Rhumbline Advisers Increases Stake in Infinera Co. (NASDAQ:INFN)

Rhumbline Advisers grew its stake in Infinera Co. (NASDAQ:INFN) by 6.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 295,585 shares of the communications equipment provider’s stock after buying an additional 18,598 shares during the quarter. Rhumbline Advisers owned 0.13% of Infinera worth $1,800,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in INFN. Kovack Advisors Inc. lifted its stake in Infinera by 39.4% during the first quarter. Kovack Advisors Inc. now owns 548,500 shares of the communications equipment provider’s stock worth $3,307,000 after purchasing an additional 154,904 shares during the last quarter. Vanguard Group Inc. increased its position in Infinera by 9.3% during the first quarter. Vanguard Group Inc. now owns 27,049,371 shares of the communications equipment provider’s stock worth $163,108,000 after buying an additional 2,299,025 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Infinera in the first quarter valued at approximately $627,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Infinera in the first quarter valued at approximately $759,000. Finally, AMH Equity Ltd acquired a new position in shares of Infinera in the first quarter valued at approximately $1,990,000. Hedge funds and other institutional investors own 97.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on INFN shares. Needham & Company LLC reiterated a “hold” rating on shares of Infinera in a research report on Friday, June 28th. Rosenblatt Securities downgraded Infinera from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $8.00 to $6.65 in a research report on Monday, August 5th. Craig Hallum reiterated a “hold” rating and set a $6.65 target price (down from $12.00) on shares of Infinera in a research report on Monday, July 1st. JPMorgan Chase & Co. upped their price target on Infinera from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Finally, B. Riley lowered their target price on Infinera from $9.00 to $6.65 and set a “buy” rating for the company in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.09.

Infinera Trading Up 0.1 %

Shares of INFN opened at $6.70 on Friday. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.94 and a current ratio of 1.57. The stock has a 50-day moving average price of $6.09 and a 200 day moving average price of $5.59. Infinera Co. has a one year low of $2.82 and a one year high of $6.76. The company has a market capitalization of $1.57 billion, a P/E ratio of -19.71 and a beta of 1.71.

Infinera (NASDAQ:INFN) last posted its earnings results on Friday, August 2nd. The communications equipment provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. Infinera had a negative return on equity of 31.63% and a negative net margin of 7.10%. The firm had revenue of $342.70 million for the quarter, compared to analysts’ expectations of $331.71 million. Infinera’s quarterly revenue was down 8.9% on a year-over-year basis. Sell-side analysts forecast 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.