Finisar Corp. (FNSR) Upgraded to “Buy” by Goldman Sachs Group Inc.
Goldman Sachs Group Inc. upgraded shares of Finisar Corp. (NASDAQ:FNSR) from a neutral rating to a buy rating in a report issued on Tuesday. The brokerage currently has $39.00 price objective on the stock, up from their previous price objective of $24.00.
A number of other analysts have also issued reports on the stock. Needham & Company LLC boosted their target price on shares of Finisar Corp. from $32.00 to $36.00 and gave the company a buy rating in a research note on Monday, September 19th. Zacks Investment Research lowered shares of Finisar Corp. from a strong-buy rating to a hold rating in a research note on Wednesday, August 17th. Piper Jaffray Cos. reaffirmed an overweight rating and issued a $38.00 price objective (up from $31.00) on shares of Finisar Corp. in a research note on Friday, October 7th. William Blair raised shares of Finisar Corp. from a market perform rating to an outperform rating in a research note on Friday, September 9th. Finally, Stifel Nicolaus upped their price objective on shares of Finisar Corp. from $28.00 to $33.00 and gave the stock a buy rating in a research note on Monday, September 12th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Finisar Corp. has an average rating of Buy and an average target price of $30.73.
Shares of Finisar Corp. (NASDAQ:FNSR) traded down 0.23% during midday trading on Tuesday, reaching $29.85. 736,504 shares of the company’s stock traded hands. Finisar Corp. has a one year low of $11.04 and a one year high of $31.42. The company has a 50-day moving average of $26.56 and a 200-day moving average of $19.99. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 58.41 and a beta of 1.37.
Finisar Corp. (NASDAQ:FNSR) last issued its earnings results on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.08. The firm earned $341.30 million during the quarter, compared to analyst estimates of $331.34 million. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The business’s revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.23 earnings per share. Equities research analysts anticipate that Finisar Corp. will post $1.74 EPS for the current year.
In other Finisar Corp. news, Director Roger C. Ferguson sold 2,853 shares of the firm’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $29.05, for a total value of $82,879.65. Following the transaction, the director now owns 42,140 shares in the company, valued at approximately $1,224,167. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christopher Brown sold 14,584 shares of the firm’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $19.10, for a total value of $278,554.40. Following the completion of the transaction, the executive vice president now owns 151,578 shares in the company, valued at approximately $2,895,139.80. The disclosure for this sale can be found here. Insiders own 1.34% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio raised 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 during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of 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 worth $128,000 after buying an additional 836 shares during the last quarter. Seven Eight Capital LLC purchased a new position in shares of Finisar Corp. during the second quarter worth $138,000. BlackRock Inc. raised its position in shares of Finisar Corp. by 71.5% in the first quarter. BlackRock Inc. now owns 8,607 shares of the company’s stock worth $156,000 after buying an additional 3,589 shares during the last quarter. Finally, Prudential Financial Inc. purchased a new position in shares of Finisar Corp. during the second quarter worth $191,000. Institutional investors 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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