Finisar Corp. (FNSR) Sets New 1-Year High at $19.61
Finisar Corp. (NASDAQ:FNSR) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $19.61 and last traded at $19.53, with a volume of 595,959 shares traded. The stock had previously closed at $18.99.
A number of brokerages have recently issued reports on FNSR. B. Riley restated a “buy” rating and set a $24.50 price objective on shares of Finisar Corp. in a report on Sunday, June 19th. Needham & Company LLC boosted their price objective on Finisar Corp. from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, June 20th. Zacks Investment Research cut Finisar Corp. from a “buy” rating to a “hold” rating in a report on Thursday, July 28th. TheStreet upgraded Finisar Corp. from a “hold” rating to a “buy” rating in a report on Monday, June 20th. Finally, Jefferies Group restated a “hold” rating and set a $19.00 price objective (up previously from $18.00) on shares of Finisar Corp. in a report on Friday, June 17th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $19.04.
The stock has a market capitalization of $2.10 billion and a price-to-earnings ratio of 61.03. The company’s 50-day moving average is $18.32 and its 200 day moving average is $16.43.
Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, June 16th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.04. The company had revenue of $318.80 million for the quarter. The firm’s revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 EPS. Analysts anticipate that Finisar Corp. will post $1.28 EPS for the current year.
In other news, EVP Christopher Brown sold 70,212 shares of the firm’s stock in a transaction that occurred on Friday, June 17th. The shares were sold at an average price of $19.10, for a total transaction of $1,341,049.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph A. Young sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $18.50, for a total transaction of $46,250.00. Following the sale, the executive vice president now owns 194,404 shares of the company’s stock, valued at approximately $3,596,474. The disclosure for this sale can be found here.
Several large investors recently modified their holdings of FNSR. Rhumbline Advisers raised its stake in shares of Finisar Corp. by 2.6% in the fourth quarter. Rhumbline Advisers now owns 145,722 shares of the company’s stock valued at $2,119,000 after buying an additional 3,723 shares during the last quarter. New York State Common Retirement Fund increased its position in Finisar Corp. by 2.3% in the fourth quarter. New York State Common Retirement Fund now owns 97,100 shares of the company’s stock valued at $1,412,000 after buying an additional 2,200 shares during the period. Trexquant Investment LP increased its position in Finisar Corp. by 88.8% in the fourth quarter. Trexquant Investment LP now owns 85,903 shares of the company’s stock valued at $1,249,000 after buying an additional 40,403 shares during the period. Finally, Employees Retirement System of Texas increased its position in Finisar Corp. by 62.0% in the fourth quarter. Employees Retirement System of Texas now owns 81,000 shares of the company’s stock valued at $1,178,000 after buying an additional 31,000 shares during the period.
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, optical engines and active optical cables that provide the fundamental optical-electrical, or optoelectronic, interface for interconnecting the electronic equipment used in communication networks, including the switches, routers and servers used in wireline networks, as well as the antennas and base stations used in wireless networks.
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