Finisar Corporation (FNSR) Releases Q2 Earnings Guidance
Finisar Corporation (NASDAQ:FNSR) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.27-0.33 for the period, compared to the Thomson Reuters consensus estimate of $0.50. The company issued revenue guidance of $322-342 million, compared to the consensus revenue estimate of $370.29 million.
Several brokerages have issued reports on FNSR. B. Riley reiterated a buy rating and set a $38.00 target price on shares of Finisar Corporation in a research report on Wednesday. Piper Jaffray Companies reiterated a buy rating and set a $30.00 target price (down from $32.00) on shares of Finisar Corporation in a research report on Tuesday. Stifel Nicolaus reiterated a buy rating and set a $30.00 target price (down from $33.00) on shares of Finisar Corporation in a research report on Tuesday. Zacks Investment Research lowered shares of Finisar Corporation from a hold rating to a sell rating in a research report on Monday. Finally, ValuEngine downgraded shares of Finisar Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. Two analysts have rated the stock with a sell rating, three have issued 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 (FNSR) traded down 0.41% on Thursday, hitting $21.99. 9,083,404 shares of the company traded hands. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 10.04 and a beta of 1.33. The firm’s 50 day moving average price is $25.14 and its 200-day moving average price is $26.29. Finisar Corporation has a 1-year low of $21.42 and a 1-year high of $36.85. Finisar Corporation also saw unusually large options trading on Tuesday. Stock investors purchased 14,427 call options on the company. This represents an increase of 605% compared to the average daily volume of 2,047 call options.
Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, June 15th. The technology company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The company had revenue of $357.50 million during the quarter, compared to the consensus estimate of $359.65 million. Finisar Corporation had a return on equity of 13.91% and a net margin of 17.20%. Finisar Corporation’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. On average, equities research analysts expect that Finisar Corporation will post $2.04 earnings per share for the current year.
In other Finisar Corporation news, EVP Todd Swanson sold 6,202 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total value of $150,956.68. Following the sale, the executive vice president now owns 217,005 shares in the company, valued at $5,281,901.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Jerry S. Rawls sold 25,000 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $25.93, for a total value of $648,250.00. Following the completion of the sale, the chairman now owns 815,188 shares in the company, valued at approximately $21,137,824.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,961 shares of company stock valued at $2,742,336. 1.02% of the stock is owned by corporate insiders.
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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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