Finisar Corporation (FNSR) Raised to “Hold” at Zacks Investment Research
Finisar Corporation (NASDAQ:FNSR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “FINISAR CORP. is a provider of fiber optic subsystems and network test and monitoring systems which enable high-speed data communications over local area networks, or LANs, storage area networks, or SANs, and metropolitan access networks, or MANs. They are focused on the application of digital fiber optics to provide aline of high-performance, reliable, value-added optical subsystems for data networking and storage equipment manufacturers. “
Several other equities analysts have also recently commented on the company. BidaskClub cut Finisar Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Northland Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Finisar Corporation in a report on Friday, July 28th. Stifel Nicolaus reiterated a “buy” rating and issued a $33.00 price objective on shares of Finisar Corporation in a report on Saturday, July 22nd. DA Davidson initiated coverage on Finisar Corporation in a report on Thursday, June 29th. They issued a “buy” rating and a $40.00 price objective for the company. Finally, B. Riley reiterated a “buy” rating and issued a $38.00 price objective on shares of Finisar Corporation in a report on Sunday, June 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $36.84.
Finisar Corporation (NASDAQ FNSR) traded down 2.18% during trading on Tuesday, reaching $23.76. The company’s stock had a trading volume of 1,337,533 shares. The stock has a 50-day moving average price of $26.32 and a 200 day moving average price of $27.20. The company has a market cap of $2.65 billion, a PE ratio of 10.85 and a beta of 1.32. Finisar Corporation has a 52-week low of $20.05 and a 52-week high of $36.85.
Finisar Corporation (NASDAQ:FNSR) last posted its earnings results on Thursday, June 15th. The technology company reported $0.50 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.50. Finisar Corporation had a return on equity of 13.91% and a net margin of 17.20%. The business had revenue of $357.50 million during the quarter, compared to analysts’ expectations of $359.65 million. During the same period in the previous year, the business earned $0.29 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. On average, analysts expect that Finisar Corporation will post $2.10 EPS for the current year.
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In other news, Chairman Jerry S. Rawls sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $27.58, for a total value of $689,500.00. Following the completion of the sale, the chairman now owns 815,188 shares of the company’s stock, valued at approximately $22,482,885.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Julie Sheridan Eng sold 7,165 shares of the business’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $27.20, for a total value of $194,888.00. Following the completion of the sale, the executive vice president now directly owns 80,569 shares of the company’s stock, valued at approximately $2,191,476.80. The disclosure for this sale can be found here. In the last three months, insiders sold 101,789 shares of company stock valued at $2,754,189. 1.02% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC raised its stake in Finisar Corporation by 4.4% in the first quarter. Acrospire Investment Management LLC now owns 3,991 shares of the technology company’s stock worth $109,000 after buying an additional 168 shares during the period. Fortaleza Asset Management Inc. bought a new stake in Finisar Corporation during the second quarter worth $138,000. Westside Investment Management Inc. bought a new stake in Finisar Corporation during the first quarter worth $150,000. PNC Financial Services Group Inc. raised its stake in Finisar Corporation by 43.9% in the second quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock worth $153,000 after buying an additional 1,805 shares during the period. Finally, Advisory Services Network LLC bought a new stake in Finisar Corporation during the first quarter worth $193,000. 97.45% of the stock is owned by institutional investors.
About Finisar Corporation
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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