Algert Global LLC Acquires New Holdings in Infinera Co. (NASDAQ:INFN)

Algert Global LLC bought a new position in shares of Infinera Co. (NASDAQ:INFN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,937 shares of the communications equipment provider’s stock, valued at approximately $128,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Wealth Strategies LLC. acquired a new position in shares of Infinera during the 4th quarter worth approximately $190,000. Vanguard Group Inc. boosted its stake in shares of Infinera by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 24,750,346 shares of the communications equipment provider’s stock valued at $117,564,000 after acquiring an additional 469,315 shares during the last quarter. Kovack Advisors Inc. increased its position in Infinera by 39.4% during the 1st quarter. Kovack Advisors Inc. now owns 548,500 shares of the communications equipment provider’s stock worth $3,307,000 after purchasing an additional 154,904 shares in the last quarter. Principal Financial Group Inc. increased its position in Infinera by 16.2% during 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 in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Infinera in the 1st quarter valued at about $627,000. Institutional investors and hedge funds own 97.54% of the company’s stock.

Wall Street Analyst Weigh In

INFN has been the subject of a number of analyst reports. Craig Hallum reissued a “hold” rating and issued a $6.65 price objective (down previously from $12.00) on shares of Infinera in a research report on Monday, July 1st. Needham & Company LLC reiterated a “hold” rating on shares of Infinera in a report on Friday, June 28th. Rosenblatt Securities cut Infinera from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $8.00 to $6.65 in a report on Monday, August 5th. StockNews.com assumed coverage on Infinera in a research note on Saturday, October 5th. They issued a “sell” rating for the company. Finally, JPMorgan Chase & Co. raised their price target on Infinera from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Two investment 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. According to MarketBeat, Infinera has a consensus rating of “Hold” and an average price target of $7.09.

Infinera Stock Performance

NASDAQ INFN opened at $6.67 on Friday. 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 $6.92. The firm has a market capitalization of $1.57 billion, a P/E ratio of -14.50 and a beta of 1.72. The business’s 50-day simple moving average is $6.33 and its 200-day simple moving average is $5.79.

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

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.