Finisar (FNSR) Stock Rating Lowered by DA Davidson

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DA Davidson lowered shares of Finisar (NASDAQ:FNSR) from a buy rating to a hold rating in a research note issued to investors on Friday, The Fly reports.

Several other brokerages have also issued reports on FNSR. Barclays reaffirmed a hold rating and issued a $24.00 target price on shares of Finisar in a research note on Sunday, September 9th. Morgan Stanley lowered Finisar from an overweight rating to an equal weight rating and set a $20.00 target price for the company. in a research note on Thursday, September 13th. Raymond James lowered Finisar from an outperform rating to a market perform rating in a research note on Wednesday, August 22nd. B. Riley cut their target price on Finisar from $19.00 to $17.00 and set a neutral rating for the company in a research note on Tuesday, September 4th. Finally, Zacks Investment Research raised Finisar from a sell rating to a hold rating in a research note on Monday, August 20th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Finisar presently has an average rating of Hold and a consensus price target of $23.46.

FNSR traded up $2.91 during midday trading on Friday, hitting $21.79. The stock had a trading volume of 23,730,518 shares, compared to its average volume of 1,772,471. The firm has a market cap of $2.10 billion, a P/E ratio of 68.09, a P/E/G ratio of 3.10 and a beta of 1.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.65 and a quick ratio of 2.98. Finisar has a 1 year low of $14.25 and a 1 year high of $25.41.

Finisar (NASDAQ:FNSR) last issued its earnings results on Thursday, September 6th. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.06. The business had revenue of $317.30 million during the quarter, compared to analyst estimates of $315.77 million. Finisar had a positive return on equity of 1.24% and a negative net margin of 6.71%. Finisar’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 earnings per share. On average, equities analysts anticipate that Finisar will post 0.47 earnings per share for the current year.

In other Finisar news, Director Jerry S. Rawls sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $18.80, for a total value of $752,000.00. Following the completion of the sale, the director now owns 456,171 shares in the company, valued at $8,576,014.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger C. Ferguson sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $18.44, for a total value of $55,320.00. Following the completion of the sale, the director now owns 32,920 shares of the company’s stock, valued at approximately $607,044.80. The disclosure for this sale can be found here. Insiders sold 113,208 shares of company stock valued at $2,083,508 in the last quarter. Corporate insiders own 1.11% of the company’s stock.

A number of hedge funds have recently made changes to their positions in FNSR. Alliancebernstein L.P. raised its holdings in shares of Finisar by 111.2% during the third quarter. Alliancebernstein L.P. now owns 8,278,822 shares of the technology company’s stock valued at $157,712,000 after acquiring an additional 4,359,557 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Finisar by 102.3% during the second quarter. Bank of New York Mellon Corp now owns 4,936,130 shares of the technology company’s stock valued at $88,850,000 after acquiring an additional 2,496,574 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Finisar by 17.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,915,553 shares of the technology company’s stock valued at $160,479,000 after acquiring an additional 1,328,867 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Finisar by 670.5% during the third quarter. Victory Capital Management Inc. now owns 1,113,828 shares of the technology company’s stock valued at $21,218,000 after acquiring an additional 969,261 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Finisar by 4,319.7% during the first quarter. Principal Financial Group Inc. now owns 890,383 shares of the technology company’s stock valued at $14,077,000 after acquiring an additional 870,237 shares in the last quarter.

About Finisar

Finisar Corporation provides components and subsystems to networking equipment manufacturers, data center operators, telecom service providers, consumer electronics, and automotive companies in the United States, China, Malaysia, and internationally. The company's optical subsystems primarily include transmitters, receivers, transceivers, transponders, and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in wireline networks comprising switches, routers, and servers, as well as wireless networks, such as antennas and base stations.

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Analyst Recommendations for Finisar (NASDAQ:FNSR)

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