Hood River Capital Management LLC Buys 68,324 Shares of Finisar Corp. (FNSR)
Hood River Capital Management LLC raised its position in shares of Finisar Corp. (NASDAQ:FNSR) by 13.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 579,311 shares of the company’s stock after buying an additional 68,324 shares during the period. Hood River Capital Management LLC owned about 0.54% of Finisar Corp. worth $10,144,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. ClariVest Asset Management LLC acquired a new position in shares of Finisar Corp. during the second quarter worth $2,197,000. Strs Ohio increased its position in shares of Finisar Corp. by 20.4% in the second quarter. Strs Ohio now owns 6,500 shares of the company’s stock worth $113,000 after buying an additional 1,100 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Finisar Corp. during the second quarter worth $2,478,000. Nordea Investment Management AB acquired a new position in shares of Finisar Corp. during the second quarter worth $2,198,000. Finally, Trellus Management Company LLC acquired a new position in shares of Finisar Corp. during the second quarter worth $394,000. Institutional investors and hedge funds own 91.62% of the company’s stock.
Finisar Corp. (NASDAQ:FNSR) traded up 0.23% during trading on Thursday, hitting $30.91. The company had a trading volume of 1,396,303 shares. The stock has a market capitalization of $3.41 billion, a PE ratio of 60.49 and a beta of 1.37. The stock has a 50-day moving average of $25.43 and a 200-day moving average of $19.64. Finisar Corp. has a one year low of $11.04 and a one year high of $31.20.
Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, September 8th. The company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.08. The business had revenue of $341.30 million for the quarter, compared to the consensus estimate of $331.34 million. Finisar Corp. had a return on equity of 7.61% and a net margin of 4.32%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 EPS. On average, equities analysts anticipate that Finisar Corp. will post $1.73 EPS for the current year.
A number of brokerages have recently weighed in on FNSR. B. Riley reiterated a “buy” rating and set a $38.00 price target on shares of Finisar Corp. in a report on Wednesday. Needham & Company LLC lifted their price target on Finisar Corp. from $32.00 to $36.00 and gave the company a “buy” rating in a report on Monday, September 19th. Zacks Investment Research upgraded Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a report on Wednesday, September 14th. Stifel Nicolaus lifted their price target on Finisar Corp. from $28.00 to $33.00 and gave the company a “buy” rating in a report on Monday, September 12th. Finally, Jefferies Group lifted their price target on Finisar Corp. from $19.00 to $28.00 and gave the company a “hold” rating in a report on Friday, September 9th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Finisar Corp. currently has an average rating of “Buy” and an average price target of $28.09.
In other Finisar Corp. news, EVP Christopher Brown sold 2,470 shares of the stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $26.50, for a total transaction of $65,455.00. Following the completion of the transaction, the executive vice president now owns 128,637 shares in the company, valued at approximately $3,408,880.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Joseph A. Young sold 6,473 shares of the stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $19.90, for a total value of $128,812.70. Following the transaction, the executive vice president now owns 246,543 shares of the company’s stock, valued at approximately $4,906,205.70. The disclosure for this sale can be found here. Corporate insiders own 1.34% of the company’s stock.
About Finisar Corp.
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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