ProShare Advisors LLC Reduces Position in Infinera Co. (NASDAQ:INFN)

ProShare Advisors LLC trimmed its position in Infinera Co. (NASDAQ:INFN) by 25.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,729 shares of the communications equipment provider’s stock after selling 9,124 shares during the quarter. ProShare Advisors LLC’s holdings in Infinera were worth $163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SageView Advisory Group LLC purchased a new position in shares of Infinera in the first quarter valued at about $39,000. Headlands Technologies LLC bought a new position in Infinera during the 2nd quarter valued at approximately $112,000. Principal Financial Group Inc. lifted its holdings in Infinera by 16.2% in the 1st quarter. Principal Financial Group Inc. now owns 26,790 shares of the communications equipment provider’s stock worth $162,000 after buying an additional 3,725 shares during the period. Graypoint LLC grew its position in shares of Infinera by 8.7% in the 1st quarter. Graypoint LLC now owns 30,462 shares of the communications equipment provider’s stock worth $184,000 after buying an additional 2,438 shares during the last quarter. Finally, Wellington Wealth Strategies LLC. bought a new position in shares of Infinera during the fourth quarter valued at approximately $190,000. 97.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Craig Hallum reiterated a “hold” rating and issued a $6.65 price target (down previously from $12.00) on shares of Infinera in a report on Monday, July 1st. B. Riley reduced their price target on shares of Infinera from $9.00 to $6.65 and set a “buy” rating on the stock in a research report on Monday, August 5th. Morgan Stanley raised their price objective on shares of Infinera from $5.40 to $6.65 and gave the stock an “equal weight” rating in a 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 report on Monday, August 5th. Finally, Berenberg Bank upgraded Infinera to a “hold” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Infinera currently has a consensus rating of “Hold” and an average price target of $7.09.

Infinera Stock Down 1.3 %

INFN stock opened at $6.75 on Friday. The business has a 50 day moving average of $6.26 and a 200 day moving average of $5.75. The firm has a market cap of $1.58 billion, a PE ratio of -19.85 and a beta of 1.72. Infinera Co. has a twelve month low of $2.82 and a twelve month high of $6.92. The company has a quick ratio of 0.94, a current ratio of 1.57 and a debt-to-equity ratio of 5.02.

Infinera (NASDAQ:INFN) last issued its quarterly earnings results on Friday, August 2nd. The communications equipment provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $342.70 million during 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%. Infinera’s revenue was down 8.9% compared to the same quarter last year. On average, research 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.