Kornitzer Capital Management Inc. KS boosted its position in shares of Infinera Corp. (NASDAQ:INFN) by 29.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 886,765 shares of the company’s stock after buying an additional 200,585 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Infinera Corp. were worth $10,003,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Virginia Retirement System purchased a new position in Infinera Corp. during the first quarter worth approximately $432,000. TIAA CREF Investment Management LLC increased its position in Infinera Corp. by 366.6% in the first quarter. TIAA CREF Investment Management LLC now owns 1,982,616 shares of the company’s stock worth $31,841,000 after buying an additional 1,557,732 shares in the last quarter. BlackRock Inc. increased its position in 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 in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Infinera Corp. by 0.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,409,749 shares of the company’s stock worth $54,761,000 after buying an additional 10,219 shares in the last quarter. Finally, Royce & Associates LP increased its position in Infinera Corp. by 23.5% in the first quarter. Royce & Associates LP now owns 547,433 shares of the company’s stock worth $8,792,000 after buying an additional 104,000 shares in the last quarter. Hedge funds and other 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. Infinera Corp. has a 12 month low of $8.20 and a 12 month high of $22.85. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 29.27 and a beta of 1.11. The company’s 50 day moving average price is $8.84 and its 200 day moving average price is $11.31.
Infinera Corp. (NASDAQ:INFN) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. The company had revenue of $258.82 million for the quarter, compared to analyst estimates of $255.83 million. Infinera Corp. had a return on equity of 11.38% and a net margin of 4.48%. The firm’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. Equities research analysts expect that Infinera Corp. will post $0.42 earnings per share for the current fiscal year.
INFN has been the subject of a number of research reports. MKM Partners lowered their target price on Infinera Corp. from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, June 20th. Citigroup Inc. restated a “hold” rating on shares of Infinera Corp. in a report on Tuesday, June 21st. Nomura restated a “buy” rating and set a $17.00 price target on shares of Infinera Corp. in a report on Thursday, June 23rd. B. Riley began coverage on Infinera Corp. in a report on Thursday, July 14th. They set a “buy” rating and a $18.00 price target on the stock. Finally, Needham & Company LLC upgraded Infinera Corp. from a “buy” rating to a “strong-buy” rating and set a $20.00 price target on the stock in a report on Monday, July 25th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $13.85.
In other Infinera Corp. news, Director Marcel Gani purchased 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were acquired at an average price of $8.60 per share, with a total value of $430,000.00. Following the purchase, the director now directly owns 87,547 shares in the company, valued at approximately $752,904.20. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Daane purchased 12,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was acquired at an average cost of $8.49 per share, for a total transaction of $101,880.00. Following the purchase, the director now owns 12,000 shares in the company, valued at $101,880. The disclosure for this purchase can be found here. Company insiders own 2.90% of the company’s stock.
Infinera Corp. Company Profile
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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