Infinera (NASDAQ:INFN) Upgraded by Zacks Investment Research to “Buy”

Infinera (NASDAQ:INFNGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $8.50 price objective on the communications equipment provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.54% from the stock’s current price.

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. “

A number of other equities analysts also recently issued reports on INFN. StockNews.com initiated coverage on Infinera in a report on Thursday, March 31st. They issued a “hold” rating for the company. Rosenblatt Securities initiated coverage on Infinera in a report on Wednesday, March 23rd. They issued a “buy” rating and a $12.00 price objective for the company. B. Riley increased their price objective on Infinera from $11.50 to $12.50 in a report on Thursday, February 17th. Finally, Loop Capital initiated coverage on Infinera in a report on Monday, February 14th. They issued a “hold” rating and a $9.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.22.

Shares of INFN stock opened at $7.76 on Wednesday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.62. Infinera has a fifty-two week low of $7.22 and a fifty-two week high of $10.89. The company has a market capitalization of $1.65 billion, a P/E ratio of -9.35 and a beta of 1.01. The stock has a 50 day moving average price of $8.41 and a two-hundred day moving average price of $8.50.

Infinera (NASDAQ:INFNGet Rating) last posted its earnings results on Wednesday, February 16th. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. Infinera had a negative return on equity of 16.77% and a negative net margin of 11.98%. The firm had revenue of $400.26 million for the quarter, compared to analysts’ expectations of $386.17 million. During the same period in the previous year, the firm earned $0.08 earnings per share. The business’s revenue was up 13.2% compared to the same quarter last year. As a group, equities analysts predict that Infinera will post -0.08 earnings per share for the current year.

In related news, Director David F. Welch sold 150,000 shares of the stock in a transaction on Thursday, February 24th. The stock was sold at an average price of $9.05, for a total transaction of $1,357,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Nicholas Walden sold 4,882 shares of the firm’s stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $9.08, for a total value of $44,328.56. The disclosure for this sale can be found here. Insiders have sold 354,882 shares of company stock valued at $3,229,829 over the last 90 days. Corporate insiders own 1.19% of the company’s stock.

A number of large investors have recently made changes to their positions in INFN. Shapiro Capital Management LLC bought a new position in shares of Infinera in the third quarter worth about $87,428,000. Point72 Asset Management L.P. bought a new position in shares of Infinera in the fourth quarter worth about $15,747,000. Woodline Partners LP bought a new position in shares of Infinera in the fourth quarter worth about $8,733,000. Millennium Management LLC raised its stake in shares of Infinera by 4,845.6% in the fourth quarter. Millennium Management LLC now owns 556,133 shares of the communications equipment provider’s stock worth $5,333,000 after buying an additional 544,888 shares during the period. Finally, LMR Partners LLP bought a new position in shares of Infinera in the fourth quarter worth about $4,795,000. 91.65% of the stock is currently owned by institutional investors and hedge funds.

About Infinera (Get Rating)

Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms.

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