Finisar Corp. (FNSR) Stock Rating Upgraded by Goldman Sachs Group Inc.
Goldman Sachs Group Inc. upgraded shares of Finisar Corp. (NASDAQ:FNSR) from a neutral rating to a buy rating in a report published on Tuesday morning. The firm currently has $39.00 price target on the stock, up from their previous price target of $24.00.
A number of other research analysts have also issued reports on the stock. Piper Jaffray Cos. reiterated an overweight rating and issued a $38.00 price objective (up previously from $31.00) on shares of Finisar Corp. in a report on Friday, October 7th. B. Riley reiterated a buy rating and issued a $38.00 price objective on shares of Finisar Corp. in a report on Wednesday, October 5th. Needham & Company LLC raised their price objective on shares of Finisar Corp. from $32.00 to $36.00 and gave the company a buy rating in a report on Monday, September 19th. Zacks Investment Research upgraded shares of Finisar Corp. from a hold rating to a strong-buy rating and set a $32.00 price objective for the company in a report on Wednesday, September 14th. Finally, Stifel Nicolaus raised their price objective on shares of Finisar Corp. from $28.00 to $33.00 and gave the company a buy rating in a report on Monday, September 12th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $30.73.
Finisar Corp. (NASDAQ:FNSR) opened at 29.18 on Tuesday. Finisar Corp. has a 12-month low of $11.04 and a 12-month high of $31.42. The firm has a market cap of $3.22 billion, a PE ratio of 57.10 and a beta of 1.36. The stock has a 50 day moving average of $27.30 and a 200 day moving average of $20.20.
Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.08. The business earned $341.30 million during the quarter, compared to analyst estimates of $331.34 million. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the business earned $0.23 EPS. On average, equities research analysts anticipate that Finisar Corp. will post $1.74 EPS for the current fiscal year.
In related news, EVP Christopher Brown sold 2,470 shares of Finisar Corp. stock in a transaction on Friday, September 9th. The shares were sold at an average price of $26.50, for a total value of $65,455.00. Following the completion of the sale, the executive vice president now owns 128,637 shares of the company’s stock, valued at approximately $3,408,880.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Joseph A. Young sold 103,323 shares of Finisar Corp. stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $27.76, for a total transaction of $2,868,246.48. Following the completion of the sale, the executive vice president now directly owns 245,832 shares of the company’s stock, valued at approximately $6,824,296.32. The disclosure for this sale can be found here. 1.34% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of 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 valued at $113,000 after buying an additional 1,100 shares during the last quarter. 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 valued at $128,000 after buying an additional 836 shares during the last quarter. Parametrica Management Ltd acquired a new stake in Finisar Corp. during the third quarter valued at about $224,000. Seven Eight Capital LLC acquired a new stake in Finisar Corp. during the second quarter valued at about $138,000. Finally, 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 valued at $156,000 after buying an additional 3,589 shares during the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.
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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