Fortaleza Asset Management Inc. Takes Position in Finisar Corporation (FNSR)
Fortaleza Asset Management Inc. acquired a new position in Finisar Corporation (NASDAQ:FNSR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,310 shares of the technology company’s stock, valued at approximately $138,000.
A number of other hedge funds have also recently added to or reduced their stakes in FNSR. Wells Fargo & Company MN increased its stake in Finisar Corporation by 27.0% in the first quarter. Wells Fargo & Company MN now owns 2,329,912 shares of the technology company’s stock worth $63,701,000 after buying an additional 495,132 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD purchased a new stake in Finisar Corporation during the first quarter worth about $48,378,000. DUPONT CAPITAL MANAGEMENT Corp purchased a new stake in Finisar Corporation during the first quarter worth about $906,000. Old Mutual Global Investors UK Ltd. increased its stake 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 during the last quarter. Finally, Deltec Asset Management LLC purchased a new stake in Finisar Corporation during the first quarter worth about $11,386,000. 97.45% of the stock is currently owned by institutional investors and hedge funds.
Finisar Corporation (FNSR) opened at 23.19 on Tuesday. Finisar Corporation has a 12 month low of $20.29 and a 12 month high of $36.85. The company has a market cap of $2.59 billion, a P/E ratio of 10.59 and a beta of 1.32. The firm has a 50-day moving average price of $26.00 and a 200 day moving average price of $27.03.
Finisar Corporation (NASDAQ:FNSR) last announced its quarterly earnings results on Thursday, June 15th. The technology company reported $0.50 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.50. The company had revenue of $357.50 million during the quarter, compared to the consensus estimate of $359.65 million. Finisar Corporation had a return on equity of 13.91% and a net margin of 17.20%. Finisar Corporation’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 EPS. Equities research analysts predict that Finisar Corporation will post $2.10 EPS for the current year.
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A number of research firms have issued reports on FNSR. B. Riley reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Finisar Corporation in a research note on Sunday, June 18th. Northland Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Finisar Corporation in a research note on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Finisar Corporation in a research note on Saturday, July 22nd. Zacks Investment Research downgraded Finisar Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. Finally, DA Davidson began coverage on Finisar Corporation in a research note on Thursday, June 29th. They issued a “buy” rating and a $40.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $36.27.
In other Finisar Corporation news, EVP Todd Swanson sold 6,202 shares of Finisar Corporation stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total transaction of $150,956.68. Following the completion of the sale, the executive vice president now directly owns 217,005 shares of the company’s stock, valued at approximately $5,281,901.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Jerry S. Rawls sold 25,000 shares of Finisar Corporation stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $25.93, for a total value of $648,250.00. Following the sale, the chairman now directly owns 815,188 shares of the company’s stock, valued at $21,137,824.84. The disclosure for this sale can be found here. Insiders have sold a total of 107,991 shares of company stock valued at $2,905,146 over the last ninety days. 1.02% of the stock is owned by company insiders.
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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