Finisar Corp. (NASDAQ:FNSR) Receives Average Recommendation of “Buy” from Analysts
Finisar Corp. (NASDAQ:FNSR) has received an average recommendation of “Buy” from the thirteen brokerages that are covering the stock. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $29.30.
Several equities research analysts have recently weighed in on the company. B. Riley reissued a “buy” rating and set a $38.00 target price on shares of Finisar Corp. in a research report on Friday. Needham & Company LLC raised their target price on Finisar Corp. from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Monday, September 19th. Zacks Investment Research raised Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a research report on Wednesday, September 14th. Stifel Nicolaus raised their target price on Finisar Corp. from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, September 12th. Finally, Jefferies Group raised their target price on Finisar Corp. from $19.00 to $28.00 and gave the stock a “hold” rating in a research report on Friday, September 9th.
In other Finisar Corp. news, Director Roger C. Ferguson sold 2,853 shares of Finisar Corp. stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $29.05, for a total value of $82,879.65. Following the transaction, the director now directly owns 42,140 shares in the company, valued at approximately $1,224,167. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christopher Brown sold 14,584 shares of Finisar Corp. stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $19.10, for a total value of $278,554.40. Following the completion of the transaction, the executive vice president now owns 151,578 shares in the company, valued at $2,895,139.80. The disclosure for this sale can be found here. 1.34% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio increased its stake in Finisar Corp. by 20.4% in the second quarter. Strs Ohio now owns 6,500 shares of the company’s stock worth $113,000 after buying an additional 1,100 shares during the period. Public Employees Retirement System of Ohio increased 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. Seven Eight Capital LLC acquired a new stake in Finisar Corp. during the second quarter worth $138,000. BlackRock Inc. increased its stake in Finisar Corp. by 71.5% in the first quarter. BlackRock Inc. now owns 8,607 shares of the company’s stock worth $156,000 after buying an additional 3,589 shares during the period. Finally, Prudential Financial Inc. acquired a new stake in Finisar Corp. during the second quarter worth $191,000. Institutional investors own 91.62% of the company’s stock.
Shares of Finisar Corp. (NASDAQ:FNSR) opened at 29.80 on Monday. The company has a market cap of $3.29 billion, a PE ratio of 58.32 and a beta of 1.39. The stock’s 50 day moving average is $24.58 and its 200 day moving average is $19.34. Finisar Corp. has a 52-week low of $11.04 and a 52-week high of $30.19.
Finisar Corp. (NASDAQ:FNSR) last issued its earnings results on Thursday, September 8th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.08. Finisar Corp. had a return on equity of 7.61% and a net margin of 4.32%. The business had revenue of $341.30 million for the quarter, compared to analyst estimates of $331.34 million. During the same quarter last year, the company earned $0.23 EPS. The business’s quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts forecast that Finisar Corp. will post $1.73 EPS for the current year.
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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