Paloma Partners Management Co raised its holdings in shares of Finisar Co. (NASDAQ:FNSR) by 16.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 122,255 shares of the technology company’s stock after purchasing an additional 17,624 shares during the period. Paloma Partners Management Co owned 0.11% of Finisar worth $2,488,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of FNSR. Alliancebernstein L.P. increased its position in Finisar by 1,459.2% during the 4th quarter. Alliancebernstein L.P. now owns 3,152,517 shares of the technology company’s stock valued at $64,154,000 after purchasing an additional 2,950,327 shares during the period. Franklin Resources Inc. purchased a new position in shares of Finisar in the 4th quarter worth approximately $30,515,000. Pinnacle Associates Ltd. purchased a new position in shares of Finisar in the 3rd quarter worth approximately $28,033,000. Royce & Associates LP grew its position in shares of Finisar by 664.0% in the 4th quarter. Royce & Associates LP now owns 610,400 shares of the technology company’s stock worth $12,422,000 after buying an additional 530,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Finisar by 10.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,832,951 shares of the technology company’s stock worth $107,146,000 after buying an additional 471,882 shares during the last quarter. 94.03% of the stock is currently owned by institutional investors and hedge funds.
Shares of Finisar Co. (FNSR) opened at $19.93 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.24 and a current ratio of 4.06. Finisar Co. has a 12 month low of $16.64 and a 12 month high of $29.07. The company has a market cap of $2,330.60, a P/E ratio of 24.48, a price-to-earnings-growth ratio of 2.22 and a beta of 1.02.
In related news, CFO Kurt Adzema sold 20,025 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $22.15, for a total value of $443,553.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jerry S. Rawls sold 30,209 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $17.94, for a total transaction of $541,949.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,392 shares of company stock valued at $1,119,833. Company insiders own 1.02% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Barclays set a $23.00 price objective on shares of Finisar and gave the stock a “hold” rating in a research report on Saturday. Goldman Sachs Group set a $15.00 target price on shares of Finisar and gave the stock a “sell” rating in a research note on Friday, March 9th. DA Davidson reiterated a “buy” rating and issued a $22.00 target price (down from $24.00) on shares of Finisar in a research note on Friday, March 9th. B. Riley reiterated a “buy” rating and issued a $17.50 target price (down from $18.00) on shares of Finisar in a research note on Friday, March 9th. Finally, Stifel Nicolaus lowered their target price on shares of Finisar from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, March 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $24.56.
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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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