In a report released yesterday, Michael Genovese from Rosenblatt Securities reiterated a Buy rating on Infinera (INFN – Research Report), with a price target of $9.00. The company’s shares closed yesterday at $5.58.
Genovese covers the Technology sector, focusing on stocks such as Calix, Infinera, and Adtran. According to TipRanks, Genovese has an average return of 11.8% and a 58.92% success rate on recommended stocks.
Currently, the analyst consensus on Infinera is a Moderate Buy with an average price target of $8.94.
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Based on Infinera’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $357.99 million and a GAAP net loss of $55.72 million. In comparison, last year the company earned a revenue of $338.23 million and had a GAAP net loss of $35.59 million
Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of INFN in relation to earlier this year.
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Infinera Corp. engages in the provision of optical transport networking equipment, software, and services to telecommunications carriers. Its products include long-haul and subsea, metro networks, data center interconnect, and software. The company was founded by David F. Welch, Drew Daniel Perkins, and Jagdeep Singh in December 2000, and is headquartered in Sunnyvale, CA.
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