Infinera (INFN) Reaches New 52-Week Low Following Analyst Downgrade

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Infinera Corp. (NASDAQ:INFN) reached a new 52-week low during trading on Wednesday after Needham & Company LLC lowered their price target on the stock from $14.00 to $9.00. Needham & Company LLC currently has a strong-buy rating on the stock. Infinera traded as low as $4.11 and last traded at $4.19, with a volume of 504801 shares trading hands. The stock had previously closed at $6.23.

A number of other equities research analysts have also recently commented on INFN. BidaskClub cut Infinera from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. Raymond James cut Infinera from a “market perform” rating to an “underperform” rating in a research note on Tuesday, July 24th. Northland Securities upgraded Infinera from a “market perform” rating to an “outperform” rating and set a $12.00 price target for the company in a research note on Tuesday, July 24th. Jefferies Financial Group reiterated a “sell” rating and issued a $8.00 price target on shares of Infinera in a research note on Tuesday, July 24th. Finally, MKM Partners decreased their price target on Infinera to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, July 24th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Infinera currently has an average rating of “Hold” and an average price target of $9.44.

Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Infinera by 335.2% in the third quarter. JPMorgan Chase & Co. now owns 928,023 shares of the communications equipment provider’s stock valued at $6,775,000 after purchasing an additional 714,799 shares during the period. SG Americas Securities LLC acquired a new position in shares of Infinera in the third quarter valued at about $1,050,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Infinera in the third quarter valued at about $165,000. Wells Fargo & Company MN increased its holdings in shares of Infinera by 28.0% in the third quarter. Wells Fargo & Company MN now owns 2,024,688 shares of the communications equipment provider’s stock valued at $14,781,000 after purchasing an additional 442,399 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in shares of Infinera in the third quarter valued at about $866,000. 82.94% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $934.77 million, a price-to-earnings ratio of -5.01 and a beta of 0.52.

Infinera (NASDAQ:INFN) last announced its quarterly earnings data on Tuesday, November 6th. The communications equipment provider reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $200.41 million for the quarter, compared to analyst estimates of $210.57 million. Infinera had a negative return on equity of 13.09% and a negative net margin of 19.95%. The company’s revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.11) earnings per share. As a group, analysts expect that Infinera Corp. will post -0.56 EPS for the current fiscal year.

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About Infinera (NASDAQ:INFN)

Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.

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