Zacks Investment Research lowered shares of Finisar Corporation (NASDAQ:FNSR) from a hold rating to a sell rating in a research note published on Monday, September 4th.
According to Zacks, “FINISAR CORP. is a provider of fiber optic subsystems and network test and monitoring systems which enable high-speed data communications over local area networks, or LANs, storage area networks, or SANs, and metropolitan access networks, or MANs. They are focused on the application of digital fiber optics to provide aline of high-performance, reliable, value-added optical subsystems for data networking and storage equipment manufacturers. “
Several other research firms have also commented on FNSR. Northland Securities restated a buy rating and issued a $40.00 price objective on shares of Finisar Corporation in a research note on Friday, July 28th. Stifel Nicolaus restated a buy rating and issued a $33.00 price objective on shares of Finisar Corporation in a research note on Saturday, July 22nd. ValuEngine lowered Finisar Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. B. Riley restated a buy rating and issued a $38.00 price objective on shares of Finisar Corporation in a research note on Tuesday, June 13th. Finally, BidaskClub lowered Finisar Corporation from a hold rating to a sell rating in a research note on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and three have given a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $32.87.
Finisar Corporation (NASDAQ:FNSR) traded up 0.09% during trading on Monday, hitting $21.80. The stock had a trading volume of 276,726 shares. Finisar Corporation has a one year low of $20.16 and a one year high of $36.85. The stock has a 50 day moving average of $24.65 and a 200 day moving average of $26.01. The firm has a market capitalization of $2.48 billion, a P/E ratio of 10.25 and a beta of 1.33.
Finisar Corporation (NASDAQ:FNSR) last released its quarterly earnings results on Thursday, September 7th. The technology company reported $0.40 earnings per share for the quarter, meeting the consensus estimate of $0.40. The firm had revenue of $341.80 million for the quarter, compared to analysts’ expectations of $341.22 million. Finisar Corporation had a return on equity of 13.11% and a net margin of 16.92%. The company’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 EPS. Equities research analysts expect that Finisar Corporation will post $1.56 earnings per share for the current fiscal year.
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In related news, EVP Todd Swanson sold 6,202 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $24.34, for a total value of $150,956.68. Following the completion of the transaction, the executive vice president now owns 217,005 shares of the company’s stock, valued at approximately $5,281,901.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert Stephens sold 3,015 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $27.65, for a total transaction of $83,364.75. Following the completion of the transaction, the director now directly owns 31,909 shares of the company’s stock, valued at approximately $882,283.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,961 shares of company stock valued at $2,742,336. 1.02% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp lifted its stake in Finisar Corporation by 3.6% in the first quarter. State Street Corp now owns 2,077,716 shares of the technology company’s stock worth $56,802,000 after purchasing an additional 71,736 shares during the last quarter. VIEX Capital Advisors LLC bought a new stake in Finisar Corporation in the first quarter worth about $2,460,000. Taylor Asset Management Inc. lifted its stake in Finisar Corporation by 13.2% in the second quarter. Taylor Asset Management Inc. now owns 1,044,300 shares of the technology company’s stock worth $27,131,000 after purchasing an additional 121,800 shares during the last quarter. Paloma Partners Management Co bought a new stake in Finisar Corporation in the first quarter worth about $314,000. Finally, Peregrine Capital Management LLC lifted its stake in Finisar Corporation by 72.0% in the second quarter. Peregrine Capital Management LLC now owns 453,205 shares of the technology company’s stock worth $11,774,000 after purchasing an additional 189,780 shares during the last quarter. 86.38% of the stock is owned by institutional investors and hedge funds.
Finisar Corporation Company Profile
Finisar Corporation (Finisar) is a provider of optical subsystems and components that are used in data communication and telecommunication applications. The Company’s optical subsystems consist of transmitters, receivers, transceivers, transponders and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in these networks, including the switches, routers, and servers used in wireline networks.
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