Pitcairn Co. Takes Position in Finisar Corporation (FNSR)
Pitcairn Co. purchased a new stake in shares of Finisar Corporation (NASDAQ:FNSR) during the second quarter, Holdings Channel reports. The fund purchased 14,479 shares of the technology company’s stock, valued at approximately $376,000.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Creative Planning boosted its stake in Finisar Corporation by 270.1% in the first quarter. Creative Planning now owns 21,160 shares of the technology company’s stock valued at $579,000 after buying an additional 15,443 shares during the period. Cornerstone Financial Partners LLC bought a new stake in Finisar Corporation during the first quarter valued at $952,000. Fox Run Management L.L.C. boosted its stake in Finisar Corporation by 211.5% in the first quarter. Fox Run Management L.L.C. now owns 29,900 shares of the technology company’s stock valued at $817,000 after buying an additional 20,300 shares during the period. Quotient Investors LLC boosted its stake in Finisar Corporation by 547.6% in the first quarter. Quotient Investors LLC now owns 54,400 shares of the technology company’s stock valued at $1,487,000 after buying an additional 46,000 shares during the period. Finally, Rice Hall James & Associates LLC bought a new stake in Finisar Corporation during the first quarter valued at $927,000. Institutional investors and hedge funds own 97.45% of the company’s stock.
Finisar Corporation (NASDAQ:FNSR) opened at 24.29 on Tuesday. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 11.09 and a beta of 1.32. Finisar Corporation has a 52-week low of $20.05 and a 52-week high of $36.85. The stock has a 50 day moving average price of $26.43 and a 200 day moving average price of $27.24.
Finisar Corporation (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, June 15th. The technology company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. Finisar Corporation had a return on equity of 13.91% and a net margin of 17.20%. The business had revenue of $357.50 million for the quarter, compared to the consensus estimate of $359.65 million. During the same quarter in the prior year, the company earned $0.29 EPS. The business’s revenue was up 12.1% compared to the same quarter last year. Analysts expect that Finisar Corporation will post $2.10 EPS for the current fiscal year.
FNSR has been the topic of several recent analyst reports. MKM Partners reiterated a “buy” rating and issued a $32.00 price target (down previously from $41.00) on shares of Finisar Corporation in a report on Friday, April 21st. Raymond James Financial, Inc. reiterated a “strong-buy” rating on shares of Finisar Corporation in a report on Friday, April 21st. Jefferies Group LLC reiterated a “buy” rating and issued a $34.00 price target on shares of Finisar Corporation in a report on Friday, May 5th. Zacks Investment Research cut shares of Finisar Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, May 23rd. Finally, ValuEngine cut shares of Finisar Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $36.84.
In related news, EVP Todd Swanson sold 6,183 shares of the firm’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $27.65, for a total transaction of $170,959.95. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Jerry S. Rawls sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $27.58, for a total value of $689,500.00. Following the sale, the chairman now directly owns 815,188 shares in the company, valued at approximately $22,482,885.04. The disclosure for this sale can be found here. Insiders have sold a total of 101,789 shares of company stock worth $2,754,189 in the last three months. Corporate insiders own 1.02% of the company’s stock.
Finisar Corporation 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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