Alpine Associates Management Inc. Buys Shares of 2,038,700 Infinera Co. (NASDAQ:INFN)

Alpine Associates Management Inc. purchased a new position in Infinera Co. (NASDAQ:INFN - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,038,700 shares of the communications equipment provider's stock, valued at approximately $13,761,000. Alpine Associates Management Inc. owned approximately 0.86% of Infinera at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Palumbo Wealth Management LLC boosted its holdings in shares of Infinera by 8.4% during the 3rd quarter. Palumbo Wealth Management LLC now owns 23,954 shares of the communications equipment provider's stock valued at $162,000 after acquiring an additional 1,850 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Infinera by 3.9% in the 2nd quarter. Arizona State Retirement System now owns 58,308 shares of the communications equipment provider's stock worth $355,000 after buying an additional 2,180 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Infinera by 8.5% in the first quarter. ProShare Advisors LLC now owns 35,853 shares of the communications equipment provider's stock worth $216,000 after acquiring an additional 2,821 shares during the period. Blair William & Co. IL lifted its holdings in Infinera by 8.7% in the first quarter. Blair William & Co. IL now owns 47,500 shares of the communications equipment provider's stock valued at $286,000 after acquiring an additional 3,800 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Infinera by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 102,869 shares of the communications equipment provider's stock worth $626,000 after purchasing an additional 4,266 shares during the last quarter. 97.54% of the stock is currently owned by institutional investors.

Infinera Stock Performance

NASDAQ INFN remained flat at $6.63 on Wednesday. 211,833 shares of the company's stock traded hands, compared to its average volume of 4,887,088. The stock's fifty day moving average price is $6.70 and its 200-day moving average price is $6.08. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -13.81 and a beta of 1.71. The company has a quick ratio of 0.97, a current ratio of 1.58 and a debt-to-equity ratio of 4.98. Infinera Co. has a twelve month low of $3.79 and a twelve month high of $6.92.

Infinera (NASDAQ:INFN - Get Free Report) last posted its quarterly 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 business had revenue of $354.40 million during the quarter, compared to analysts' expectations of $401.96 million. Infinera had a negative net margin of 7.62% and a negative return on equity of 45.12%. On average, research analysts anticipate that Infinera Co. will post -0.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on INFN. Rosenblatt Securities reiterated a "neutral" rating and set a $6.65 target price on shares of Infinera in a research report on Wednesday, November 6th. Berenberg Bank upgraded shares of Infinera to a "hold" rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their price target on shares of Infinera from $5.00 to $6.00 and gave the company an "underweight" rating in a report on Tuesday, August 6th. StockNews.com upgraded shares of Infinera from a "sell" rating to a "hold" rating in a report on Thursday, November 7th. Finally, B. Riley cut shares of Infinera from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $7.09.

Infinera 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.