Infinera Co. (NASDAQ:INFN) Position Raised by Citigroup Inc.

Citigroup Inc. raised its holdings in Infinera Co. (NASDAQ:INFN) by 2,104.8% in the third quarter, Holdings Channel.com reports. The fund owned 2,915,001 shares of the communications equipment provider’s stock after acquiring an additional 2,782,789 shares during the period. Citigroup Inc.’s holdings in Infinera were worth $19,676,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Palumbo Wealth Management LLC lifted its stake in Infinera by 8.4% during the third quarter. Palumbo Wealth Management LLC now owns 23,954 shares of the communications equipment provider’s stock valued at $162,000 after buying an additional 1,850 shares in the last quarter. Arizona State Retirement System lifted its stake in Infinera by 3.9% in the second quarter. Arizona State Retirement System now owns 58,308 shares of the communications equipment provider’s stock valued at $355,000 after acquiring an additional 2,180 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Infinera by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 102,869 shares of the communications equipment provider’s stock worth $626,000 after purchasing an additional 4,266 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Infinera by 4.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 148,324 shares of the communications equipment provider’s stock worth $895,000 after acquiring an additional 6,617 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Infinera by 7.9% during the second quarter. Victory Capital Management Inc. now owns 144,794 shares of the communications equipment provider’s stock worth $882,000 after purchasing an additional 10,546 shares during the period. 97.54% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Infinera from $5.00 to $6.00 and gave the company an “underweight” rating in a report on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and set a $6.65 price target on shares of Infinera in a research note on Wednesday, November 6th. StockNews.com upgraded Infinera from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. B. Riley lowered shares of Infinera from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Berenberg Bank upgraded Infinera to a “hold” rating in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.09.

Infinera Stock Down 0.2 %

Shares of INFN opened at $6.61 on Wednesday. The business’s fifty day moving average price is $6.71 and its two-hundred day moving average price is $6.12. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -13.77 and a beta of 1.71. Infinera Co. has a 52 week low of $3.79 and a 52 week high of $6.92. The company has a debt-to-equity ratio of 4.98, a quick ratio of 0.97 and a current ratio of 1.58.

Infinera (NASDAQ:INFN) last announced its quarterly earnings data on Tuesday, November 5th. The communications equipment provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). Infinera had a negative return on equity of 45.12% and a negative net margin of 7.62%. The firm had revenue of $354.40 million during the quarter, compared to analyst estimates of $401.96 million. On average, analysts predict that Infinera Co. will post -0.22 earnings per share for the current year.

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.