Finisar Corp.’s (FNSR) Overweight Rating Reiterated at Piper Jaffray Cos.
Finisar Corp. (NASDAQ:FNSR)‘s stock had its “overweight” rating restated by analysts at Piper Jaffray Cos. in a research report issued to clients and investors on Friday. They presently have a $38.00 price objective on the stock, up from their prior price objective of $31.00. Piper Jaffray Cos.’s price objective indicates a potential upside of 23.94% from the company’s current price.
A number of other equities analysts also recently commented on the stock. B. Riley restated a “buy” rating and set a $38.00 price objective on shares of Finisar Corp. in a research note on Wednesday. Needham & Company LLC raised their target price on shares of Finisar Corp. from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, September 19th. Zacks Investment Research upgraded shares of Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research note on Wednesday, September 14th. Stifel Nicolaus raised their target price on shares of Finisar Corp. from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 12th. Finally, Jefferies Group raised their target price on shares of Finisar Corp. from $19.00 to $28.00 and gave the company a “hold” rating in a research note on Friday, September 9th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $29.36.
Finisar Corp. (NASDAQ:FNSR) traded down 0.81% during midday trading on Friday, hitting $30.66. The stock had a trading volume of 1,033,389 shares. Finisar Corp. has a 1-year low of $11.04 and a 1-year high of $31.20. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 60.00 and a beta of 1.37. The company’s 50 day moving average is $25.74 and its 200 day moving average is $19.72.
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Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, September 8th. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.08. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The company earned $341.30 million during the quarter, compared to the consensus estimate of $331.34 million. During the same period in the prior year, the business posted $0.23 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities analysts anticipate that Finisar Corp. will post $1.74 earnings per share for the current fiscal year.
In other news, EVP Joseph A. Young sold 6,473 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $19.90, for a total transaction of $128,812.70. Following 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christopher Brown sold 14,584 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $19.10, for a total transaction of $278,554.40. Following the transaction, the executive vice president now directly owns 151,578 shares in the company, valued at $2,895,139.80. The disclosure for this sale can be found here. Insiders own 1.34% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. First Mercantile Trust Co. acquired a new position in shares of Finisar Corp. during the third quarter valued at approximately $403,000. BNP Paribas Arbitrage SA boosted its position in shares of Finisar Corp. by 123.0% in the third quarter. BNP Paribas Arbitrage SA now owns 9,309 shares of the company’s stock valued at $277,000 after buying an additional 5,135 shares in the last quarter. Front Street Capital Management Inc. acquired a new position in shares of Finisar Corp. during the second quarter valued at approximately $3,234,000. Wolverine Asset Management LLC acquired a new position in shares of Finisar Corp. during the second quarter valued at approximately $700,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Finisar Corp. by 12.9% in the second quarter. Public Employees Retirement System of Ohio now owns 7,297 shares of the company’s stock valued at $128,000 after buying an additional 836 shares in the last quarter. 91.62% of the stock is currently 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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