Jefferies Group LLC reaffirmed their buy rating on shares of Finisar Corporation (NASDAQ:FNSR) in a report released on Friday, September 8th. Jefferies Group LLC currently has a $28.50 target price on the technology company’s stock, down from their previous target price of $34.00.
FNSR has been the subject of a number of other research reports. B. Riley reissued a buy rating and set a $38.00 target price on shares of Finisar Corporation in a report on Thursday, June 8th. ValuEngine cut Finisar Corporation from a strong-buy rating to a buy rating in a report on Friday, June 2nd. Needham & Company LLC reissued a strong-buy rating and set a $34.00 target price (down previously from $44.00) on shares of Finisar Corporation in a report on Friday, September 8th. Zacks Investment Research upgraded Finisar Corporation from a sell rating to a hold rating in a research report on Tuesday, June 13th. Finally, William Blair reiterated an ourperform rating on shares of Finisar Corporation in a research report on Thursday, September 7th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. Finisar Corporation currently has a consensus rating of Buy and a consensus price target of $32.87.
Finisar Corporation (NASDAQ FNSR) opened at 21.87 on Friday. Finisar Corporation has a 12-month low of $20.16 and a 12-month high of $36.85. The firm’s 50-day moving average price is $23.93 and its 200 day moving average price is $25.77. The stock has a market cap of $2.49 billion, a PE ratio of 10.29 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, hitting analysts’ consensus estimates of $0.40. Finisar Corporation had a return on equity of 13.11% and a net margin of 16.92%. The company had revenue of $341.80 million during the quarter, compared to analysts’ expectations of $341.22 million. During the same quarter in the prior year, the firm posted $0.38 EPS. Finisar Corporation’s quarterly revenue was up .1% compared to the same quarter last year. Analysts anticipate that Finisar Corporation will post $1.49 EPS for the current year.
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In other news, EVP Julie Sheridan Eng sold 5,576 shares of Finisar Corporation stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $27.27, for a total transaction of $152,057.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Todd Swanson sold 6,202 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total value of $150,956.68. Following the transaction, the executive vice president now directly owns 217,005 shares in the company, valued at approximately $5,281,901.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,763 shares of company stock valued at $2,488,011. Company insiders own 1.02% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Acrospire Investment Management LLC lifted its position in shares of Finisar Corporation by 4.4% during the 1st quarter. Acrospire Investment Management LLC now owns 3,991 shares of the technology company’s stock valued at $109,000 after acquiring an additional 168 shares during the period. Fortaleza Asset Management Inc. acquired a new position in Finisar Corporation in the 2nd quarter valued at $138,000. PNC Financial Services Group Inc. raised its holdings in Finisar Corporation by 43.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock valued at $153,000 after acquiring an additional 1,805 shares during the last quarter. Westside Investment Management Inc. acquired a new position in Finisar Corporation in the 1st quarter valued at $150,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Finisar Corporation during the 2nd quarter valued at $202,000. Institutional investors own 86.38% of the company’s stock.
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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