Arizona State Retirement System Acquires 2,180 Shares of Infinera Co. (NASDAQ:INFN)

Arizona State Retirement System raised its holdings in Infinera Co. (NASDAQ:INFN) by 3.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,308 shares of the communications equipment provider’s stock after buying an additional 2,180 shares during the period. Arizona State Retirement System’s holdings in Infinera were worth $355,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kovack Advisors Inc. raised its stake in Infinera by 39.4% in the first quarter. Kovack Advisors Inc. now owns 548,500 shares of the communications equipment provider’s stock valued at $3,307,000 after buying an additional 154,904 shares during the period. Vanguard Group Inc. raised its stake in Infinera by 9.3% in the first quarter. Vanguard Group Inc. now owns 27,049,371 shares of the communications equipment provider’s stock valued at $163,108,000 after buying an additional 2,299,025 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Infinera in the first quarter valued at approximately $627,000. Susquehanna Fundamental Investments LLC bought a new stake in Infinera in the first quarter valued at approximately $759,000. Finally, AMH Equity Ltd bought a new stake in Infinera in the first quarter valued at approximately $1,990,000. Institutional investors own 97.54% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on INFN. Rosenblatt Securities lowered Infinera from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $8.00 to $6.65 in a research note on Monday, August 5th. B. Riley lowered their target price on Infinera from $9.00 to $6.65 and set a “buy” rating on the stock in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their target price on Infinera from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Berenberg Bank upgraded Infinera to a “hold” rating in a research note on Monday, August 5th. Finally, Craig Hallum reiterated a “hold” rating and set a $6.65 target price (down previously from $12.00) on shares of Infinera in a research note on Monday, July 1st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.09.

Infinera Trading Down 0.6 %

Shares of INFN stock opened at $6.66 on Wednesday. The stock’s fifty day moving average price is $6.05 and its two-hundred day moving average price is $5.57. The company has a market cap of $1.56 billion, a PE ratio of -19.59 and a beta of 1.71. Infinera Co. has a fifty-two week low of $2.82 and a fifty-two week high of $6.76. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.94 and a current ratio of 1.57.

Infinera (NASDAQ:INFN) last issued its earnings results on Friday, August 2nd. The communications equipment provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $342.70 million for the quarter, compared to the consensus estimate of $331.71 million. Infinera had a negative return on equity of 31.63% and a negative net margin of 7.10%. The company’s quarterly revenue was down 8.9% on a year-over-year basis. Equities analysts predict that Infinera Co. will post -0.17 EPS for the current fiscal year.

About Infinera

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.