Finisar Corp. (FNSR) Earns “Overweight” Rating from Piper Jaffray Cos.
Piper Jaffray Cos. reaffirmed their overweight rating on shares of Finisar Corp. (NASDAQ:FNSR) in a research report sent to investors on Friday morning. They currently have a $38.00 target price on the stock, up from their previous target price of $31.00.
Several other equities analysts also recently weighed in on FNSR. B. Riley reiterated a buy rating and issued a $20.00 price target on shares of Finisar Corp. in a report on Tuesday, June 14th. Zacks Investment Research upgraded shares of Finisar Corp. from a hold rating to a buy rating and set a $20.00 price target on the stock in a report on Monday, July 11th. Jefferies Group reiterated a hold rating and issued a $19.00 price target (up previously from $18.00) on shares of Finisar Corp. in a report on Friday, June 17th. TheStreet upgraded shares of Finisar Corp. from a hold rating to a buy rating in a report on Monday, June 20th. Finally, Barclays PLC increased their price target on shares of Finisar Corp. from $20.00 to $27.00 and gave the stock an equal weight rating in a report on Friday, September 9th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Finisar Corp. presently has a consensus rating of Buy and an average price target of $30.73.
Finisar Corp. (NASDAQ:FNSR) opened at 29.92 on Friday. Finisar Corp. has a 12-month low of $11.04 and a 12-month high of $31.42. The stock has a market cap of $3.30 billion, a P/E ratio of 58.55 and a beta of 1.37. The stock has a 50 day moving average of $26.56 and a 200 day moving average of $19.99.
Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, September 8th. The company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.08. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The company had revenue of $341.30 million for the quarter, compared to the consensus estimate of $331.34 million. During the same quarter in the prior year, the company earned $0.23 EPS. Finisar Corp.’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities research analysts anticipate that Finisar Corp. will post $1.74 earnings per share for the current fiscal year.
In other Finisar Corp. news, SVP Mark Colyar sold 39,225 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $20.75, for a total value of $813,918.75. Following the transaction, the senior vice president now owns 95,633 shares in the company, valued at approximately $1,984,384.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Jerry S. Rawls sold 30,000 shares of the firm’s stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $28.58, for a total value of $857,400.00. Following the completion of the transaction, the chairman now owns 779,464 shares in the company, valued at approximately $22,277,081.12. The disclosure for this sale can be found here. 1.34% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio raised its position in shares of 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 last quarter. Public Employees Retirement System of Ohio raised its position in shares of 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 last quarter. Seven Eight Capital LLC purchased a new position in shares of Finisar Corp. during the second quarter worth $138,000. BlackRock Inc. raised its position in shares of 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 last quarter. Finally, BNP Paribas Arbitrage SA raised its position in shares of Finisar Corp. by 123.0% in the third quarter. BNP Paribas Arbitrage SA now owns 9,309 shares of the company’s stock worth $277,000 after buying an additional 5,135 shares during the last quarter. Institutional investors own 91.62% of the company’s stock.
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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