Infinera (NASDAQ:INFN – Get Free Report) updated its third quarter 2023 earnings guidance on Thursday. The company provided earnings per share guidance of -$0.06-$0.02 for the period, compared to the consensus earnings per share estimate of $0.06. The company issued revenue guidance of $361.00 million-$391.00 million, compared to the consensus revenue estimate of $426.67 million.
Infinera Price Performance
Shares of NASDAQ INFN opened at $3.69 on Thursday. The firm’s 50-day simple moving average is $4.65 and its 200 day simple moving average is $5.97. The stock has a market cap of $832.54 million, a P/E ratio of -17.57 and a beta of 1.43. The company has a quick ratio of 1.04, a current ratio of 1.69 and a debt-to-equity ratio of 3.55. Infinera has a fifty-two week low of $3.62 and a fifty-two week high of $7.80.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on INFN shares. Northland Securities lowered their price target on Infinera from $7.00 to $6.00 in a research report on Thursday, May 4th. Morgan Stanley dropped their price target on shares of Infinera from $7.50 to $5.00 and set an equal weight rating on the stock in a research report on Thursday, August 3rd. Finally, StockNews.com began coverage on shares of Infinera in a report on Thursday, May 18th. They issued a hold rating for the company.
Insider Buying and Selling at Infinera
In related news, CEO David W. Heard acquired 6,000 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were purchased at an average price of $4.95 per share, for a total transaction of $29,700.00. Following the purchase, the chief executive officer now owns 744,943 shares in the company, valued at $3,687,467.85. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.18% of the company’s stock.
Institutional Investors Weigh In On Infinera
A number of hedge funds have recently bought and sold shares of the company. Clear Street Markets LLC bought a new stake in Infinera during the 1st quarter valued at approximately $39,000. Tower Research Capital LLC TRC grew its position in Infinera by 85.4% in the 1st quarter. Tower Research Capital LLC TRC now owns 5,291 shares of the communications equipment provider’s stock worth $41,000 after purchasing an additional 2,437 shares during the last quarter. Quarry LP acquired a new position in shares of Infinera during the first quarter valued at about $73,000. Balyasny Asset Management LLC bought a new stake in shares of Infinera in the third quarter valued at about $87,000. Finally, Shay Capital LLC acquired a new stake in Infinera during the first quarter worth about $87,000.
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.