ValuEngine Downgrades Finisar (FNSR) to Hold
ValuEngine downgraded shares of Finisar (NASDAQ:FNSR) from a buy rating to a hold rating in a research report released on Friday morning.
A number of other equities research analysts have also recently issued reports on the company. Goldman Sachs Group cut Finisar from a neutral rating to a sell rating and reduced their price objective for the stock from $22.74 to $16.00 in a report on Monday, January 15th. B. Riley cut Finisar from a buy rating to a neutral rating and reduced their price objective for the stock from $31.00 to $22.00 in a report on Wednesday, November 29th. TheStreet cut Finisar from a b rating to a c+ rating in a report on Thursday, November 2nd. Zacks Investment Research cut Finisar from a hold rating to a sell rating in a report on Wednesday, December 13th. Finally, Craig Hallum restated a buy rating on shares of Finisar in a report on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and an average price target of $27.27.
Shares of Finisar (FNSR) opened at $17.58 on Friday. Finisar has a 1-year low of $17.20 and a 1-year high of $36.41. The stock has a market capitalization of $2,004.54, a P/E ratio of 13.73, a PEG ratio of 1.77 and a beta of 1.07. The company has a current ratio of 7.81, a quick ratio of 6.31 and a debt-to-equity ratio of 0.44.
In related news, Director Jerry S. Rawls sold 30,209 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $17.94, for a total value of $541,949.46. 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 transaction of $154,031.40. Following the transaction, 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 62,578 shares of company stock valued at $1,273,865. 1.02% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Voya Investment Management LLC raised its position in Finisar by 12.9% during the second quarter. Voya Investment Management LLC now owns 51,499 shares of the technology company’s stock valued at $1,338,000 after purchasing an additional 5,883 shares in the last quarter. Endurance Wealth Management Inc. raised its position in Finisar by 506.1% during the third quarter. Endurance Wealth Management Inc. now owns 279,184 shares of the technology company’s stock valued at $6,190,000 after purchasing an additional 233,125 shares in the last quarter. Fondren Management LP acquired a new position in Finisar during the second quarter valued at approximately $325,000. Numeric Investors LLC acquired a new position in Finisar during the second quarter valued at approximately $405,000. Finally, California Public Employees Retirement System raised its position in Finisar by 2.6% during the second quarter. California Public Employees Retirement System now owns 202,800 shares of the technology company’s stock valued at $5,269,000 after purchasing an additional 5,200 shares in the last quarter. Institutional investors and hedge funds own 90.94% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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