Needham & Company LLC Boosts Finisar Corp. (FNSR) Price Target to $36.00
FNSR has been the topic of several other research reports. Piper Jaffray Cos. restated a buy rating and set a $20.00 price objective on shares of Finisar Corp. in a report on Wednesday, June 15th. B. Riley restated a buy rating and set a $20.00 price objective on shares of Finisar Corp. in a report on Tuesday, June 14th. TheStreet upgraded Finisar Corp. from a hold rating to a buy rating in a report on Monday, June 20th. Zacks Investment Research upgraded Finisar Corp. from a hold rating to a buy rating and set a $20.00 price objective on the stock in a report on Monday, July 11th. Finally, Stifel Nicolaus upgraded Finisar Corp. from a hold rating to a buy rating and set a $28.00 price objective on the stock in a report on Tuesday, September 6th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $27.57.
Finisar Corp. (NASDAQ:FNSR) opened at 28.93 on Monday. Finisar Corp. has a 1-year low of $10.66 and a 1-year high of $29.25. The company’s 50-day moving average price is $22.53 and its 200 day moving average price is $18.65. The firm has a market capitalization of $3.19 billion, a PE ratio of 56.61 and a beta of 1.39.
Finisar Corp. (NASDAQ:FNSR) last announced its earnings results on Thursday, September 8th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.08. The firm had revenue of $341.30 million for the quarter, compared to analysts’ expectations of $331.34 million. Finisar Corp. had a return on equity of 7.61% and a net margin of 4.32%. Finisar Corp.’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. On average, equities analysts anticipate that Finisar Corp. will post $1.73 EPS for the current year.
In other news, EVP Joseph A. Young sold 103,323 shares of Finisar Corp. stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $27.76, for a total transaction of $2,868,246.48. Following the sale, the executive vice president now owns 245,832 shares of the company’s stock, valued at $6,824,296.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Christopher Brown sold 18,576 shares of Finisar Corp. stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $18.08, for a total value of $335,854.08. Following the sale, the executive vice president now directly owns 154,570 shares in the company, valued at approximately $2,794,625.60. The disclosure for this sale can be found here. 1.34% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Front Street Capital Management Inc. acquired a new stake in Finisar Corp. during the second quarter worth $3,234,000. Wolverine Asset Management LLC acquired a new stake in Finisar Corp. during the second quarter worth $700,000. Public Employees Retirement System of Ohio boosted its stake in Finisar Corp. by 12.9% in the second quarter. Public Employees Retirement System of Ohio now owns 7,297 shares of the company’s stock worth $128,000 after buying an additional 836 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Finisar Corp. by 6.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 523,048 shares of the company’s stock worth $9,159,000 after buying an additional 31,611 shares during the period. Finally, Amalgamated Bank boosted its stake in Finisar Corp. by 5.2% in the second quarter. Amalgamated Bank now owns 11,740 shares of the company’s stock worth $225,000 after buying an additional 580 shares during the period. 91.62% of the stock is currently owned by institutional investors.
Finisar Corp. 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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