Infinera Corp. (INFN) reported quarterly earnings results on Wednesday, Jul-27-2016. The company said it had a profit of $0.21 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.18. The company posted revenue of $258.82 million in the period, compared to analysts expectations of $255.83 million. The company’s revenue was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS.
Many Wall Street Analysts have commented on Infinera Corp.. Needham Upgraded Infinera Corp. on Jul 25, 2016 to ” Strong Buy”, Price Target of the shares are set at $20.Shares were Reiterated by MKM Partners on Jun 20, 2016 to “Neutral” and Lowered the Price Target to $ 13 from a previous price target of $15 .Nomura Initiated Infinera Corp. on Jun 3, 2016 to “Buy”, Price Target of the shares are set at $17.
Infinera Corp. closed down -4.2 points or -33.57% at $8.31 with 2,11,33,933 shares getting traded on Thursday. Post opening the session at $8.4, the shares hit an intraday low of $8.2 and an intraday high of $8.64 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on May 3, 2016, Thomas J Fallon (CEO) purchased 100,000 shares at $11.95 per share price. According to the SEC, on May 3, 2016, Brad Feller (CFO) purchased 25,000 shares at $11.76 per share price. On Dec 8, 2015, James Laufman (Senior VP and General Counsel) sold 5,000 shares at $22.30 per share price, according to the Form-4 filing with the securities and exchange commission.
Infinera Corporation is engaged in optical transport networking systems. The Company provides optical transport networking equipment software and services to Tier 1 and Tier 2 telecommunications service providers Internet content providers (ICPs) cable operators wholesale and enterprise carriers research and education institutions and government entities around the world. The Company’s technologies and platforms enable Service Providers to deliver bandwidth. The Company uses its large scale photonic integrated circuits (PICs) to deliver optical networking solutions for the network environments. Its product portfolio consists of the Infinera DTN-X and the Infinera DTN platforms targeted for long-haul and subsea networks and the Cloud Xpress and ATN platforms targeted for metro networks. It also provides software solutions to increase the efficiency and optimization of the network.