Legal & General Group Plc Decreases Position in Infinera Co. (NASDAQ:INFN)

Legal & General Group Plc lowered its stake in shares of Infinera Co. (NASDAQ:INFN) by 5.7% during the fourth quarter, Holdings Channel reports. The fund owned 229,964 shares of the communications equipment provider’s stock after selling 13,784 shares during the period. Legal & General Group Plc’s holdings in Infinera were worth $1,511,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Magnetar Financial LLC purchased a new position in shares of Infinera in the 4th quarter valued at about $56,240,000. ABC Arbitrage SA purchased a new position in Infinera in the fourth quarter worth approximately $2,306,000. Dynamic Technology Lab Private Ltd acquired a new position in Infinera during the 4th quarter worth approximately $1,241,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Infinera in the 4th quarter valued at approximately $1,200,000. Finally, Yakira Capital Management Inc. raised its holdings in shares of Infinera by 115.1% in the 4th quarter. Yakira Capital Management Inc. now owns 127,785 shares of the communications equipment provider’s stock valued at $840,000 after purchasing an additional 68,385 shares in the last quarter. 97.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on Infinera in a report on Monday, April 21st. They issued a “hold” rating on the stock. 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.09.

Infinera Price Performance

Shares of INFN opened at $6.64 on Friday. The company has a debt-to-equity ratio of 4.98, a current ratio of 1.58 and a quick ratio of 0.97. Infinera Co. has a 1-year low of $4.75 and a 1-year high of $6.92. The stock has a market cap of $1.57 billion, a PE ratio of -13.83 and a beta of 1.63. The firm has a fifty day moving average price of $6.64 and a 200 day moving average price of $6.64.

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

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.