Finisar Corp.’s (FNSR) “Overweight” Rating Reaffirmed at Piper Jaffray Cos.
Finisar Corp. (NASDAQ:FNSR)‘s stock had its “overweight” rating restated by research analysts at Piper Jaffray Cos. in a research report issued on Friday. They currently have a $38.00 target price on the stock, up from their prior target price of $31.00. Piper Jaffray Cos.’s price target suggests a potential upside of 23.94% from the stock’s current price.
FNSR has been the subject of several other reports. Zacks Investment Research raised shares of Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective for the company in a research note on Wednesday, September 14th. Stifel Nicolaus boosted their price objective on shares of Finisar Corp. from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 12th. Needham & Company LLC boosted their price objective on shares of Finisar Corp. from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Tuesday, September 6th. Barclays PLC boosted their price objective on shares of Finisar Corp. from $20.00 to $27.00 and gave the company an “equal weight” rating in a research note on Friday, September 9th. Finally, MKM Partners raised shares of Finisar Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $21.00 to $35.00 in a research note on Friday, September 9th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Finisar Corp. has an average rating of “Buy” and a consensus target price of $29.36.
Finisar Corp. (NASDAQ:FNSR) traded down 0.81% during mid-day trading on Friday, reaching $30.66. The company’s stock had a trading volume of 1,033,389 shares. Finisar Corp. has a 1-year low of $11.04 and a 1-year high of $31.20. The stock’s 50 day moving average price is $25.74 and its 200 day moving average price is $19.72. The stock has a market capitalization of $3.38 billion, a P/E ratio of 60.00 and a beta of 1.37.
Finisar Corp. (NASDAQ:FNSR) last announced its quarterly earnings data on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.08. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The company earned $341.30 million during the quarter, compared to analysts’ expectations of $331.34 million. During the same period in the previous year, the company earned $0.23 EPS. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts expect that Finisar Corp. will post $1.74 EPS for the current fiscal year.
In other news, EVP Julie Sheridan Eng sold 3,240 shares of the company’s stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $30.04, for a total value of $97,329.60. Following the sale, the executive vice president now owns 75,540 shares in the company, valued at approximately $2,269,221.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Jerry S. Rawls sold 30,000 shares of the company’s stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $28.58, for a total transaction of $857,400.00. Following the completion of the sale, the chairman now owns 779,464 shares in the company, valued at approximately $22,277,081.12. The disclosure for this sale can be found here. 1.34% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of FNSR. Strs Ohio raised its stake 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 during the period. Public Employees Retirement System of Ohio raised its stake in Finisar Corp. by 12.9% in the second quarter. Public Employees Retirement System of Ohio now owns 7,297 shares of the company’s stock valued at $128,000 after buying an additional 836 shares during the period. Seven Eight Capital LLC acquired a new stake in Finisar Corp. during the second quarter valued at $138,000. BlackRock Inc. raised its stake in Finisar Corp. by 71.5% in the first quarter. BlackRock Inc. now owns 8,607 shares of the company’s stock valued at $156,000 after buying an additional 3,589 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in Finisar Corp. by 123.0% in the third quarter. BNP Paribas Arbitrage SA now owns 9,309 shares of the company’s stock valued at $277,000 after buying an additional 5,135 shares during the period. Institutional investors and hedge funds own 91.62% of the company’s stock.
Finisar Corp. 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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