1,854,300 Shares in Infinera Co. (NASDAQ:INFN) Bought by Sand Grove Capital Management LLP

Sand Grove Capital Management LLP purchased a new stake in Infinera Co. (NASDAQ:INFN - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,854,300 shares of the communications equipment provider's stock, valued at approximately $12,517,000. Infinera makes up 4.9% of Sand Grove Capital Management LLP's holdings, making the stock its 12th biggest holding. Sand Grove Capital Management LLP owned 0.78% of Infinera as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in INFN. Price T Rowe Associates Inc. MD increased its stake in Infinera by 4.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 148,324 shares of the communications equipment provider's stock valued at $895,000 after purchasing an additional 6,617 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Infinera by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 829,261 shares of the communications equipment provider's stock valued at $5,050,000 after purchasing an additional 70,450 shares during the period. DDD Partners LLC increased its position in shares of Infinera by 139.9% during the 2nd quarter. DDD Partners LLC now owns 71,244 shares of the communications equipment provider's stock valued at $434,000 after purchasing an additional 41,550 shares during the period. Rhumbline Advisers lifted its holdings in shares of Infinera by 6.7% during the second quarter. Rhumbline Advisers now owns 295,585 shares of the communications equipment provider's stock valued at $1,800,000 after purchasing an additional 18,598 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Infinera by 7.9% during the 2nd quarter. Victory Capital Management Inc. now owns 144,794 shares of the communications equipment provider's stock worth $882,000 after purchasing an additional 10,546 shares in the last quarter. Institutional investors and hedge funds own 97.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. StockNews.com upgraded Infinera from a "sell" rating to a "hold" rating in a research note on Thursday, November 7th. B. Riley lowered Infinera from a "strong-buy" rating to a "hold" rating in a report on Wednesday, November 6th. Finally, 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. 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 company's stock. Based on data from MarketBeat, Infinera currently has an average rating of "Hold" and a consensus price target of $7.09.

Infinera Price Performance

Shares of NASDAQ INFN remained flat at $6.64 during trading on Thursday. 348,650 shares of the stock traded hands, compared to its average volume of 4,714,335. The firm has a market capitalization of $1.57 billion, a P/E ratio of -13.83 and a beta of 1.67. 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 12-month low of $4.18 and a 12-month high of $6.92. The company's 50 day moving average price is $6.69 and its two-hundred day moving average price is $6.18.

Infinera (NASDAQ:INFN - Get Free Report) last announced its earnings results on Tuesday, November 5th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.07). The company had revenue of $354.40 million during the quarter, compared to analysts' expectations of $401.96 million. Infinera had a negative return on equity of 45.12% and a negative net margin of 7.62%. On average, equities 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.