Jefferies Group LLC Reiterates “Buy” Rating for Finisar Corporation (FNSR)
Finisar Corporation (NASDAQ:FNSR)‘s stock had its “buy” rating reaffirmed by Jefferies Group LLC in a research report issued on Friday. They currently have a $28.50 price objective on the technology company’s stock, down from their previous price objective of $34.00. Jefferies Group LLC’s price target would indicate a potential upside of 36.04% from the company’s previous close.
Several other equities research analysts have also recently issued reports on the company. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $32.00 target price (down from $37.00) on shares of Finisar Corporation in a report on Friday. Barclays PLC reduced their target price on Finisar Corporation from $36.00 to $26.00 and set an “equal weight” rating on the stock in a report on Friday. Needham & Company LLC reaffirmed a “strong-buy” rating on shares of Finisar Corporation in a report on Friday. Craig Hallum reaffirmed a “buy” rating and issued a $28.00 target price (down from $38.00) on shares of Finisar Corporation in a report on Friday. Finally, DA Davidson reaffirmed a “buy” rating and issued a $40.00 target price on shares of Finisar Corporation in a report on Thursday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $34.08.
Shares of Finisar Corporation (NASDAQ:FNSR) traded down 4.73% during trading on Friday, hitting $20.95. The stock had a trading volume of 14,484,352 shares. The company has a market cap of $2.34 billion, a PE ratio of 9.57 and a beta of 1.33. The stock has a 50 day moving average of $24.81 and a 200 day moving average of $26.22. Finisar Corporation has a 12 month low of $20.16 and a 12 month high of $36.85.
Finisar Corporation (NASDAQ:FNSR) last issued its earnings results on Thursday, September 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. Finisar Corporation had a return on equity of 13.58% and a net margin of 16.92%. 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 posted $0.38 earnings per share. The business’s revenue was up .1% compared to the same quarter last year. Equities analysts forecast that Finisar Corporation will post $2.04 EPS for the current fiscal year.
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In other news, EVP Todd Swanson sold 6,202 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 217,005 shares of the company’s stock, valued at $5,281,901.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert Stephens sold 3,015 shares of the company’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 ninety days, insiders have sold 101,961 shares of company stock worth $2,742,336. Insiders own 1.02% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FNSR. Wellington Management Group LLP grew its stake in shares of Finisar Corporation by 302.4% during the first quarter. Wellington Management Group LLP now owns 2,828,356 shares of the technology company’s stock valued at $77,327,000 after buying an additional 2,125,445 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Finisar Corporation by 2,030.6% during the first quarter. Victory Capital Management Inc. now owns 1,310,526 shares of the technology company’s stock valued at $35,830,000 after buying an additional 1,249,017 shares during the last quarter. Taylor Asset Management Inc. bought a new position in shares of Finisar Corporation during the first quarter valued at approximately $25,221,000. GMT Capital Corp bought a new position in shares of Finisar Corporation during the first quarter valued at approximately $19,545,000. Finally, Thompson Siegel & Walmsley LLC bought a new position in shares of Finisar Corporation during the second quarter valued at approximately $15,474,000. 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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