Infinera Co. (NASDAQ:INFN) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers increased its stake in Infinera Co. (NASDAQ:INFN) by 6.7% during the second quarter, HoldingsChannel.com reports. The fund owned 295,585 shares of the communications equipment provider’s stock after buying an additional 18,598 shares during the period. Rhumbline Advisers’ holdings in Infinera were worth $1,800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of INFN. SageView Advisory Group LLC acquired a new stake in Infinera during the first quarter valued at $39,000. Partners Capital Investment Group LLP acquired a new position in shares of Infinera during the 4th quarter worth about $48,000. RPO LLC acquired a new position in Infinera in the 4th quarter valued at approximately $82,000. Victory Capital Management Inc. raised its holdings in Infinera by 23.2% in the 4th quarter. Victory Capital Management Inc. now owns 30,100 shares of the communications equipment provider’s stock valued at $143,000 after acquiring an additional 5,661 shares in the last quarter. Finally, Principal Financial Group Inc. raised 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 valued at $162,000 after acquiring an additional 3,725 shares in the last quarter. Institutional investors and hedge funds own 97.54% of the company’s stock.

Infinera Stock Performance

INFN opened at $6.70 on Friday. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -19.71 and a beta of 1.71. The business’s 50-day moving average price is $6.09 and its two-hundred day moving average price is $5.59. The company has a debt-to-equity ratio of 5.02, a current ratio of 1.57 and a quick ratio of 0.94. Infinera Co. has a 1 year low of $2.82 and a 1 year high of $6.76.

Infinera (NASDAQ:INFN) last announced its quarterly earnings data 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 company had revenue of $342.70 million during the quarter, compared to analysts’ expectations of $331.71 million. Infinera had a negative return on equity of 31.63% and a negative net margin of 7.10%. The company’s revenue was down 8.9% compared to the same quarter last year. Equities analysts expect that Infinera Co. will post -0.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on INFN shares. StockNews.com started coverage on Infinera in a research report on Thursday. They set a “sell” rating on the stock. Berenberg Bank raised Infinera to a “hold” rating in a research note on Monday, August 5th. Rosenblatt Securities downgraded Infinera from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $8.00 to $6.65 in a research note on Monday, August 5th. Craig Hallum reaffirmed a “hold” rating and set a $6.65 price objective (down previously from $12.00) on shares of Infinera in a research note on Monday, July 1st. Finally, JPMorgan Chase & Co. raised their price objective on Infinera from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.09.

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.