Citigroup Inc. Increases Stake in Infinera Co. (NASDAQ:INFN)

Citigroup Inc. increased its position in Infinera Co. (NASDAQ:INFN) by 2,104.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,915,001 shares of the communications equipment provider’s stock after buying an additional 2,782,789 shares during the quarter. Citigroup Inc. owned about 1.23% of Infinera worth $19,676,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of INFN. AIGH Capital Management LLC lifted its holdings 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 acquiring an additional 2,479,272 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of 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 purchasing an additional 2,299,025 shares during the period. Alpine Associates Management Inc. purchased a new stake in Infinera during the 3rd quarter worth $13,761,000. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Infinera by 22.4% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 11,057,935 shares of the communications equipment provider’s stock worth $67,343,000 after buying an additional 2,025,658 shares in the last quarter. Finally, Water Island Capital LLC purchased a new position in Infinera in the 2nd quarter valued at about $9,196,000. 97.54% of the stock is owned by institutional investors and hedge funds.

Infinera Stock Down 0.2 %

Infinera stock opened at $6.61 on Wednesday. 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 Co. has a one year low of $3.79 and a one year high of $6.92. The company has a 50-day simple moving average of $6.71 and a 200-day simple moving average of $6.12. The firm has a market capitalization of $1.57 billion, a P/E ratio of -13.77 and a beta of 1.71.

Infinera (NASDAQ:INFN) last posted its earnings results on Tuesday, November 5th. The communications equipment provider reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.07). The firm had revenue of $354.40 million during the quarter, compared to the consensus estimate of $401.96 million. Infinera had a negative return on equity of 45.12% and a negative net margin of 7.62%. As a group, equities analysts expect that Infinera Co. will post -0.22 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Infinera Company 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.