Quantitative Systematic Strategies LLC Purchases Shares of 12,814 Finisar Corp. (FNSR)
Quantitative Systematic Strategies LLC acquired a new stake in Finisar Corp. (NASDAQ:FNSR) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 12,814 shares of the company’s stock, valued at approximately $222,000.
Other institutional investors have also modified their holdings of the company. Hood River Capital Management LLC boosted its position in shares of Finisar Corp. by 13.4% in the second quarter. Hood River Capital Management LLC now owns 579,311 shares of the company’s stock valued at $10,144,000 after buying an additional 68,324 shares during the period. ClariVest Asset Management LLC acquired a new position in shares of Finisar Corp. during the second quarter valued at $2,197,000. Strs Ohio boosted 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 valued at $113,000 after buying an additional 1,100 shares during the period. Bank of Montreal Can acquired a new position in shares of Finisar Corp. during the second quarter valued at $2,478,000. Finally, Nordea Investment Management AB acquired a new position in shares of Finisar Corp. during the second quarter valued at $2,198,000. Hedge funds and other institutional investors own 91.62% of the company’s stock.
Finisar Corp. (NASDAQ:FNSR) traded down 1.50% on Friday, hitting $28.88. 1,217,902 shares of the company were exchanged. Finisar Corp. has a 52-week low of $11.04 and a 52-week high of $31.42. The stock’s 50-day moving average price is $27.30 and its 200-day moving average price is $20.20. The stock has a market capitalization of $3.18 billion, a P/E ratio of 56.52 and a beta of 1.37.
Finisar Corp. (NASDAQ:FNSR) last announced its quarterly earnings results on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company earned $341.30 million during the quarter, compared to the consensus estimate of $331.34 million. During the same period in the previous year, the company posted $0.23 earnings per share. Finisar Corp.’s revenue for the quarter 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.
Several brokerages have recently weighed in on FNSR. Goldman Sachs Group Inc. upgraded shares of Finisar Corp. from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $24.00 to $39.00 in a research note on Tuesday, October 11th. Piper Jaffray Cos. restated an “overweight” rating and set a $38.00 target price (up previously from $31.00) on shares of Finisar Corp. in a research note on Friday, October 7th. B. Riley restated a “buy” rating and set a $38.00 target price on shares of Finisar Corp. in a research note on Wednesday, October 5th. Needham & Company LLC raised their target price on shares of Finisar Corp. from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Monday, September 19th. Finally, Zacks Investment Research upgraded shares of Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a research note on Wednesday, September 14th. Three 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. has a consensus rating of “Buy” and an average price target of $30.73.
In other Finisar Corp. news, EVP Christopher Brown sold 14,584 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was 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 directly owns 151,578 shares of the company’s stock, valued at $2,895,139.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John H. Clark sold 11,265 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $29.72, for a total value of $334,795.80. Following the completion of the transaction, the executive vice president now directly owns 163,573 shares of the company’s stock, valued at $4,861,389.56. The disclosure for this sale can be found here. 1.34% of the stock is owned by company insiders.
About Finisar Corp.
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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