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

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

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. AIGH Capital Management LLC raised its holdings in shares of Infinera by 278.8% in the 2nd quarter. AIGH Capital Management LLC now owns 3,368,556 shares of the communications equipment provider’s stock valued at $20,515,000 after purchasing an additional 2,479,272 shares during the period. Vanguard Group Inc. lifted 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 acquiring an additional 2,299,025 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Infinera by 22.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 11,057,935 shares of the communications equipment provider’s stock valued at $67,343,000 after purchasing an additional 2,025,658 shares during the last quarter. Water Island Capital LLC acquired a new stake in Infinera during the 2nd quarter worth approximately $9,196,000. Finally, Shellback Capital LP acquired a new position in Infinera in the 2nd quarter valued at $5,874,000. 97.54% of the stock is currently owned by institutional investors and hedge funds.

Infinera Stock Down 0.2 %

Shares of NASDAQ:INFN opened at $6.61 on Wednesday. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -13.77 and a beta of 1.71. The business’s 50 day moving average is $6.71 and its 200 day moving average is $6.12. Infinera Co. has a 12-month low of $3.79 and a 12-month high of $6.92. The company has a quick ratio of 0.97, a current ratio of 1.58 and a debt-to-equity ratio of 4.98.

Infinera (NASDAQ:INFN) last announced 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). Infinera had a negative net margin of 7.62% and a negative return on equity of 45.12%. The business had revenue of $354.40 million for the quarter, compared to analysts’ expectations of $401.96 million. On average, sell-side analysts forecast that Infinera Co. will post -0.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on INFN shares. Berenberg Bank raised shares of Infinera to a “hold” rating in a report on Monday, August 5th. Rosenblatt Securities restated a “neutral” rating and set a $6.65 price objective on shares of Infinera in a research note on Wednesday, November 6th. StockNews.com upgraded Infinera from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. B. Riley cut Infinera from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. boosted their price target on Infinera from $5.00 to $6.00 and gave the company an “underweight” rating in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average 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.