Finisar Corporation (FNSR) Stock Rating Reaffirmed by Goldman Sachs Group, Inc. (The)
Finisar Corporation (NASDAQ:FNSR)‘s stock had its “buy” rating reissued by analysts at Goldman Sachs Group, Inc. (The) in a research report issued on Friday. They presently have a $32.00 price objective on the technology company’s stock, down from their prior price objective of $37.00. Goldman Sachs Group, Inc. (The)’s target price suggests a potential upside of 52.74% from the stock’s current price.
A number of other research firms have also recently commented on FNSR. B. Riley reissued a “buy” rating and issued a $38.00 price target on shares of Finisar Corporation in a report on Sunday, June 18th. Northland Securities reissued a “buy” rating and issued a $40.00 price target on shares of Finisar Corporation in a report on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating and issued a $33.00 price target on shares of Finisar Corporation in a report on Saturday, July 22nd. Zacks Investment Research cut Finisar Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Finally, DA Davidson assumed coverage on Finisar Corporation in a report on Thursday, June 29th. They issued a “buy” rating and a $40.00 price target on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $34.45.
Shares of Finisar Corporation (NASDAQ FNSR) traded down 4.73% during mid-day trading on Friday, reaching $20.95. 14,484,352 shares of the company’s stock were exchanged. The company has a market cap of $2.34 billion, a PE ratio of 9.57 and a beta of 1.33. The company’s 50-day moving average price is $24.81 and its 200 day moving average price is $26.22. Finisar Corporation has a 52-week low of $20.16 and a 52-week high of $36.85. Finisar Corporation also was the recipient of some unusual options trading on Tuesday. Traders acquired 14,427 call options on the company. This is an increase of 605% compared to the typical daily volume of 2,047 call options.
Finisar Corporation (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.40. Finisar Corporation had a return on equity of 13.91% and a net margin of 17.20%. The firm had revenue of $341.80 million for the quarter, compared to analysts’ expectations of $341.22 million. During the same period in the previous year, the firm earned $0.38 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, equities research analysts predict that Finisar Corporation will post $2.04 EPS for the current year.
In other news, SVP Mark Colyar sold 2,166 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $27.19, for a total transaction of $58,893.54. Following the transaction, the senior vice president now owns 44,822 shares of the company’s stock, valued at approximately $1,218,710.18. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Stephens sold 3,015 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $27.65, for a total value of $83,364.75. Following the transaction, the director now directly owns 31,909 shares in the company, valued at approximately $882,283.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,961 shares of company stock worth $2,742,336. Corporate insiders own 1.02% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC increased its position in shares of Finisar Corporation by 20.6% during the 2nd quarter. Advisory Services Network LLC now owns 8,500 shares of the technology company’s stock valued at $221,000 after purchasing an additional 1,450 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Finisar Corporation by 307.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 93,860 shares of the technology company’s stock valued at $2,438,000 after purchasing an additional 70,808 shares during the last quarter. Wealthsource Partners LLC bought a new position in shares of Finisar Corporation during the 2nd quarter valued at approximately $470,000. Koch Industries Inc. bought a new position in shares of Finisar Corporation during the 2nd quarter valued at approximately $201,000. Finally, Ameritas Investment Partners Inc. increased its position in shares of Finisar Corporation by 5.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,795 shares of the technology company’s stock valued at $254,000 after purchasing an additional 507 shares during the last quarter. 86.38% of the stock is currently owned by hedge funds and other institutional investors.
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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