B. Riley Lowers Finisar Price Target to $30.00 (FNSR)
Analysts at B. Riley cut their price objective on shares of Finisar (NASDAQ:FNSR) from $35.75 to $30.00 in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the stock. B. Riley’s price target indicates a potential upside of 18.81% from the stock’s previous close.
Finisar (NASDAQ:FNSR) traded down 22.65% during mid-day trading on Friday, hitting $19.53. 24,749,048 shares of the company’s stock traded hands. Finisar has a 1-year low of $13.92 and a 1-year high of $28.85. The stock’s 50-day moving average is $24.42 and its 200-day moving average is $24.02. The company has a market cap of $1.890 billion and a price-to-earnings ratio of 28.86.
Finisar (NASDAQ:FNSR) last released its earnings data on Thursday, June 12th. The company reported $0.36 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.02. The company had revenue of $306.03 million for the quarter, compared to the consensus estimate of $303.92 million. During the same quarter last year, the company posted $0.20 earnings per share. Finisar’s revenue was up 25.7% compared to the same quarter last year. Analysts expect that Finisar will post $1.56 EPS for the current fiscal year.
Separately, analysts at RBC Capital upgraded shares of Finisar from a “sector perform” rating to an “outperform” rating in a research note on Friday, March 28th. They now have a $30.00 price target on the stock, up previously from $26.00. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $27.19.
In other Finisar news, VP Mark Colyar sold 8,100 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $24.90, for a total value of $201,690.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Finisar Corporation (NASDAQ:FNSR) is a provider of optical subsystems and components that are used in data communication and telecommunication applications.
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