Ameriprise Financial Inc. boosted its position in shares of Infinera Corp. (NASDAQ:INFN) by 275.4% during the second quarter, Holdings Channel reports. The fund owned 446,821 shares of the company’s stock after buying an additional 327,802 shares during the period. Ameriprise Financial Inc. owned about 0.31% of Infinera Corp. worth $5,040,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Infinera Corp. by 124.4% in the first quarter. BlackRock Inc. now owns 8,956 shares of the company’s stock worth $144,000 after buying an additional 4,965 shares during the last quarter. Pitcairn Co. raised its position in shares of Infinera Corp. by 2.8% in the second quarter. Pitcairn Co. now owns 11,695 shares of the company’s stock worth $132,000 after buying an additional 321 shares during the last quarter. Rafferty Asset Management LLC purchased a new position in shares of Infinera Corp. during the first quarter worth $203,000. Teton Advisors Inc. purchased a new position in shares of Infinera Corp. during the second quarter worth $160,000. Finally, Intrust Bank NA purchased a new position in shares of Infinera Corp. during the second quarter worth $207,000. Institutional investors own 69.80% of the company’s stock.
Shares of Infinera Corp. (NASDAQ:INFN) traded up 0.34% during trading on Friday, hitting $8.84. The stock had a trading volume of 1,286,769 shares. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 29.27 and a beta of 1.11. Infinera Corp. has a 12-month low of $8.20 and a 12-month high of $22.85. The stock has a 50-day moving average of $8.84 and a 200 day moving average of $11.31.
Infinera Corp. (NASDAQ:INFN) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. Infinera Corp. had a return on equity of 11.38% and a net margin of 4.48%. The business had revenue of $258.82 million for the quarter, compared to the consensus estimate of $255.83 million. During the same period in the prior year, the business earned $0.18 earnings per share. The business’s revenue was up 24.8% on a year-over-year basis. On average, analysts predict that Infinera Corp. will post $0.42 earnings per share for the current fiscal year.
A number of research analysts have weighed in on the company. B. Riley assumed coverage on Infinera Corp. in a report on Tuesday, July 19th. They issued a “buy” rating and a $18.00 price objective on the stock. MKM Partners cut their target price on Infinera Corp. from $13.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, July 28th. Citigroup Inc. downgraded Infinera Corp. to a “market perform” rating and cut their target price for the stock from $13.00 to $10.00 in a research note on Thursday, July 28th. Deutsche Bank AG cut their target price on Infinera Corp. from $23.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Finally, Jefferies Group downgraded Infinera Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Infinera Corp. has an average rating of “Hold” and an average price target of $13.85.
In related news, Director John Daane acquired 12,000 shares of Infinera Corp. stock in a transaction dated Monday, August 1st. The shares were acquired at an average cost of $8.49 per share, for a total transaction of $101,880.00. Following the completion of the transaction, the director now directly owns 12,000 shares of the company’s stock, valued at $101,880. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brad Feller acquired 20,000 shares of Infinera Corp. stock in a transaction dated Tuesday, August 2nd. The stock was bought at an average price of $8.60 per share, for a total transaction of $172,000.00. Following the completion of the transaction, the chief financial officer now directly owns 109,586 shares of the company’s stock, valued at $942,439.60. The disclosure for this purchase can be found here. 2.90% of the stock is owned by insiders.
About Infinera Corp.
Infinera Corporation is a provider of optical transport networking systems to service providers. The Company operates through optical transport networking systems segment. The Company serves Tier 1 and Tier 2 telecommunications service providers, Internet content providers, cable operators, wholesale and enterprise carriers, research and education institutions and government entities around the world.
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