Finisar Corporation (FNSR) Given Buy Rating at Craig Hallum
Finisar Corporation (NASDAQ:FNSR)‘s stock had its “buy” rating restated by equities research analysts at Craig Hallum in a report released on Friday. They currently have a $28.00 target price on the technology company’s stock, down from their previous target price of $38.00. Craig Hallum’s price target indicates a potential upside of 27.33% from the stock’s current price.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research cut Finisar Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. B. Riley restated a “buy” rating and set a $38.00 target price on shares of Finisar Corporation in a research report on Sunday, June 18th. William Blair restated an “outperform” rating on shares of Finisar Corporation in a research report on Thursday. DA Davidson restated a “buy” rating and set a $40.00 target price on shares of Finisar Corporation in a research report on Thursday. Finally, ValuEngine cut Finisar Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. Finisar Corporation currently has a consensus rating of “Buy” and an average price target of $34.92.
Shares of Finisar Corporation (NASDAQ:FNSR) traded down 6.207% during midday trading on Friday, reaching $20.625. 11,432,029 shares of the company’s stock were exchanged. The company has a market capitalization of $2.30 billion, a PE ratio of 9.418 and a beta of 1.33. The firm has a 50-day moving average of $25.00 and a 200-day moving average of $26.26. Finisar Corporation has a 1-year low of $20.16 and a 1-year high of $36.85. Finisar Corporation also was the target of unusually large options trading on Tuesday. Traders bought 14,427 call options on the stock. This represents an increase of 605% compared to the typical volume of 2,047 call options.
Finisar Corporation (NASDAQ:FNSR) last posted its earnings results on Thursday, September 7th. The technology company reported $0.40 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. Finisar Corporation had a return on equity of 13.91% and a net margin of 17.20%. The business had revenue of $341.80 million during the quarter, compared to analysts’ expectations of $341.22 million. During the same period in the previous year, the business earned $0.38 earnings per share. The firm’s revenue was up .1% on a year-over-year basis. Equities analysts expect that Finisar Corporation will post $2.04 earnings per share for the current fiscal year.
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In other news, EVP Todd Swanson sold 6,202 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total value of $150,956.68. Following the completion of the sale, the executive vice president now owns 217,005 shares of the company’s stock, valued at approximately $5,281,901.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Jerry S. Rawls sold 25,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were 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 directly owns 815,188 shares of the company’s stock, valued at approximately $21,137,824.84. The disclosure for this sale can be found here. In the last three months, insiders sold 101,961 shares of company stock valued at $2,742,336. 1.02% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FNSR. Russell Investments Group Ltd. lifted its stake in shares of Finisar Corporation by 86.3% in the 1st quarter. Russell Investments Group Ltd. now owns 370,476 shares of the technology company’s stock valued at $10,129,000 after acquiring an additional 171,564 shares during the last quarter. DUPONT CAPITAL MANAGEMENT Corp bought a new stake in shares of Finisar Corporation in the 1st quarter valued at about $906,000. LSV Asset Management bought a new stake in shares of Finisar Corporation in the 1st quarter valued at about $281,000. State Board of Administration of Florida Retirement System lifted its stake in shares of Finisar Corporation by 0.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 84,055 shares of the technology company’s stock valued at $2,298,000 after acquiring an additional 406 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Finisar Corporation by 333.0% in the 1st quarter. First Trust Advisors LP now owns 45,027 shares of the technology company’s stock valued at $1,231,000 after acquiring an additional 34,628 shares during the last quarter. 86.38% 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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