Citigroup Inc. Has $19.68 Million Stock Position in Infinera Co. (NASDAQ:INFN)

Citigroup Inc. increased its stake in Infinera Co. (NASDAQ:INFN - Free Report) by 2,104.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,915,001 shares of the communications equipment provider's stock after purchasing an additional 2,782,789 shares during the period. Citigroup Inc. owned 1.23% of Infinera worth $19,676,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of INFN. EverSource Wealth Advisors LLC acquired a new stake in Infinera during the 2nd quarter worth $104,000. Headlands Technologies LLC acquired a new stake in Infinera during the 2nd quarter worth $112,000. Algert Global LLC acquired a new stake in Infinera during the 2nd quarter worth $128,000. Palumbo Wealth Management LLC grew its holdings in shares of Infinera by 8.4% in the 3rd quarter. Palumbo Wealth Management LLC now owns 23,954 shares of the communications equipment provider's stock valued at $162,000 after buying an additional 1,850 shares during the period. Finally, Creative Planning grew its holdings in shares of Infinera by 87.3% in the 3rd quarter. Creative Planning now owns 30,443 shares of the communications equipment provider's stock valued at $205,000 after buying an additional 14,193 shares during the period. Institutional investors own 97.54% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Infinera from $5.00 to $6.00 and gave the company an "underweight" rating in a research report on Tuesday, August 6th. Rosenblatt Securities reissued a "neutral" rating and set a $6.65 price target on shares of Infinera in a research report on Wednesday, November 6th. Berenberg Bank raised shares of Infinera to a "hold" rating in a research report on Monday, August 5th. StockNews.com raised shares of Infinera from a "sell" rating to a "hold" rating in a report on Thursday, November 7th. Finally, B. Riley lowered shares of Infinera from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $7.09.

Infinera Stock Performance

Infinera stock remained flat at $6.61 during trading hours on Wednesday. 1,635,150 shares of the company's stock were exchanged, compared to its average volume of 4,806,405. The stock has a fifty day moving average price of $6.71 and a 200 day moving average price of $6.13. The company has a market cap of $1.57 billion, a P/E ratio of -13.79 and a beta of 1.71. 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 12-month low of $3.79 and a 12-month high of $6.92.

Infinera (NASDAQ:INFN - Get Free Report) last announced its quarterly earnings data 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). Infinera had a negative net margin of 7.62% and a negative return on equity of 45.12%. The firm had revenue of $354.40 million for the quarter, compared to analyst estimates of $401.96 million. On average, analysts expect that Infinera Co. will post -0.25 earnings per share for the current fiscal year.

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.