Finisar Corporation (NASDAQ:FNSR) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Finisar Corporation (NASDAQ:FNSR) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday, November 7th.

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. “

A number of other research analysts also recently commented on FNSR. B. Riley restated a buy rating and set a $30.75 price objective on shares of Finisar in a research note on Tuesday, September 12th. William Blair reiterated an outperform rating on shares of Finisar in a research report on Thursday, September 14th. Craig Hallum reiterated a buy rating and set a $28.00 price target (down previously from $38.00) on shares of Finisar in a research report on Friday, September 8th. Needham & Company LLC reiterated a strong-buy rating and set a $34.00 price target (down previously from $44.00) on shares of Finisar in a research report on Friday, September 8th. Finally, BidaskClub lowered Finisar from a hold rating to a sell rating in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $32.60.

Shares of Finisar (NASDAQ:FNSR) traded up $0.36 on Tuesday, hitting $20.65. The company’s stock had a trading volume of 974,279 shares, compared to its average volume of 3,473,080. Finisar has a one year low of $17.80 and a one year high of $36.85. The company has a debt-to-equity ratio of 0.44, a quick ratio of 6.24 and a current ratio of 7.66. The firm has a market cap of $2,351.79, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.42 and a beta of 1.19.

Finisar (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, September 7th. The technology company reported $0.40 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.40. The business had revenue of $341.80 million during the quarter, compared to the consensus estimate of $341.22 million. Finisar had a return on equity of 13.11% and a net margin of 16.92%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 EPS. analysts anticipate that Finisar will post 1.05 earnings per share for the current year.

In other Finisar news, Chairman Jerry S. Rawls sold 20,000 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $22.89, for a total value of $457,800.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Roger C. Ferguson sold 2,726 shares of the company’s 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 transaction, the director now directly owns 44,034 shares in the company, valued at $944,969.64. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of FNSR. Ladenburg Thalmann Financial Services Inc. boosted its stake in Finisar by 103.4% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,728 shares of the technology company’s stock valued at $127,000 after purchasing an additional 2,912 shares during the period. Fortaleza Asset Management Inc. bought a new stake in Finisar during the 2nd quarter valued at approximately $138,000. PNC Financial Services Group Inc. boosted its stake in Finisar 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 period. Cheyne Capital Management UK LLP bought a new stake in Finisar during the 3rd quarter valued at approximately $155,000. Finally, Cubist Systematic Strategies LLC boosted its stake in Finisar by 598.3% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 7,004 shares of the technology company’s stock valued at $155,000 after purchasing an additional 6,001 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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About Finisar

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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