Finisar Corporation Expected to Earn FY2017 Earnings of $1.62 Per Share (FNSR)
Finisar Corporation (NASDAQ:FNSR) – Jefferies Group lowered their FY2017 EPS estimates for Finisar Corporation in a report issued on Monday. Jefferies Group analyst J. Kisner now expects that the technology company will post earnings of $1.62 per share for the year, down from their previous forecast of $1.64. Jefferies Group currently has a “Buy” rating and a $34.00 price target on the stock. Jefferies Group also issued estimates for Finisar Corporation’s Q1 2018 earnings at $0.41 EPS, Q2 2018 earnings at $0.46 EPS, Q3 2018 earnings at $0.49 EPS, Q4 2018 earnings at $0.48 EPS, FY2018 earnings at $1.84 EPS, Q1 2019 earnings at $0.55 EPS and Q4 2019 earnings at $0.53 EPS.
Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, June 15th. The technology company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. Finisar Corporation had a net margin of 17.20% and a return on equity of 14.65%. The business had revenue of $357.50 million for the quarter, compared to analyst estimates of $359.65 million. During the same period last year, the business posted $0.29 earnings per share. The firm’s quarterly revenue was up 12.1% on a year-over-year basis.
Several other equities research analysts have also issued reports on the stock. ValuEngine lowered shares of Finisar Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Citigroup Inc. raised shares of Finisar Corporation to a “strong-buy” rating and set a $40.00 target price for the company in a report on Monday, March 13th. Zacks Investment Research lowered shares of Finisar Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, May 23rd. Raymond James Financial, Inc. raised shares of Finisar Corporation from an “outperform” rating to a “strong-buy” rating and set a $40.00 target price for the company in a report on Monday, March 13th. Finally, Vetr lowered shares of Finisar Corporation from a “buy” rating to a “hold” rating and set a $35.76 target price for the company. in a report on Monday, March 6th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. Finisar Corporation presently has an average rating of “Buy” and an average price target of $37.06.
Shares of Finisar Corporation (FNSR) opened at 27.79 on Thursday. The company’s 50 day moving average is $24.76 and its 200-day moving average is $28.48. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 23.65 and a beta of 1.31. Finisar Corporation has a one year low of $16.73 and a one year high of $36.85. Finisar Corporation also saw unusually large options trading activity on Friday. Stock traders purchased 7,020 call options on the stock. This is an increase of 1,200% compared to the average daily volume of 540 call options.
In other Finisar Corporation news, Director Robert Stephens sold 6,030 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $27.00, for a total value of $162,810.00. Following the completion of the transaction, the director now directly owns 34,924 shares in the company, valued at approximately $942,948. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Jerry S. Rawls sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $27.45, for a total value of $823,500.00. The disclosure for this sale can be found here. Insiders sold a total of 47,713 shares of company stock valued at $1,284,171 over the last 90 days. 1.34% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of FNSR. Wellington Management Group LLP increased its position in Finisar Corporation by 302.4% in the first quarter. Wellington Management Group LLP now owns 2,828,356 shares of the technology company’s stock worth $77,327,000 after buying an additional 2,125,445 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD purchased a new position in Finisar Corporation during the first quarter worth approximately $48,378,000. Victory Capital Management Inc. increased its position in Finisar Corporation by 2,030.6% in the first quarter. Victory Capital Management Inc. now owns 1,310,526 shares of the technology company’s stock worth $35,830,000 after buying an additional 1,249,017 shares in the last quarter. Old Mutual Global Investors UK Ltd. increased its position in Finisar Corporation by 161.9% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,612,962 shares of the technology company’s stock worth $44,098,000 after buying an additional 997,150 shares in the last quarter. Finally, Columbus Circle Investors increased its position in Finisar Corporation by 3,516.8% in the first quarter. Columbus Circle Investors now owns 992,815 shares of the technology company’s stock worth $27,144,000 after buying an additional 965,365 shares in the last quarter.
About Finisar Corporation
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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