Jefferies Group LLC Reaffirms Buy Rating for Finisar Corporation (FNSR)
Jefferies Group LLC reissued their buy rating on shares of Finisar Corporation (NASDAQ:FNSR) in a research note issued to investors on Friday morning. They currently have a $28.50 price objective on the technology company’s stock, down from their prior price objective of $34.00.
A number of other equities analysts have also weighed in on the company. Northland Securities reiterated a buy rating and set a $40.00 target price on shares of Finisar Corporation in a research note on Friday, July 28th. Stifel Nicolaus restated a buy rating and set a $33.00 price objective on shares of Finisar Corporation in a research note on Saturday, July 22nd. DA Davidson began coverage on Finisar Corporation in a research note on Thursday, June 29th. They set a buy rating and a $40.00 price objective on the stock. B. Riley reiterated a buy rating and issued a $38.00 price target on shares of Finisar Corporation in a research note on Sunday, June 18th. Finally, ValuEngine lowered Finisar Corporation from a strong-buy rating to a buy rating in a research note on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and three have given a strong buy rating to the stock. Finisar Corporation currently has a consensus rating of Buy and an average target price of $34.08.
Finisar Corporation (FNSR) opened at 20.95 on Friday. The stock has a 50 day moving average of $24.81 and a 200-day moving average of $26.22. Finisar Corporation has a one year low of $20.16 and a one year high of $36.85. The firm has a market capitalization of $2.34 billion, a PE ratio of 9.57 and a beta of 1.33.
Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, September 7th. The technology company reported $0.40 EPS for the quarter, meeting the consensus estimate of $0.40. Finisar Corporation had a return on equity of 13.11% and a net margin of 16.92%. The firm had revenue of $341.80 million during the quarter, compared to analysts’ expectations of $341.22 million. During the same period in the prior year, the firm posted $0.38 earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts predict that Finisar Corporation will post $2.04 EPS for the current year.
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In other Finisar Corporation news, EVP Todd Swanson sold 6,202 shares of Finisar Corporation stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $24.34, for a total value of $150,956.68. Following the completion of the sale, the executive vice president now owns 217,005 shares of the company’s stock, valued at approximately $5,281,901.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Jerry S. Rawls sold 25,000 shares of Finisar Corporation stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $25.93, for a total transaction of $648,250.00. Following the completion of the sale, the chairman now directly owns 815,188 shares of the company’s stock, valued at approximately $21,137,824.84. The disclosure for this sale can be found here. Insiders have sold 101,961 shares of company stock valued at $2,742,336 in the last ninety days. Insiders own 1.02% of the company’s stock.
A number of large investors have recently bought and sold shares of FNSR. Acrospire Investment Management LLC grew its position in Finisar Corporation by 4.4% in the 1st quarter. Acrospire Investment Management LLC now owns 3,991 shares of the technology company’s stock worth $109,000 after purchasing an additional 168 shares during the period. Fortaleza Asset Management Inc. purchased a new position in shares of Finisar Corporation during the 2nd quarter worth $138,000. Westside Investment Management Inc. purchased a new position in shares of Finisar Corporation during the 1st quarter worth $150,000. PNC Financial Services Group Inc. boosted its stake in shares of Finisar Corporation by 43.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock worth $153,000 after acquiring an additional 1,805 shares during the last quarter. Finally, Koch Industries Inc. purchased a new position in shares of Finisar Corporation during the 2nd quarter worth $201,000. 86.38% of the stock is owned by institutional investors and hedge funds.
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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