Finisar Corp. (FNSR) Upgraded to “Buy” by Goldman Sachs Group Inc.
Finisar Corp. (NASDAQ:FNSR) was upgraded by investment analysts at Goldman Sachs Group Inc. to a “buy” rating in a report released on Tuesday.
A number of other equities research analysts have also weighed in on the company. Needham & Company LLC boosted their price objective on Finisar Corp. from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Monday, September 19th. Zacks Investment Research lowered Finisar Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 17th. Piper Jaffray Cos. restated an “overweight” rating and set a $38.00 price objective (up previously from $31.00) on shares of Finisar Corp. in a research report on Friday. William Blair upgraded Finisar Corp. from a “market perform” rating to an “outperform” rating in a research report on Friday, September 9th. Finally, Stifel Nicolaus boosted their price objective on Finisar Corp. from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, September 12th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $29.36.
Shares of Finisar Corp. (NASDAQ:FNSR) opened at 30.64 on Tuesday. The firm has a 50 day moving average price of $26.31 and a 200 day moving average price of $19.92. The company has a market capitalization of $3.38 billion, a P/E ratio of 59.96 and a beta of 1.36. Finisar Corp. has a one year low of $11.04 and a one year high of $31.32.
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/2016/10/11/finisar-corp-fnsr-upgraded-to-buy-by-goldman-sachs-group-inc.html
Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $341.30 million for the quarter, compared to analyst estimates of $331.34 million. During the same quarter last year, the company posted $0.23 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts predict that Finisar Corp. will post $1.74 EPS for the current fiscal year.
In related news, SVP Mark Colyar sold 39,225 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $20.75, for a total transaction of $813,918.75. Following the transaction, the senior vice president now directly owns 95,633 shares of the company’s stock, valued at approximately $1,984,384.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Christopher Brown sold 9,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $31.00, for a total value of $294,500.00. Following the transaction, the executive vice president now directly owns 101,237 shares in the company, valued at $3,138,347. The disclosure for this sale can be found here. Corporate insiders own 1.34% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Nuveen Asset Management LLC purchased a new position in Finisar Corp. during the first quarter worth $2,990,000. Renaissance Technologies LLC increased its position in 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 during the period. Kennedy Capital Management Inc. increased its position in 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 during the period. Bogle Investment Management L P DE purchased a new position in Finisar Corp. during the first quarter worth $873,000. Finally, Geode Capital Management LLC increased its position in 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 during the period. 91.62% of the stock is currently owned by institutional investors and hedge funds.
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.