Shellback Capital LP Buys New Shares in Infinera Co. (NASDAQ:INFN)

Shellback Capital LP purchased a new position in shares of Infinera Co. (NASDAQ:INFN) in the 2nd quarter, Holdings Channel reports. The firm purchased 964,485 shares of the communications equipment provider’s stock, valued at approximately $5,874,000.

A number of other large investors also recently bought and sold shares of INFN. AIGH Capital Management LLC grew its stake in shares of Infinera by 278.8% during 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 buying an additional 2,479,272 shares during the period. Vanguard Group Inc. grew 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 valued at $163,108,000 after acquiring an additional 2,299,025 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its position in Infinera by 22.4% during 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 acquiring an additional 2,025,658 shares during the period. Hood River Capital Management LLC increased its stake in Infinera by 52.5% during the first quarter. Hood River Capital Management LLC now owns 4,162,231 shares of the communications equipment provider’s stock worth $25,098,000 after acquiring an additional 1,432,016 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Infinera by 249.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 1,276,876 shares of the communications equipment provider’s stock worth $7,776,000 after purchasing an additional 911,293 shares during the period. Hedge funds and other institutional investors own 97.54% of the company’s stock.

Infinera Trading Down 0.7 %

NASDAQ INFN opened at $6.79 on Friday. The stock has a market cap of $1.59 billion, a P/E ratio of -19.97 and a beta of 1.71. The company’s fifty day simple moving average is $6.16 and its 200-day simple moving average is $5.65. The company has a current ratio of 1.57, a quick ratio of 0.94 and a debt-to-equity ratio of 5.02. Infinera Co. has a 52 week low of $2.82 and a 52 week high of $6.91.

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

Wall Street Analyst Weigh In

INFN has been the subject of a number of research reports. Berenberg Bank upgraded Infinera to a “hold” rating in a report on Monday, August 5th. Morgan Stanley boosted their price objective on shares of Infinera from $5.40 to $6.65 and gave the stock an “equal weight” rating in a research note on Friday, June 28th. Rosenblatt Securities lowered shares of 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 report on Monday, August 5th. StockNews.com began coverage on shares of Infinera in a report on Friday. They set a “sell” rating on the stock. Finally, B. Riley decreased their price target on shares of Infinera from $9.00 to $6.65 and set a “buy” rating for the company in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Infinera has a consensus rating of “Hold” and a consensus target price 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.