Finisar Corp.’s (FNSR) “Overweight” Rating Reaffirmed at Piper Jaffray Cos.
Finisar Corp. (NASDAQ:FNSR)‘s stock had its “overweight” rating reissued by research analysts at Piper Jaffray Cos. in a note issued to investors on Friday. They presently have a $38.00 price target on the stock, up from their prior price target of $31.00. Piper Jaffray Cos.’s target price points to a potential upside of 23.94% from the company’s previous close.
Several other analysts have also issued reports on FNSR. B. Riley restated a “buy” rating and issued a $38.00 price target on shares of Finisar Corp. in a research report on Wednesday. Zacks Investment Research upgraded shares of Finisar Corp. from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Monday, July 11th. Jefferies Group reaffirmed a “hold” rating and set a $19.00 price objective (up from $18.00) on shares of Finisar Corp. in a report on Friday, June 17th. TheStreet raised shares of Finisar Corp. from a “hold” rating to a “buy” rating in a report on Monday, June 20th. Finally, Barclays PLC raised their price objective on shares of Finisar Corp. from $20.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, September 9th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Finisar Corp. currently has a consensus rating of “Buy” and a consensus target price of $29.36.
Finisar Corp. (NASDAQ:FNSR) traded down 0.81% during midday trading on Friday, reaching $30.66. 1,033,389 shares of the company traded hands. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 60.00 and a beta of 1.37. The firm’s 50 day moving average price is $25.74 and its 200 day moving average price is $19.72. Finisar Corp. has a 12 month low of $11.04 and a 12 month high of $31.20.
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Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.08. The company had revenue of $341.30 million for the quarter, compared to analyst estimates of $331.34 million. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the business posted $0.23 EPS. On average, analysts expect that Finisar Corp. will post $1.74 earnings per share for the current year.
In other Finisar Corp. news, EVP Joseph A. Young sold 6,473 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $19.90, for a total value of $128,812.70. Following the completion of the transaction, the executive vice president now directly owns 246,543 shares of the company’s stock, valued at $4,906,205.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Christopher Brown sold 14,584 shares of the business’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $19.10, for a total transaction of $278,554.40. Following the completion of the transaction, the executive vice president now directly owns 151,578 shares of the company’s stock, valued at $2,895,139.80. The disclosure for this sale can be found here. Corporate insiders own 1.34% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its position in shares of Finisar Corp. by 7.7% in the first quarter. Renaissance Technologies LLC now owns 1,685,910 shares of the company’s stock worth $30,751,000 after buying an additional 120,300 shares in the last quarter. Kennedy Capital Management Inc. increased its position in shares of Finisar Corp. by 3.7% in the first quarter. Kennedy Capital Management Inc. now owns 394,037 shares of the company’s stock worth $7,187,000 after buying an additional 13,928 shares in the last quarter. Bogle Investment Management L P DE bought a new position in shares of Finisar Corp. during the first quarter worth $873,000. Geode Capital Management LLC increased its position in shares of Finisar Corp. by 4.1% in the first quarter. Geode Capital Management LLC now owns 717,091 shares of the company’s stock worth $13,079,000 after buying an additional 28,397 shares in the last quarter. Finally, State Street Corp increased its position in shares of Finisar Corp. by 4.2% in the first quarter. State Street Corp now owns 1,796,616 shares of the company’s stock worth $32,770,000 after buying an additional 71,987 shares in the last quarter. 91.62% of the stock is owned by institutional investors.
Finisar Corp. 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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