Finisar Corporation’s (FNSR) “Strong-Buy” Rating Reaffirmed at Needham & Company LLC
Finisar Corporation (NASDAQ:FNSR)‘s stock had its “strong-buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Friday, The Fly reports.
Several other research firms also recently commented on FNSR. B. Riley restated a “buy” rating and set a $38.00 price objective on shares of Finisar Corporation in a report on Sunday, June 18th. Northland Securities restated a “buy” rating and set a $40.00 price objective on shares of Finisar Corporation in a report on Friday, July 28th. Stifel Nicolaus restated a “buy” rating and set a $33.00 price objective on shares of Finisar Corporation in a report on Saturday, July 22nd. Zacks Investment Research downgraded 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 set a “buy” rating and a $40.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $34.98.
Finisar Corporation (NASDAQ FNSR) traded down 5.4911% during mid-day trading on Friday, reaching $20.7825. The company had a trading volume of 6,505,671 shares. Finisar Corporation has a one year low of $20.16 and a one year high of $36.85. The firm’s 50-day moving average is $25.00 and its 200-day moving average is $26.26. The firm has a market capitalization of $2.32 billion, a P/E ratio of 9.4897 and a beta of 1.33. Finisar Corporation also was the recipient of some unusual options trading on Tuesday. Stock traders bought 14,427 call options on the stock. This represents an increase of approximately 605% compared to the average 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 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The firm had revenue of $341.80 million during 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 quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 earnings per share. On average, equities research analysts anticipate that Finisar Corporation will post $2.04 earnings per share for the current fiscal year.
In other Finisar Corporation news, SVP Mark Colyar sold 2,244 shares of the business’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $27.31, for a total value of $61,283.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Jerry S. Rawls sold 25,000 shares of the business’s 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 transaction, the chairman now directly owns 815,188 shares in the company, 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 worth $2,742,336. Insiders own 1.02% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Acrospire Investment Management LLC boosted its position 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 purchasing an additional 168 shares during the last quarter. Fortaleza Asset Management Inc. purchased a new position in Finisar Corporation in the second quarter worth $138,000. PNC Financial Services Group Inc. boosted its position 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 purchasing an additional 1,805 shares during the last quarter. Westside Investment Management Inc. purchased a new position in Finisar Corporation in the first quarter worth $150,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in Finisar Corporation in the second quarter worth $202,000. 86.38% of the stock is currently owned by institutional investors and hedge funds.
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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