Citigroup Trims Infinera (NASDAQ:INFN) Target Price to $9.00

Infinera (NASDAQ:INFNGet Rating) had its price objective decreased by analysts at Citigroup from $10.50 to $9.00 in a research report issued on Wednesday, The Fly reports. Citigroup’s price objective indicates a potential upside of 33.53% from the company’s previous close.

A number of other equities analysts have also recently commented on INFN. Rosenblatt Securities initiated coverage on shares of Infinera in a report on Wednesday, March 23rd. They issued a “buy” rating and a $12.00 target price on the stock. StockNews.com started coverage on shares of Infinera in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. B. Riley lifted their price objective on shares of Infinera from $11.50 to $12.50 in a research report on Thursday, February 17th. Zacks Investment Research upgraded shares of Infinera from a “hold” rating to a “buy” rating and set a $8.50 price objective on the stock in a research report on Wednesday, April 20th. Finally, Loop Capital started coverage on shares of Infinera in a research report on Monday, February 14th. They issued a “hold” rating and a $9.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.95.

INFN stock traded down $1.20 during midday trading on Wednesday, reaching $6.74. 12,531,887 shares of the company were exchanged, compared to its average volume of 2,252,484. 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 1-year low of $6.33 and a 1-year high of $10.89. The stock’s 50-day simple moving average is $8.25 and its 200 day simple moving average is $8.48. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -7.84 and a beta of 1.03.

Infinera (NASDAQ:INFNGet Rating) last announced its earnings results on Tuesday, May 3rd. The communications equipment provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The business had revenue of $338.90 million during the quarter, compared to analyst estimates of $362.60 million. Infinera had a negative net margin of 11.98% and a negative return on equity of 16.77%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.08) earnings per share. On average, research analysts anticipate that Infinera will post -0.08 earnings per share for the current year.

In related news, SVP Nicholas Walden sold 4,882 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $9.08, for a total value of $44,328.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David F. Welch sold 200,000 shares of the business’s stock in a transaction dated Monday, February 28th. The shares were sold at an average price of $9.14, for a total transaction of $1,828,000.00. The disclosure for this sale can be found here. Insiders sold a total of 354,882 shares of company stock worth $3,229,829 over the last quarter. Insiders own 1.19% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Moors & Cabot Inc. acquired a new position in Infinera in the 3rd quarter valued at about $304,000. O Shaughnessy Asset Management LLC acquired a new position in Infinera in the 3rd quarter valued at about $55,000. Macquarie Group Ltd. raised its stake in Infinera by 272.6% in the 3rd quarter. Macquarie Group Ltd. now owns 7,932 shares of the communications equipment provider’s stock valued at $66,000 after purchasing an additional 5,803 shares during the last quarter. NorthCrest Asset Manangement LLC acquired a new position in shares of Infinera during the 4th quarter valued at about $96,000. Finally, Autumn Glory Partners LLC acquired a new stake in shares of Infinera in the fourth quarter worth approximately $96,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Infinera Company Profile (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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