Finisar Corp. (FNSR) Rating Increased to Strong-Buy at Needham & Company LLC
Finisar Corp. (NASDAQ:FNSR) was upgraded by stock analysts at Needham & Company LLC from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday. The firm currently has a $42.00 price target on the stock, up from their prior price target of $38.00. Needham & Company LLC’s target price suggests a potential upside of 23.28% from the stock’s current price.
Other research analysts have also recently issued research reports about the company. B. Riley reaffirmed a “buy” rating and issued a $32.25 price target on shares of Finisar Corp. in a report on Sunday, September 11th. Zacks Investment Research downgraded shares of Finisar Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 17th. Jefferies Group boosted their target price on shares of Finisar Corp. from $19.00 to $28.00 and gave the company a “hold” rating in a research note on Friday, September 9th. William Blair raised shares of Finisar Corp. from a “market perform” rating to an “outperform” rating in a research note on Friday, September 9th. Finally, Goldman Sachs Group Inc. boosted their target price on shares of Finisar Corp. from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, September 9th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $31.27.
Finisar Corp. (NASDAQ:FNSR) opened at 34.07 on Monday. Finisar Corp. has a 1-year low of $11.26 and a 1-year high of $34.99. The stock has a market capitalization of $3.76 billion, a P/E ratio of 66.67 and a beta of 1.37. The company has a 50-day moving average price of $30.02 and a 200 day moving average price of $23.05.
Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.08. The company 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%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 earnings per share. On average, equities analysts predict that Finisar Corp. will post $1.75 EPS for the current year.
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In related news, EVP Christopher Brown sold 2,470 shares of the company’s 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 directly owns 128,637 shares in the company, valued at $3,408,880.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Todd Swanson sold 6,183 shares of the business’s stock in a transaction on Monday, October 17th. The stock was sold at an average price of $28.78, for a total transaction of $177,946.74. Following the transaction, the executive vice president now directly owns 257,741 shares of the company’s stock, valued at approximately $7,417,785.98. The disclosure for this sale can be found here. 1.34% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors raised its position in Finisar Corp. by 9.3% in the second quarter. Capital Research Global Investors now owns 12,815,280 shares of the company’s stock worth $224,396,000 after buying an additional 1,086,000 shares in the last quarter. Alliancebernstein L.P. raised its position in Finisar Corp. by 4.1% in the second quarter. Alliancebernstein L.P. now owns 7,984,902 shares of the company’s stock worth $139,816,000 after buying an additional 314,093 shares in the last quarter. Vanguard Group Inc. raised its position in Finisar Corp. by 2.5% in the second quarter. Vanguard Group Inc. now owns 7,678,531 shares of the company’s stock worth $134,451,000 after buying an additional 188,272 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Finisar Corp. by 22.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,181,610 shares of the company’s stock worth $90,729,000 after buying an additional 962,855 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in Finisar Corp. by 1.5% in the third quarter. Fisher Asset Management LLC now owns 4,182,661 shares of the company’s stock worth $124,643,000 after buying an additional 60,102 shares in the last quarter. 91.86% of the stock is owned by hedge funds and other institutional investors.
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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