B. Riley Reiterates Buy Rating for Finisar Corp. (FNSR)
Finisar Corp. (NASDAQ:FNSR)‘s stock had its “buy” rating reaffirmed by B. Riley in a report released on Wednesday. They presently have a $38.00 target price on the stock. B. Riley’s price objective suggests a potential upside of 23.94% from the company’s previous close.
Other equities analysts also recently issued reports about the company. Zacks Investment Research upgraded Finisar Corp. from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Monday, July 11th. TheStreet upgraded Finisar Corp. from a “hold” rating to a “buy” rating in a research report on Monday, June 20th. Needham & Company LLC increased their target price on Finisar Corp. from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, June 20th. Piper Jaffray Cos. reiterated a “buy” rating and issued a $20.00 target price on shares of Finisar Corp. in a research report on Wednesday, June 15th. Finally, Stifel Nicolaus upgraded Finisar Corp. from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Tuesday, September 6th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Finisar Corp. presently has an average rating of “Buy” and an average price target of $29.36.
Finisar Corp. (NASDAQ:FNSR) traded down 0.81% during trading on Wednesday, hitting $30.66. The stock had a trading volume of 1,033,389 shares. The stock has a 50 day moving average price of $26.02 and a 200 day moving average price of $19.81. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 60.00 and a beta of 1.37. Finisar Corp. has a 12-month low of $11.04 and a 12-month high of $31.20.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/08/b-riley-reiterates-buy-rating-for-finisar-corp-fnsr.html
Finisar Corp. (NASDAQ:FNSR) last announced its quarterly earnings data on Thursday, September 8th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.08. Finisar Corp. had a return on equity of 7.61% and a net margin of 4.32%. The business 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 company earned $0.23 EPS. Finisar Corp.’s revenue for the quarter was up 8.7% on a year-over-year basis. Equities research analysts forecast that Finisar Corp. will post $1.74 earnings per share for the current year.
In other Finisar Corp. news, EVP Christopher Brown sold 14,584 shares of the stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $19.10, for a total value of $278,554.40. Following the transaction, the executive vice president now owns 151,578 shares in the company, valued at $2,895,139.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Joseph A. Young sold 6,473 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was 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 owns 246,543 shares in the company, valued at approximately $4,906,205.70. The disclosure for this sale can be found here. 1.34% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Eagle Asset Management raised its position in shares of Finisar Corp. by 79.4% in the third quarter. Eagle Asset Management now owns 5,756,088 shares of the company’s stock valued at $64,064,000 after buying an additional 2,547,547 shares during the last quarter. Assetmark purchased a new position in shares of Finisar Corp. during the third quarter valued at about $0. Parametrica Management purchased a new position in shares of Finisar Corp. during the fourth quarter valued at about $490,000. DNB Asset Management raised its position in shares of Finisar Corp. by 87.2% in the fourth quarter. DNB Asset Management now owns 1,943,675 shares of the company’s stock valued at $28,241,598 after buying an additional 905,491 shares during the last quarter. Finally, Nationwide Fund Advisors raised its position in shares of Finisar Corp. by 148.3% in the fourth quarter. Nationwide Fund Advisors now owns 195,564 shares of the company’s stock valued at $2,844,000 after buying an additional 116,794 shares during the last quarter. Institutional investors and hedge funds own 91.62% of the company’s stock.
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.
Receive News & Ratings for Finisar Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Finisar Corp. and related companies with MarketBeat.com's FREE daily email newsletter.