Finisar Corp. (FNSR) Hits New 12-Month High at $20.83
Finisar Corp. (NASDAQ:FNSR) shares reached a new 52-week high during trading on Monday . The company traded as high as $20.83 and last traded at $20.75, with a volume of 286,243 shares changing hands. The stock had previously closed at $20.67.
FNSR has been the subject of a number of research reports. Piper Jaffray Cos. reiterated a “buy” rating and set a $20.00 target price on shares of Finisar Corp. in a research report on Wednesday, June 15th. Needham & Company LLC increased their target price on Finisar Corp. from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, June 20th. B. Riley reiterated a “buy” rating and set a $24.50 target price on shares of Finisar Corp. in a research report on Sunday, June 19th. Zacks Investment Research upgraded Finisar Corp. from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research report on Wednesday, May 4th. Finally, TheStreet upgraded Finisar Corp. from a “hold” rating to a “buy” rating in a research report on Monday, June 20th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $19.38.
The firm has a 50 day moving average price of $19.05 and a 200-day moving average price of $17.15. The firm has a market cap of $2.26 billion and a price-to-earnings ratio of 65.47.
Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, June 16th. The company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.04. During the same quarter last year, the business posted $0.25 EPS. The company had revenue of $318.80 million for the quarter. Finisar Corp.’s revenue for the quarter was down .4% compared to the same quarter last year. Equities research analysts expect that Finisar Corp. will post $1.28 EPS for the current year.
In other news, EVP Joseph A. Young sold 6,473 shares of the stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $19.90, for a total value of $128,812.70. Following the transaction, the executive vice president now owns 246,543 shares in the company, valued at approximately $4,906,205.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Mark Colyar sold 39,225 shares of the stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $20.75, for a total value of $813,918.75. Following the completion of the transaction, the senior vice president now owns 95,633 shares in the company, valued at approximately $1,984,384.75. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Finisar Corp. stock. Employees Retirement System of Texas raised its position in shares of Finisar Corp. (NASDAQ:FNSR) by 62.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,000 shares of the company’s stock after buying an additional 31,000 shares during the period. Employees Retirement System of Texas owned approximately 0.08% of Finisar Corp. worth $1,178,000 at the end of the most recent quarter.
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.