Russell Investments Group Ltd. Acquires 32,420 Shares of Infinera Co. (NASDAQ:INFN)

Posted by Defense World Staff on May 23rd, 2023

Russell Investments Group Ltd. raised its holdings in shares of Infinera Co. (NASDAQ:INFN – Get Rating) by 14.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 259,895 shares of the communications equipment provider’s stock after acquiring an additional 32,420 shares during the quarter. Russell Investments Group Ltd. owned about 0.12% of Infinera worth $1,752,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Infinera by 3.2% in the third quarter. Vanguard Group Inc. now owns 18,435,307 shares of the communications equipment provider’s stock worth $89,227,000 after purchasing an additional 578,424 shares during the period. Shapiro Capital Management LLC increased its holdings in shares of Infinera by 26.5% in the first quarter. Shapiro Capital Management LLC now owns 12,598,788 shares of the communications equipment provider’s stock worth $109,231,000 after purchasing an additional 2,638,973 shares during the period. Brown Advisory Inc. increased its holdings in shares of Infinera by 1.8% in the third quarter. Brown Advisory Inc. now owns 11,269,045 shares of the communications equipment provider’s stock worth $54,542,000 after purchasing an additional 202,395 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Infinera by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,836,540 shares of the communications equipment provider’s stock worth $33,263,000 after purchasing an additional 208,779 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Infinera by 18.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,705,433 shares of the communications equipment provider’s stock valued at $24,975,000 after acquiring an additional 565,604 shares during the last quarter. Institutional investors own 97.74% of the company’s stock.

Insider Transactions at Infinera

In related news, CEO David W. Heard purchased 6,000 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was bought at an average cost of $4.95 per share, with a total value of $29,700.00. Following the completion of the purchase, the chief executive officer now directly owns 744,943 shares in the company, valued at $3,687,467.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

INFN has been the topic of a number of research analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $9.00 target price on shares of Infinera in a research note on Friday, February 24th. StockNews.com initiated coverage on Infinera in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Northland Securities reduced their target price on Infinera from $7.00 to $6.00 in a research note on Thursday, May 4th. Morgan Stanley increased their target price on Infinera from $7.00 to $7.50 and gave the company an “equal weight” rating in a research note on Thursday, March 9th. Finally, Needham & Company LLC restated a “strong-buy” rating and set a $15.00 price target on shares of Infinera in a research report on Monday, March 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Infinera currently has an average rating of “Moderate Buy” and an average price target of $8.50.

Infinera Stock Performance

Infinera stock opened at $4.95 on Tuesday. The company has a current ratio of 1.69, a quick ratio of 1.04 and a debt-to-equity ratio of 3.55. The firm has a 50-day moving average of $6.48 and a 200-day moving average of $6.78. The firm has a market cap of $1.12 billion, a P/E ratio of -23.57 and a beta of 1.41. Infinera Co. has a 1-year low of $4.26 and a 1-year high of $7.80.

Infinera (NASDAQ:INFN – Get Rating) last posted its earnings results on Wednesday, May 3rd. The communications equipment provider reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The company had revenue of $392.08 million during the quarter, compared to analyst estimates of $381.39 million. Infinera had a negative net margin of 2.62% and a negative return on equity of 9.66%. Infinera’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.13) earnings per share. Sell-side analysts expect that Infinera Co. will post -0.02 EPS for the current year.

Infinera Profile

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Infinera Corp. engages in the provision of networking solutions, which consists of networking equipment, software and services. It operates through the following geographical segments: United States, Other Americas, Europe, Middle East and Africa, and Asia Pacific and Japan. Its products include control and automation, network routers, packet optical, and compact modular.