Principal Financial Group Inc. Sells 8,230 Shares of Infinera Co. (NASDAQ:INFN)

Principal Financial Group Inc. lessened its holdings in Infinera Co. (NASDAQ:INFN) by 30.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,684 shares of the communications equipment provider’s stock after selling 8,230 shares during the quarter. Principal Financial Group Inc.’s holdings in Infinera were worth $126,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Quantbot Technologies LP bought a new stake in shares of Infinera in the third quarter worth $40,000. EverSource Wealth Advisors LLC acquired a new position in Infinera during the 2nd quarter worth about $104,000. Headlands Technologies LLC bought a new stake in shares of Infinera in the 2nd quarter valued at about $112,000. Algert Global LLC acquired a new stake in shares of Infinera in the second quarter valued at about $128,000. Finally, Palumbo Wealth Management LLC raised its position in shares of Infinera by 8.4% during the third quarter. Palumbo Wealth Management LLC now owns 23,954 shares of the communications equipment provider’s stock worth $162,000 after acquiring an additional 1,850 shares during the last quarter. Institutional investors own 97.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on INFN. Rosenblatt Securities restated a “neutral” rating and set a $6.65 price target on shares of Infinera in a report on Wednesday, November 6th. StockNews.com raised shares of Infinera from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, B. Riley cut shares of Infinera from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Infinera presently has an average rating of “Hold” and an average target price of $7.09.

Infinera Trading Up 0.6 %

NASDAQ INFN opened at $6.61 on Wednesday. Infinera Co. has a one year low of $4.18 and a one year high of $6.92. The business’s fifty day moving average is $6.62 and its 200-day moving average is $6.39. The company has a debt-to-equity ratio of 4.98, a current ratio of 1.58 and a quick ratio of 0.97. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -13.77 and a beta of 1.64.

Infinera (NASDAQ:INFN) last issued its earnings results on Tuesday, November 5th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.07). The firm had revenue of $354.40 million during the quarter, compared to the consensus estimate of $401.96 million. Infinera had a negative net margin of 7.62% and a negative return on equity of 45.12%. Equities research analysts predict that Infinera Co. will post -0.25 EPS for the current year.

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.