Finisar Corp. (FNSR) EVP Todd Swanson Sells 6,183 Shares
Finisar Corp. (NASDAQ:FNSR) EVP Todd Swanson sold 6,183 shares of the business’s stock in a transaction that occurred on Monday, October 17th. The stock was sold at an average price of $28.78, for a total value of $177,946.74. Following the transaction, the executive vice president now directly owns 257,741 shares in the company, valued at $7,417,785.98. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Shares of Finisar Corp. (NASDAQ:FNSR) traded up 2.24% during mid-day trading on Wednesday, hitting $29.65. The company had a trading volume of 1,037,370 shares. Finisar Corp. has a one year low of $11.04 and a one year high of $31.42. The company’s 50-day moving average is $27.77 and its 200 day moving average is $20.38. The company has a market capitalization of $3.27 billion, a PE ratio of 58.02 and a beta of 1.37.
Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, September 8th. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.08. The business had revenue of $341.30 million for the quarter, compared to analyst estimates of $331.34 million. Finisar Corp. had a return on equity of 7.61% and a net margin of 4.32%. Finisar Corp.’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company posted $0.23 earnings per share. On average, equities research analysts forecast that Finisar Corp. will post $1.74 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. TIAA CREF Investment Management LLC raised its stake in shares of Finisar Corp. by 95.5% in the first quarter. TIAA CREF Investment Management LLC now owns 863,404 shares of the company’s stock worth $15,748,000 after buying an additional 421,759 shares during the period. Teachers Advisors Inc. increased its stake in Finisar Corp. by 303.4% in the first quarter. Teachers Advisors Inc. now owns 780,656 shares of the company’s stock worth $14,239,000 after buying an additional 587,150 shares in the last quarter. BlackRock Inc. increased its stake in 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 in the last quarter. BlackRock Group LTD increased its stake in Finisar Corp. by 26.2% in the first quarter. BlackRock Group LTD now owns 67,835 shares of the company’s stock worth $1,238,000 after buying an additional 14,076 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Finisar Corp. by 70.6% in the first quarter. Canada Pension Plan Investment Board now owns 520,970 shares of the company’s stock worth $9,502,000 after buying an additional 215,600 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.
A number of research analysts recently weighed in on the company. Zacks Investment Research lowered Finisar Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 17th. Goldman Sachs Group Inc. boosted their target price on Finisar Corp. from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, September 9th. Stifel Nicolaus raised Finisar Corp. from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a report on Tuesday, September 6th. Needham & Company LLC reissued a “buy” rating and set a $36.00 target price (up from $32.00) on shares of Finisar Corp. in a report on Tuesday, September 13th. Finally, B. Riley reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Finisar Corp. in a report on Wednesday, October 5th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $30.73.
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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