Fred Alger Management Inc. Purchases Shares of 10,000 Infinera Corporation (INFN)

Fred Alger Management Inc. purchased a new position in shares of Infinera Corporation (NASDAQ:INFN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,000 shares of the communications equipment provider’s stock, valued at approximately $107,000.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Infinera Corporation by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 11,785,059 shares of the communications equipment provider’s stock worth $125,746,000 after purchasing an additional 369,519 shares during the period. BlackRock Inc. grew its stake in shares of Infinera Corporation by 2.8% during the 2nd quarter. BlackRock Inc. now owns 9,844,377 shares of the communications equipment provider’s stock worth $105,040,000 after purchasing an additional 268,912 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Infinera Corporation by 33.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,793,110 shares of the communications equipment provider’s stock worth $83,151,000 after purchasing an additional 1,949,576 shares during the period. Alliancebernstein L.P. grew its stake in shares of Infinera Corporation by 19.1% during the 2nd quarter. Alliancebernstein L.P. now owns 5,961,108 shares of the communications equipment provider’s stock worth $63,605,000 after purchasing an additional 957,416 shares during the period. Finally, Eagle Asset Management Inc. grew its stake in shares of Infinera Corporation by 8.6% during the 2nd quarter. Eagle Asset Management Inc. now owns 4,353,295 shares of the communications equipment provider’s stock worth $46,449,000 after purchasing an additional 346,427 shares during the period. 86.67% of the stock is currently owned by institutional investors and hedge funds.

Infinera Corporation (NASDAQ:INFN) opened at 8.77 on Wednesday. Infinera Corporation has a 12-month low of $7.23 and a 12-month high of $12.50. The firm has a 50-day moving average of $8.56 and a 200-day moving average of $9.89. The stock’s market capitalization is $1.30 billion.

Infinera Corporation (NASDAQ:INFN) last issued its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.01). The company had revenue of $176.28 million during the quarter, compared to analysts’ expectations of $181.16 million. Infinera Corporation had a negative return on equity of 12.39% and a negative net margin of 18.18%. The company’s revenue for the quarter was down 31.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.21 EPS. Equities research analysts forecast that Infinera Corporation will post ($0.56) earnings per share for the current fiscal year.

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INFN has been the topic of a number of recent analyst reports. BidaskClub raised shares of Infinera Corporation from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 12th. Craig Hallum initiated coverage on shares of Infinera Corporation in a research note on Tuesday, July 18th. They set a “buy” rating and a $15.00 price target on the stock. Deutsche Bank AG lowered their price objective on shares of Infinera Corporation from $12.50 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 7th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Infinera Corporation in a research note on Monday, July 10th. Finally, Needham & Company LLC increased their price objective on shares of Infinera Corporation from $13.50 to $14.50 and gave the company a “strong-buy” rating in a research note on Monday, June 19th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $11.82.

In related news, President David F. Welch sold 5,000 shares of Infinera Corporation stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $12.00, for a total value of $60,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President David F. Welch sold 20,000 shares of Infinera Corporation stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $9.02, for a total value of $180,400.00. The disclosure for this sale can be found here. Insiders sold a total of 45,000 shares of company stock worth $426,200 in the last three months. 2.90% of the stock is currently owned by company insiders.

Infinera Corporation Profile

Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.

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Institutional Ownership by Quarter for Infinera Corporation (NASDAQ:INFN)

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