Point72 Asset Management L.P. Reduces Position in Infinera Co. (NASDAQ:INFN)

Point72 Asset Management L.P. lowered its holdings in Infinera Co. (NASDAQ:INFN) by 65.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 802,160 shares of the communications equipment provider’s stock after selling 1,539,940 shares during the period. Point72 Asset Management L.P. owned about 0.34% of Infinera worth $4,885,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of INFN. SageView Advisory Group LLC purchased a new position in shares of Infinera during the 1st quarter valued at approximately $39,000. EverSource Wealth Advisors LLC acquired a new stake in Infinera in the second quarter valued at $104,000. Headlands Technologies LLC bought a new position in Infinera during the 2nd quarter valued at $112,000. Algert Global LLC acquired a new position in Infinera during the 2nd quarter worth $128,000. Finally, Principal Financial Group Inc. increased its position in shares of 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 purchasing an additional 3,725 shares during the last quarter. Institutional investors and hedge funds own 97.54% of the company’s stock.

Infinera Stock Performance

Shares of INFN opened at $6.74 on Wednesday. The firm has a fifty day moving average of $6.21 and a 200-day moving average of $5.72. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -19.82 and a beta of 1.71. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.94 and a current ratio of 1.57. Infinera Co. has a 1 year low of $2.82 and a 1 year high of $6.92.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on INFN. Morgan Stanley increased their price target on shares of Infinera from $5.40 to $6.65 and gave the stock an “equal weight” rating in a research report on Friday, June 28th. B. Riley decreased their target price on Infinera from $9.00 to $6.65 and set a “buy” rating for the company in a research report on Monday, August 5th. StockNews.com assumed coverage on Infinera in a report on Friday, September 27th. They issued a “sell” rating for the company. Craig Hallum restated a “hold” rating and set a $6.65 price objective (down from $12.00) on shares of Infinera in a research note on Monday, July 1st. Finally, Berenberg Bank upgraded shares of Infinera to a “hold” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average 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.