Victory Capital Management Inc. Raises Position in Infinera Co. (NASDAQ:INFN)

Victory Capital Management Inc. grew its position in Infinera Co. (NASDAQ:INFN) by 7.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 144,794 shares of the communications equipment provider’s stock after buying an additional 10,546 shares during the period. Victory Capital Management Inc. owned approximately 0.06% of Infinera worth $882,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings 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 worth $163,108,000 after buying an additional 2,299,025 shares during the last quarter. Hood River Capital Management LLC raised its holdings in Infinera by 52.5% in the first quarter. Hood River Capital Management LLC now owns 4,162,231 shares of the communications equipment provider’s stock worth $25,098,000 after buying an additional 1,432,016 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Infinera by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,576,725 shares of the communications equipment provider’s stock worth $7,489,000 after buying an additional 35,676 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Infinera by 249.3% in the second quarter. Harbor Capital Advisors Inc. now owns 1,276,876 shares of the communications equipment provider’s stock worth $7,776,000 after buying an additional 911,293 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Infinera by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 829,261 shares of the communications equipment provider’s stock valued at $5,050,000 after purchasing an additional 70,450 shares during the last quarter. 97.54% of the stock is owned by hedge funds and other institutional investors.

Infinera Stock Up 0.1 %

Shares of INFN stock opened at $6.70 on Friday. Infinera Co. has a 12 month low of $2.82 and a 12 month high of $6.76. The stock has a market cap of $1.57 billion, a P/E ratio of -19.71 and a beta of 1.71. The company has a current ratio of 1.57, a quick ratio of 0.94 and a debt-to-equity ratio of 5.02. The company has a 50 day simple moving average of $6.09 and a two-hundred day simple moving average of $5.59.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Berenberg Bank raised shares of Infinera to a “hold” rating in a report on Monday, August 5th. Craig Hallum reissued a “hold” rating and set a $6.65 price objective (down from $12.00) on shares of Infinera in a report on Monday, July 1st. B. Riley decreased their price objective on shares of Infinera from $9.00 to $6.65 and set a “buy” rating for the company in a report on Monday, August 5th. Needham & Company LLC reissued a “hold” rating on shares of Infinera in a report on Friday, June 28th. Finally, StockNews.com assumed coverage on shares of Infinera in a report on Thursday. They set a “sell” rating for the company. 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 company’s stock. According to MarketBeat, Infinera has an average rating of “Hold” and a consensus price target of $7.09.

Infinera Profile

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.