Finisar Corporation (FNSR) Shares Gap Down on Analyst Downgrade
Finisar Corporation (NASDAQ:FNSR)’s share price gapped down prior to trading on Monday after Zacks Investment Research downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $21.40, but opened at $20.95. Finisar Corporation shares last traded at $21.41, with a volume of 2,429,191 shares trading hands.
Other equities analysts have also issued reports about the stock. B. Riley reiterated a “buy” rating and issued a $38.00 target price on shares of Finisar Corporation in a report on Sunday, June 18th. DA Davidson started coverage on shares of Finisar Corporation in a report on Thursday, June 29th. They issued a “buy” rating and a $40.00 price objective 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. Northland Securities restated a “buy” rating and issued a $40.00 price objective on shares of Finisar Corporation in a report on Friday, July 28th. Finally, William Blair restated an “outperform” rating on shares of Finisar Corporation in a report on Friday, June 9th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. Finisar Corporation currently has a consensus rating of “Buy” and a consensus price target of $32.87.
In related news, EVP Todd Swanson sold 6,183 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The shares were 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 can be accessed through this hyperlink. Also, Chairman Jerry S. Rawls sold 25,000 shares of the company’s 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 sale, the chairman now directly owns 815,188 shares in the company, valued at $21,137,824.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,961 shares of company stock worth $2,742,336. 1.02% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in FNSR. Wellington Management Group LLP increased its stake in Finisar Corporation by 302.4% during the 1st 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 during the period. Victory Capital Management Inc. increased its position in shares of Finisar Corporation by 2,030.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,310,526 shares of the technology company’s stock valued at $35,830,000 after purchasing an additional 1,249,017 shares during the last quarter. Taylor Asset Management Inc. purchased a new stake in shares of Finisar Corporation in the 1st quarter valued at approximately $25,221,000. GMT Capital Corp purchased a new stake in shares of Finisar Corporation in the 1st quarter valued at approximately $19,545,000. Finally, Thompson Siegel & Walmsley LLC purchased a new stake in shares of Finisar Corporation in the 2nd quarter valued at approximately $15,474,000. 86.38% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a market cap of $2.43 billion, a P/E ratio of 9.95 and a beta of 1.33. The company’s 50 day moving average price is $24.65 and its 200 day moving average price is $26.01.
Finisar Corporation (NASDAQ:FNSR) last posted its earnings results on Thursday, September 7th. The technology company reported $0.40 EPS for the quarter, hitting analysts’ consensus estimates of $0.40. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. The business had revenue of $341.80 million for the quarter, compared to analysts’ expectations of $341.22 million. During the same period in the previous year, the company posted $0.38 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts anticipate that Finisar Corporation will post $1.56 earnings per share for the current year.
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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