DA Davidson Reiterates “Buy” Rating for Finisar Corporation (FNSR)
Finisar Corporation (NASDAQ:FNSR)‘s stock had its “buy” rating reaffirmed by equities research analysts at DA Davidson in a report issued on Thursday. They currently have a $40.00 target price on the technology company’s stock. DA Davidson’s price target suggests a potential upside of 81.90% from the stock’s previous close.
A number of other equities analysts have also recently commented on FNSR. Jefferies Group LLC reiterated a “buy” rating and issued a $34.00 target price on shares of Finisar Corporation in a report on Monday, May 15th. Zacks Investment Research cut Finisar Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, May 23rd. ValuEngine cut Finisar Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. B. Riley reiterated a “buy” rating and issued a $38.00 target price on shares of Finisar Corporation in a report on Thursday, June 8th. Finally, William Blair reiterated an “outperform” rating on shares of Finisar Corporation in a report on Friday, June 9th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $35.48.
Shares of Finisar Corporation (NASDAQ FNSR) traded down 0.41% on Thursday, hitting $21.99. The stock had a trading volume of 9,185,887 shares. The firm has a 50-day moving average price of $25.14 and a 200-day moving average price of $26.29. Finisar Corporation has a 52 week low of $21.42 and a 52 week high of $36.85. The stock has a market capitalization of $2.45 billion, a P/E ratio of 10.04 and a beta of 1.33. Finisar Corporation also was the target of unusually large options trading on Tuesday. Stock traders purchased 14,427 call options on the company. This is an increase of approximately 605% compared to the typical daily volume of 2,047 call options.
Finisar Corporation (NASDAQ:FNSR) last released its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.40. The business had revenue of $341.80 million for the quarter, compared to the consensus estimate of $341.22 million. Finisar Corporation had a return on equity of 13.91% and a net margin of 17.20%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. Equities analysts expect that Finisar Corporation will post $2.04 earnings per share for the current fiscal year.
In other Finisar Corporation news, EVP Todd Swanson sold 6,202 shares of Finisar Corporation stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total transaction of $150,956.68. Following the completion of the sale, the executive vice president now directly owns 217,005 shares of the company’s stock, valued at approximately $5,281,901.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Mark Colyar sold 2,244 shares of Finisar Corporation stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $27.31, for a total value of $61,283.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,961 shares of company stock valued at $2,742,336. 1.02% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Assetmark bought a new stake in Finisar Corporation during the 3rd quarter valued at $0. Prudential Financial Inc. raised its position in Finisar Corporation by 0.8% during the 1st quarter. Prudential Financial Inc. now owns 15,535 shares of the technology company’s stock valued at $425,000 after purchasing an additional 120 shares in the last quarter. Teacher Retirement System of Texas raised its position in Finisar Corporation by 1.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 8,890 shares of the technology company’s stock valued at $231,000 after purchasing an additional 136 shares in the last quarter. Acrospire Investment Management LLC raised its position in Finisar Corporation by 4.4% during the 1st quarter. Acrospire Investment Management LLC now owns 3,991 shares of the technology company’s stock valued at $109,000 after purchasing an additional 168 shares in the last quarter. Finally, BlackRock Group LTD raised its position in Finisar Corporation by 0.4% during the 3rd quarter. BlackRock Group LTD now owns 71,192 shares of the technology company’s stock valued at $2,121,000 after purchasing an additional 281 shares in the last quarter. 86.38% of the stock is owned by institutional investors and hedge funds.
Finisar Corporation 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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