Infinera Co. (NASDAQ:INFN) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. trimmed its stake in Infinera Co. (NASDAQ:INFNGet Rating) by 40.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 182,296 shares of the communications equipment provider’s stock after selling 121,662 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.09% of Infinera worth $1,579,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of INFN. Allspring Global Investments Holdings LLC acquired a new position in shares of Infinera in the 4th quarter worth $947,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Infinera by 84.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,318 shares of the communications equipment provider’s stock worth $339,000 after buying an additional 16,212 shares during the period. Advisor Group Holdings Inc. boosted its position in shares of Infinera by 17.1% in the fourth quarter. Advisor Group Holdings Inc. now owns 36,625 shares of the communications equipment provider’s stock worth $352,000 after buying an additional 5,341 shares during the period. Victory Capital Management Inc. boosted its position in shares of Infinera by 6.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,959,397 shares of the communications equipment provider’s stock worth $28,380,000 after buying an additional 189,327 shares during the period. Finally, ProShare Advisors LLC boosted its position in shares of Infinera by 72.3% in the fourth quarter. ProShare Advisors LLC now owns 39,971 shares of the communications equipment provider’s stock worth $384,000 after buying an additional 16,767 shares during the period. 92.64% of the stock is currently owned by institutional investors and hedge funds.

Infinera Price Performance

Shares of NASDAQ:INFN opened at $5.79 on Wednesday. Infinera Co. has a fifty-two week low of $4.67 and a fifty-two week high of $9.86. The business has a 50-day moving average of $5.56 and a two-hundred day moving average of $6.90. The stock has a market capitalization of $1.26 billion, a P/E ratio of -6.58 and a beta of 1.10. The company has a debt-to-equity ratio of 5.49, a current ratio of 1.67 and a quick ratio of 1.11.

Infinera (NASDAQ:INFNGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The communications equipment provider reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $357.99 million during the quarter, compared to analysts’ expectations of $350.62 million. Infinera had a negative return on equity of 33.09% and a negative net margin of 12.69%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. On average, equities research analysts predict that Infinera Co. will post -0.24 EPS for the current fiscal year.

Analysts Set New Price Targets

INFN has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Infinera in a research report on Monday, May 16th. MKM Partners reissued a “buy” rating and set a $9.00 price objective on shares of Infinera in a research report on Thursday, August 4th. JPMorgan Chase & Co. reduced their price objective on Infinera from $7.50 to $6.50 and set an “underweight” rating for the company in a research report on Thursday, July 14th. B. Riley reduced their price objective on Infinera from $12.50 to $11.00 in a research report on Wednesday, May 4th. Finally, Citigroup reduced their price objective on Infinera from $9.00 to $6.50 in a research report on Thursday, July 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.86.

Insider Transactions at Infinera

In other Infinera news, Director George Andrew Riedel acquired 10,000 shares of the company’s stock in a transaction dated Friday, June 10th. The shares were acquired at an average cost of $5.28 per share, for a total transaction of $52,800.00. Following the completion of the purchase, the director now owns 82,451 shares of the company’s stock, valued at approximately $435,341.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director George Andrew Riedel purchased 10,000 shares of the stock in a transaction that occurred on Friday, June 10th. The shares were purchased at an average cost of $5.28 per share, for a total transaction of $52,800.00. Following the completion of the purchase, the director now directly owns 82,451 shares of the company’s stock, valued at approximately $435,341.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO David W. Heard purchased 6,500 shares of the stock in a transaction that occurred on Thursday, May 19th. The shares were purchased at an average price of $5.72 per share, for a total transaction of $37,180.00. Following the completion of the purchase, the chief executive officer now directly owns 608,740 shares of the company’s stock, valued at $3,481,992.80. The disclosure for this purchase can be found here. 1.19% of the stock is currently owned by corporate insiders.

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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