Gabelli Funds LLC Acquires Shares of 197,050 Infinera Co. (NASDAQ:INFN)

Gabelli Funds LLC bought a new position in shares of Infinera Co. (NASDAQ:INFN) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 197,050 shares of the communications equipment provider’s stock, valued at approximately $1,200,000.

Other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in Infinera by 2.3% during 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 acquiring an additional 35,676 shares during the last quarter. Partners Capital Investment Group LLP bought a new stake in Infinera in the 4th quarter valued at $48,000. Wellington Wealth Strategies LLC. acquired a new position in Infinera in the 4th quarter valued at $190,000. Vanguard Group Inc. increased its position in Infinera by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 24,750,346 shares of the communications equipment provider’s stock worth $117,564,000 after buying an additional 469,315 shares during the period. Finally, Kovack Advisors Inc. lifted its holdings in shares of Infinera by 39.4% during the first quarter. Kovack Advisors Inc. now owns 548,500 shares of the communications equipment provider’s stock worth $3,307,000 after buying an additional 154,904 shares in the last quarter. 97.54% of the stock is owned by institutional investors and hedge funds.

Infinera Stock Performance

Shares of NASDAQ:INFN opened at $6.79 on Friday. Infinera Co. has a 1 year low of $2.82 and a 1 year high of $6.91. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -19.97 and a beta of 1.71. The company has a debt-to-equity ratio of 5.02, a current ratio of 1.57 and a quick ratio of 0.94. The company’s 50 day simple moving average is $6.16 and its 200 day simple moving average is $5.65.

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

Wall Street Analyst Weigh In

A number of research firms recently commented on INFN. Needham & Company LLC reaffirmed a “hold” rating on shares of Infinera in a research report on Friday, June 28th. StockNews.com initiated coverage on shares of Infinera in a report on Friday. They set a “sell” rating on the stock. Morgan Stanley boosted their price target on Infinera from $5.40 to $6.65 and gave the company an “equal weight” rating in a research note on Friday, June 28th. Craig Hallum restated 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, B. Riley dropped their price objective on Infinera from $9.00 to $6.65 and set a “buy” rating for the company in a report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $7.09.

Infinera Company 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.