Infinera Corp. (INFN) Shares Sold by Pillar Pacific Capital Management LLC

Infinera Corp. (INFN) Shares Sold by Pillar Pacific Capital Management LLC

Pillar Pacific Capital Management LLC decreased its stake in Infinera Corp. (NASDAQ:INFN) by 24.2% during the first quarter, Holdings Channel reports. The firm owned 10,000 shares of the communications equipment provider’s stock after selling 3,200 shares during the period. Pillar Pacific Capital Management LLC’s holdings in Infinera Corp. were worth $102,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Empyrean Capital Partners LP acquired a new stake in Infinera Corp. during the third quarter worth about $5,769,000. Two Sigma Advisers LP increased its stake in shares of Infinera Corp. by 34.4% in the third quarter. Two Sigma Advisers LP now owns 486,274 shares of the communications equipment provider’s stock valued at $4,391,000 after buying an additional 124,500 shares in the last quarter. Espalier Global Management LLC acquired a new stake in shares of Infinera Corp. during the third quarter valued at about $226,000. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Infinera Corp. during the third quarter valued at about $101,000. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Infinera Corp. by 6.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,731,990 shares of the communications equipment provider’s stock valued at $33,700,000 after buying an additional 239,946 shares in the last quarter. 70.16% of the stock is currently owned by institutional investors.

Shares of Infinera Corp. (NASDAQ:INFN) traded down 4.02% during trading on Friday, reaching $9.55. 5,230,179 shares of the company were exchanged. Infinera Corp. has a one year low of $7.23 and a one year high of $13.81. The stock has a 50-day moving average price of $10.09 and a 200-day moving average price of $9.40. The stock’s market capitalization is $1.40 billion.

Infinera Corp. (NASDAQ:INFN) last posted its quarterly earnings results on Thursday, May 4th. The communications equipment provider reported ($0.15) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.15). Infinera Corp. had a negative net margin of 2.75% and a positive return on equity of 1.60%. The company earned $175.50 million during the quarter, compared to analyst estimates of $172.62 million. During the same period in the prior year, the business posted $0.19 EPS. The firm’s revenue was down 28.3% compared to the same quarter last year. Analysts forecast that Infinera Corp. will post ($0.27) EPS for the current year.

INFN has been the topic of several research analyst reports. Instinet raised Infinera Corp. from a “neutral” rating to a “buy” rating in a research report on Friday, February 10th. Nomura raised Infinera Corp. from a “neutral” rating to a “buy” rating in a research report on Friday, February 10th. William Blair reaffirmed a “buy” rating on shares of Infinera Corp. in a research report on Sunday, February 12th. Deutsche Bank AG raised their price target on Infinera Corp. from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, March 20th. Finally, Goldman Sachs Group Inc raised Infinera Corp. from a “neutral” rating to a “buy” rating and raised their price target for the company from $10.00 to $13.50 in a research report on Thursday, March 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $10.95.

About Infinera Corp.

Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.

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