Corebridge Financial Inc. Cuts Position in Infinera Co. (NASDAQ:INFN)

Corebridge Financial Inc. trimmed its holdings in shares of Infinera Co. (NASDAQ:INFN) by 7.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,637 shares of the communications equipment provider’s stock after selling 7,596 shares during the quarter. Corebridge Financial Inc.’s holdings in Infinera were worth $661,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of INFN. Vestcor Inc purchased a new stake in shares of Infinera during the 4th quarter valued at $34,000. Quantbot Technologies LP bought a new position in Infinera during the third quarter valued at about $40,000. LPL Financial LLC bought a new stake in Infinera in the fourth quarter worth about $70,000. Wealthfront Advisers LLC bought a new stake in Infinera in the fourth quarter worth about $76,000. Finally, Cibc World Markets Corp purchased a new position in Infinera in the fourth quarter valued at about $124,000. Hedge funds and other institutional investors own 97.54% of the company’s stock.

Infinera Price Performance

INFN opened at $6.64 on Monday. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -13.83 and a beta of 1.63. The company has a quick ratio of 0.97, a current ratio of 1.58 and a debt-to-equity ratio of 4.98. The firm has a 50-day moving average price of $6.64 and a 200-day moving average price of $6.65. Infinera Co. has a twelve month low of $4.49 and a twelve month high of $6.92.

Infinera (NASDAQ:INFN) last issued its earnings results on Thursday, March 6th. The communications equipment provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.15). The business had revenue of $414.39 million for the quarter, compared to the consensus estimate of $409.08 million. Infinera had a negative net margin of 7.62% and a negative return on equity of 45.12%. Equities analysts expect that Infinera Co. will post -0.33 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Infinera in a report on Saturday. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Infinera currently has a consensus rating of “Hold” and a consensus price target 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.