Finisar Corporation (FNSR) Rating Increased to Hold at Zacks Investment Research
Finisar Corporation (NASDAQ:FNSR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday. The brokerage presently has a $27.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.02% from the company’s current price.
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 equities analysts have also commented 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. DA Davidson started coverage on shares of Finisar Corporation in a report on Thursday, June 29th. They set a “buy” rating and a $40.00 price target on the stock. Northland Securities reiterated a “buy” rating and set a $40.00 price target on shares of Finisar Corporation in a report on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and set a $34.00 price target on shares of Finisar Corporation in a report on Friday, May 5th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $33.00 price target on shares of Finisar Corporation in a report on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $36.27.
Finisar Corporation (NASDAQ FNSR) opened at 23.89 on Tuesday. The stock has a 50 day moving average price of $26.25 and a 200-day moving average price of $27.18. Finisar Corporation has a 1-year low of $20.05 and a 1-year high of $36.85. The firm has a market cap of $2.66 billion, a P/E ratio of 10.91 and a beta of 1.32.
Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, June 15th. The technology company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. The company had revenue of $357.50 million for the quarter, compared to analyst estimates of $359.65 million. Finisar Corporation had a net margin of 17.20% and a return on equity of 13.91%. Finisar Corporation’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 earnings per share. Equities research analysts forecast that Finisar Corporation will post $2.10 EPS for the current year.
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In other news, SVP Mark Colyar sold 2,166 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $27.19, for a total transaction of $58,893.54. Following the transaction, the senior vice president now owns 44,822 shares in the company, valued at $1,218,710.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Jerry S. Rawls sold 25,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $25.93, for a total transaction of $648,250.00. Following the transaction, the chairman now owns 815,188 shares in the company, valued at approximately $21,137,824.84. The disclosure for this sale can be found here. Insiders have sold 101,789 shares of company stock worth $2,754,189 in the last quarter. Company insiders own 1.02% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Breton Hill Capital Ltd. raised its position in shares of Finisar Corporation by 297.4% in the first quarter. Breton Hill Capital Ltd. now owns 29,931 shares of the technology company’s stock valued at $818,000 after buying an additional 22,399 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Finisar Corporation by 86.3% in the first quarter. Russell Investments Group Ltd. now owns 370,476 shares of the technology company’s stock valued at $10,129,000 after buying an additional 171,564 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of Finisar Corporation by 750.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 850,000 shares of the technology company’s stock valued at $23,239,000 after buying an additional 750,000 shares in the last quarter. New Jersey Better Educational Savings Trust bought a new position in shares of Finisar Corporation during the first quarter valued at $328,000. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Finisar Corporation by 27.6% in the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 18,500 shares of the technology company’s stock valued at $506,000 after buying an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors own 97.45% 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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