Infinera Corporation (INFN) Shares Up 27.2% on Better-Than-Expected Earnings

Infinera Corporation (NASDAQ:INFN) traded up 27.2% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $12.30 and last traded at $11.96, with a volume of 16,639,335 shares trading hands. The stock had previously closed at $9.40.

The company reported ($0.12) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.01. Infinera Corporation had a net margin of 2.63% and a return on equity of 7.91%. The business earned $181 million during the quarter, compared to analysts’ expectations of $175.37 million. During the same period in the prior year, the company earned $0.21 earnings per share. The firm’s revenue was down 30.4% on a year-over-year basis.

INFN has been the subject of a number of research reports. B. Riley reaffirmed a “neutral” rating and set a $10.00 target price on shares of Infinera Corporation in a report on Friday, October 21st. William Blair reaffirmed a “buy” rating on shares of Infinera Corporation in a report on Tuesday, October 25th. Zacks Investment Research cut shares of Infinera Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, October 25th. Needham & Company LLC reduced their target price on shares of Infinera Corporation from $15.00 to $12.50 and set a “strong-buy” rating for the company in a report on Thursday, October 27th. Finally, MKM Partners reaffirmed a “neutral” rating and set a $8.00 target price on shares of Infinera Corporation in a report on Sunday, January 15th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Infinera Corporation has a consensus rating of “Hold” and an average target price of $12.27.

A number of institutional investors have recently bought and sold shares of INFN. Kalmar Investments Inc. DE acquired a new position in Infinera Corporation during the second quarter valued at approximately $10,792,000. Kornitzer Capital Management Inc. KS raised its position in Infinera Corporation by 29.2% in the second quarter. Kornitzer Capital Management Inc. KS now owns 886,765 shares of the company’s stock valued at $10,003,000 after buying an additional 200,585 shares during the period. Boston Private Wealth LLC raised its position in Infinera Corporation by 97.8% in the second quarter. Boston Private Wealth LLC now owns 64,484 shares of the company’s stock valued at $727,000 after buying an additional 31,891 shares during the period. Concourse Capital Management LLC raised its position in Infinera Corporation by 88.7% in the second quarter. Concourse Capital Management LLC now owns 65,049 shares of the company’s stock valued at $734,000 after buying an additional 30,572 shares during the period. Finally, Motley Fool Asset Management LLC raised its position in Infinera Corporation by 8.8% in the second quarter. Motley Fool Asset Management LLC now owns 1,562,100 shares of the company’s stock valued at $17,620,000 after buying an additional 126,000 shares during the period. 67.48% of the stock is owned by institutional investors.

The company’s 50-day moving average is $8.89 and its 200-day moving average is $8.80. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 69.94 and a beta of 1.45.

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Infinera Corporation 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.

5 Day Chart for NASDAQ:INFN

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