Infinera Corp. (INFN) COO David W. Heard Acquires 20,000 Shares
Infinera Corp. (NASDAQ:INFN) COO David W. Heard acquired 20,000 shares of the company’s stock in a transaction on Friday, November 9th. The shares were acquired at an average price of $4.74 per share, for a total transaction of $94,800.00. Following the completion of the acquisition, the chief operating officer now directly owns 44,532 shares in the company, valued at $211,081.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of NASDAQ INFN opened at $4.70 on Friday. Infinera Corp. has a twelve month low of $4.11 and a twelve month high of $12.39.
Infinera (NASDAQ:INFN) last issued its quarterly earnings results on Tuesday, November 6th. The communications equipment provider reported ($0.04) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.04). Infinera had a negative return on equity of 11.78% and a negative net margin of 19.18%. The business had revenue of $200.41 million during the quarter, compared to the consensus estimate of $210.57 million. During the same period in the previous year, the business earned ($0.11) EPS. The business’s quarterly revenue was up 4.1% on a year-over-year basis. On average, equities research analysts anticipate that Infinera Corp. will post -0.62 EPS for the current fiscal year.
Several equities research analysts have issued reports on the company. Jefferies Financial Group upgraded Infinera from an “underperform” rating to a “hold” rating in a report on Friday. Rosenblatt Securities downgraded Infinera to a “hold” rating in a report on Thursday. Nomura restated a “neutral” rating and set a $6.00 price objective (down from $12.00) on shares of Infinera in a report on Wednesday. Needham & Company LLC dropped their price objective on Infinera from $14.00 to $9.00 and set a “strong-buy” rating on the stock in a report on Wednesday. Finally, Piper Jaffray Companies dropped their price objective on Infinera to $6.50 and set a “neutral” rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Infinera presently has an average rating of “Hold” and a consensus target price of $9.40.
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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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