Finisar Corp. (FNSR) Stock Rating Lowered by Zacks Investment Research
Finisar Corp. (NASDAQ:FNSR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “FINISAR CORP. is a provider of fiber optic subsystems and network test and monitoring systems which enable high-speed data communications over local area networks, or LANs, storage area networks, or SANs, and metropolitan access networks, or MANs. They are focused on the application of digital fiber optics to provide aline of high-performance, reliable, value-added optical subsystems for data networking and storage equipment manufacturers. “
A number of other analysts also recently commented on the company. Stifel Nicolaus boosted their price objective on Finisar Corp. from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, September 12th. Piper Jaffray Cos. reissued an “overweight” rating and issued a $38.00 price objective (up previously from $31.00) on shares of Finisar Corp. in a research note on Friday, October 7th. Needham & Company LLC boosted their price objective on Finisar Corp. from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, September 6th. Goldman Sachs Group Inc. raised Finisar Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $24.00 to $39.00 in a research note on Tuesday, October 11th. Finally, Barclays PLC boosted their price objective on Finisar Corp. from $20.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday, September 9th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $30.91.
Finisar Corp. (NASDAQ:FNSR) opened at 29.45 on Wednesday. The stock has a market capitalization of $3.25 billion, a P/E ratio of 57.63 and a beta of 1.37. Finisar Corp. has a 52-week low of $11.11 and a 52-week high of $31.42. The company’s 50-day moving average price is $29.26 and its 200 day moving average price is $21.66.
Finisar Corp. (NASDAQ:FNSR) last announced its earnings results on Thursday, September 8th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.08. The firm 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 for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.23 EPS. On average, equities research analysts anticipate that Finisar Corp. will post $1.75 earnings per share for the current year.
In other Finisar Corp. news, SVP Mark Colyar sold 39,225 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $20.75, for a total value of $813,918.75. Following the transaction, the senior vice president now owns 95,633 shares in the company, valued at $1,984,384.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Joseph A. Young sold 103,323 shares of the business’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $27.76, for a total value of $2,868,246.48. Following the completion of the transaction, the executive vice president now owns 245,832 shares in the company, valued at approximately $6,824,296.32. 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 modified their holdings of FNSR. Hood River Capital Management LLC increased its position in shares of Finisar Corp. by 13.4% in the second quarter. Hood River Capital Management LLC now owns 579,311 shares of the company’s stock worth $10,144,000 after buying an additional 68,324 shares during the period. Renaissance Technologies LLC increased its position in shares of Finisar Corp. by 7.7% in the first quarter. Renaissance Technologies LLC now owns 1,685,910 shares of the company’s stock worth $30,751,000 after buying an additional 120,300 shares during the period. Paradigm Capital Management Inc. NY increased its position in shares of Finisar Corp. by 204.0% in the second quarter. Paradigm Capital Management Inc. NY now owns 501,450 shares of the company’s stock worth $8,781,000 after buying an additional 336,500 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of Finisar Corp. by 6.2% in the second quarter. UBS Asset Management Americas Inc. now owns 75,410 shares of the company’s stock worth $1,320,000 after buying an additional 4,375 shares during the period. Finally, Moore Capital Management LP purchased a new position in shares of Finisar Corp. during the first quarter worth approximately $4,104,000. Hedge funds and other institutional investors own 91.99% 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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