William Blair Brokers Reduce Earnings Estimates for Finisar Corporation (FNSR)
Finisar Corporation (NASDAQ:FNSR) – Equities researchers at William Blair cut their Q4 2019 earnings per share (EPS) estimates for Finisar Corporation in a report issued on Wednesday. William Blair analyst D. Netis now forecasts that the technology company will post earnings per share of $0.34 for the quarter, down from their previous forecast of $0.48. William Blair currently has a “Outperform” rating on the stock.
Several other analysts also recently issued reports on the company. B. Riley reissued a “buy” rating and set a $30.75 target price on shares of Finisar Corporation in a research note on Tuesday. MKM Partners reissued a “buy” rating and set a $31.00 target price (down previously from $33.00) on shares of Finisar Corporation in a research note on Monday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.50 price objective (down previously from $34.00) on shares of Finisar Corporation in a research note on Friday, September 8th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $32.00 price objective (down previously from $37.00) on shares of Finisar Corporation in a research note on Friday, September 8th. Finally, Barclays PLC reaffirmed an “equal weight” rating and issued a $26.00 price objective (down previously from $36.00) on shares of Finisar Corporation in a research note on Friday, September 8th. Two 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’s stock. The stock has a consensus rating of “Buy” and an average target price of $32.87.
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Finisar Corporation (FNSR) traded up 2.031% on Friday, hitting $21.855. 3,209,864 shares of the company traded hands. Finisar Corporation has a 1-year low of $20.16 and a 1-year high of $36.85. The firm has a market capitalization of $2.49 billion, a PE ratio of 10.280 and a beta of 1.33. The firm’s 50 day moving average price is $24.08 and its 200 day moving average price is $25.86.
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, hitting the Thomson Reuters’ consensus estimate of $0.40. The company had revenue of $341.80 million for the quarter, compared to analysts’ expectations of $341.22 million. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. Finisar Corporation’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 earnings per share.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FNSR. Fortaleza Asset Management Inc. bought a new position in shares of Finisar Corporation during the 2nd quarter valued at approximately $138,000. Westside Investment Management Inc. bought a new position in shares of Finisar Corporation during the 1st quarter valued at approximately $150,000. PNC Financial Services Group Inc. increased its position in shares of Finisar Corporation by 43.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock valued at $153,000 after purchasing an additional 1,805 shares during the last quarter. Koch Industries Inc. purchased a new position in Finisar Corporation during the 2nd quarter valued at $201,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in Finisar Corporation during the 2nd quarter valued at $202,000. 86.38% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Chairman Jerry S. Rawls sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $27.58, for a total transaction of $689,500.00. Following the transaction, the chairman now owns 815,188 shares of the company’s stock, valued at approximately $22,482,885.04. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Mark Colyar sold 2,166 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $27.19, for a total value of $58,893.54. Following the transaction, the senior vice president now directly owns 44,822 shares in the company, valued at approximately $1,218,710.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,763 shares of company stock worth $2,488,011. Corporate insiders own 1.02% of the company’s stock.
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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