable operators and other service providers worldwide. Infinera’s large-scale photonic integrated circuit incorporates hundred Gigabits per second of transmit and receive capacity and the functionality of more than sixty discrete optical components into a pair of indium phosphide chips. Infinera’s DTN system and PIC technology are designed to provide optical networks that provide operating simplicity, enhanced revenue generation, faster time-to-service and capital cost savings. “

Other equities analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Infinera from a hold rating to a buy rating in a report on Thursday, June 28th. Rosenblatt Securities set a $13.00 target price on Infinera and gave the company a buy rating in a research report on Tuesday, July 24th. Morgan Stanley set a $10.00 target price on Infinera and gave the company a buy rating in a research report on Wednesday, September 26th. ValuEngine upgraded Infinera from a sell rating to a hold rating in a research report on Monday, July 2nd. Finally, Goldman Sachs Group lowered Infinera from a buy rating to a neutral rating and set a $10.00 target price on the stock. in a research report on Wednesday, June 20th. Six analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Infinera has a consensus rating of Hold and a consensus price target of $10.72.

Shares of INFN traded down $0.33 during mid-day trading on Thursday, hitting $6.06. 119,260 shares of the company traded hands, compared to its average volume of 3,148,162. Infinera has a 1-year low of $5.65 and a 1-year high of $12.39. The company has a market cap of $956.19 million, a P/E ratio of -7.57 and a beta of 0.07.

Infinera (NASDAQ:INFN) last posted its quarterly earnings data on Tuesday, August 7th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. Infinera had a negative net margin of 19.95% and a negative return on equity of 13.09%. The firm had revenue of $208.23 million for the quarter, compared to the consensus estimate of $208.96 million. During the same quarter in the prior year, the company posted ($0.15) earnings per share. On average, research analysts expect that Infinera will post -0.39 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in INFN. Hsbc Holdings PLC purchased a new stake in Infinera in the 1st quarter worth approximately $123,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Infinera by 100.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,567 shares of the communications equipment provider’s stock worth $155,000 after purchasing an additional 7,800 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Infinera in the 2nd quarter worth approximately $242,000. Verition Fund Management LLC purchased a new stake in Infinera in the 1st quarter worth approximately $328,000. Finally, Legal & General Group Plc boosted its position in Infinera by 21.1% in the 1st quarter. Legal & General Group Plc now owns 69,314 shares of the communications equipment provider’s stock worth $753,000 after purchasing an additional 12,098 shares in the last quarter. Institutional investors and hedge funds own 83.12% of the company’s stock.

Infinera Company Profile

Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.

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