Goldman Sachs Group Lowers Finisar (FNSR) to Sell
Finisar (NASDAQ:FNSR) was downgraded by research analysts at Goldman Sachs Group from a “neutral” rating to a “sell” rating in a note issued to investors on Monday, MarketBeat.com reports. They presently have a $16.00 price target on the technology company’s stock, down from their previous price target of $22.74. Goldman Sachs Group’s price target would indicate a potential downside of 25.30% from the company’s previous close.
Several other equities analysts also recently commented on FNSR. Piper Jaffray Companies upped their target price on Finisar from $22.00 to $28.00 in a research report on Wednesday, December 13th. DA Davidson reaffirmed a “buy” rating and issued a $30.00 target price on shares of Finisar in a research report on Wednesday, November 29th. William Blair reaffirmed a “buy” rating on shares of Finisar in a research report on Friday, December 8th. Raymond James Financial set a $22.00 target price on Finisar and gave the company a “buy” rating in a research report on Thursday, December 7th. Finally, Stifel Nicolaus decreased their target price on Finisar from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, December 6th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $27.75.
Shares of Finisar (NASDAQ:FNSR) traded down $0.01 during midday trading on Monday, reaching $21.42. The company’s stock had a trading volume of 244,450 shares, compared to its average volume of 6,070,000. The firm has a market capitalization of $2,440.00, a P/E ratio of 12.24, a PEG ratio of 2.24 and a beta of 1.15. The company has a current ratio of 7.81, a quick ratio of 6.31 and a debt-to-equity ratio of 0.44. Finisar has a 1 year low of $17.20 and a 1 year high of $36.41.
In related news, Chairman Jerry S. Rawls sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $22.89, for a total value of $457,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John H. Clark sold 6,186 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $24.90, for a total value of $154,031.40. Following the completion of the sale, the executive vice president now owns 146,053 shares of the company’s stock, valued at $3,636,719.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,369 shares of company stock valued at $1,189,715. 1.02% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Finisar by 103.4% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,728 shares of the technology company’s stock valued at $127,000 after buying an additional 2,912 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Finisar by 43.9% in the second quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock valued at $153,000 after buying an additional 1,805 shares during the period. Cubist Systematic Strategies LLC boosted its stake in shares of Finisar by 598.3% in the third quarter. Cubist Systematic Strategies LLC now owns 7,004 shares of the technology company’s stock valued at $155,000 after buying an additional 6,001 shares during the period. Westside Investment Management Inc. boosted its stake in shares of Finisar by 33.3% in the second quarter. Westside Investment Management Inc. now owns 8,000 shares of the technology company’s stock valued at $218,000 after buying an additional 2,000 shares during the period. Finally, Advisory Services Network LLC boosted its stake in shares of Finisar by 20.6% in the second quarter. Advisory Services Network LLC now owns 8,500 shares of the technology company’s stock valued at $221,000 after buying an additional 1,450 shares during the period. Institutional investors and hedge funds own 91.28% of the company’s stock.
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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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