Zacks Investment Research upgraded shares of Finisar Corporation (NASDAQ:FNSR) from a strong sell rating to a hold rating in a research report report published on Tuesday.
According to Zacks, “FINISAR CORP. is a provider of fiber optic subsystems and network test and monitoring systems which enable high-speed data communications over local area networks, or LANs, storage area networks, or SANs, and metropolitan access networks, or MANs. They are focused on the application of digital fiber optics to provide aline of high-performance, reliable, value-added optical subsystems for data networking and storage equipment manufacturers. “
FNSR has been the subject of a number of other reports. Needham & Company LLC reissued a strong-buy rating and issued a $34.00 target price (down from $44.00) on shares of Finisar Corporation in a report on Friday, September 8th. William Blair reissued an ourperform rating on shares of Finisar Corporation in a report on Thursday, September 7th. Northland Securities set a $40.00 target price on shares of Finisar Corporation and gave the company a buy rating in a report on Tuesday, August 29th. Stifel Nicolaus reissued a buy rating and issued a $30.00 target price (down from $33.00) on shares of Finisar Corporation in a report on Tuesday, September 5th. Finally, B. Riley reissued a buy rating and issued a $38.00 target price on shares of Finisar Corporation in a report on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned 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 target price of $32.60.
Finisar Corporation (NASDAQ:FNSR) opened at $18.96 on Tuesday. Finisar Corporation has a fifty-two week low of $18.10 and a fifty-two week high of $36.85. The company has a debt-to-equity ratio of 0.44, a current ratio of 7.66 and a quick ratio of 6.24. The firm has a market cap of $2,081.86, a price-to-earnings ratio of 10.95, a P/E/G ratio of 1.26 and a beta of 1.19.
Finisar Corporation (NASDAQ:FNSR) last posted its earnings results on Thursday, September 7th. The technology company reported $0.40 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.40. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. The firm had revenue of $341.80 million during the quarter, compared to analyst estimates of $341.22 million. During the same period last year, the firm posted $0.38 earnings per share. Finisar Corporation’s revenue for the quarter was up .1% compared to the same quarter last year. research analysts predict that Finisar Corporation will post 1.05 EPS for the current year.
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In related news, Director Roger C. Ferguson sold 2,726 shares of Finisar Corporation stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $21.46, for a total value of $58,499.96. Following the completion of the sale, the director now directly owns 44,034 shares in the company, valued at $944,969.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Jerry S. Rawls sold 20,000 shares of Finisar Corporation stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $22.89, for a total value of $457,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,928 shares of company stock valued at $667,257. Corporate insiders own 1.02% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in shares of Finisar Corporation by 3.6% in the first quarter. State Street Corp now owns 2,077,716 shares of the technology company’s stock valued at $56,802,000 after acquiring an additional 71,736 shares in the last quarter. Voya Investment Management LLC grew its stake in Finisar Corporation by 12.9% in the second quarter. Voya Investment Management LLC now owns 51,499 shares of the technology company’s stock valued at $1,338,000 after purchasing an additional 5,883 shares during the last quarter. Taylor Asset Management Inc. grew its stake in Finisar Corporation by 13.2% in the second quarter. Taylor Asset Management Inc. now owns 1,044,300 shares of the technology company’s stock valued at $27,131,000 after purchasing an additional 121,800 shares during the last quarter. Symphony Asset Management LLC grew its stake in Finisar Corporation by 86.6% in the second quarter. Symphony Asset Management LLC now owns 118,500 shares of the technology company’s stock valued at $3,079,000 after purchasing an additional 55,000 shares during the last quarter. Finally, Endurance Wealth Management Inc. grew its stake in Finisar Corporation by 506.1% in the third quarter. Endurance Wealth Management Inc. now owns 279,184 shares of the technology company’s stock valued at $6,190,000 after purchasing an additional 233,125 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.
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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