Finisar Corp. (FNSR) Sets New 12-Month High at $20.16
Finisar Corp. (NASDAQ:FNSR)’s share price reached a new 52-week high on Monday . The company traded as high as $20.16 and last traded at $20.09, with a volume of 917,117 shares changing hands. The stock had previously closed at $19.70.
A number of equities analysts have weighed in on FNSR shares. Zacks Investment Research cut shares of Finisar Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. TheStreet raised shares of Finisar Corp. from a “hold” rating to a “buy” rating in a research report on Monday, June 20th. MKM Partners reissued a “neutral” rating and issued a $19.00 price objective on shares of Finisar Corp. in a research report on Wednesday, June 15th. Jefferies Group reissued a “hold” rating and issued a $19.00 price objective (up from $18.00) on shares of Finisar Corp. in a research report on Friday, June 17th. Finally, Needham & Company LLC upped their price objective on shares of Finisar Corp. from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, June 20th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $19.04.
The company has a market capitalization of $2.19 billion and a P/E ratio of 63.53. The stock has a 50 day moving average price of $18.44 and a 200-day moving average price of $16.69.
Finisar Corp. (NASDAQ:FNSR) last announced its earnings results on Thursday, June 16th. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.04. During the same period in the previous year, the company posted $0.25 earnings per share. The company earned $318.80 million during the quarter. The company’s revenue was down .4% on a year-over-year basis. Analysts expect that Finisar Corp. will post $1.28 earnings per share for the current year.
In other Finisar Corp. news, EVP Joseph A. Young sold 6,473 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $19.90, for a total value of $128,812.70. Following the completion of the transaction, the executive vice president now directly owns 246,543 shares of the company’s stock, valued at $4,906,205.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Christopher Brown sold 18,576 shares of the business’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $18.08, for a total transaction of $335,854.08. Following the completion of the transaction, the executive vice president now directly owns 154,570 shares of the company’s stock, valued at $2,794,625.60. The disclosure for this sale can be found here.
Several institutional investors recently made changes to their positions in the company. Employees Retirement System of Texas increased its position in shares of Finisar Corp. by 62.0% in the fourth quarter. Employees Retirement System of Texas now owns 81,000 shares of the company’s stock worth $1,178,000 after buying an additional 31,000 shares in the last quarter. Trexquant Investment LP increased its stake in Finisar Corp. by 88.8% in the fourth quarter. Trexquant Investment LP now owns 85,903 shares of the company’s stock worth $1,249,000 after buying an additional 40,403 shares during the period. Finally, New York State Common Retirement Fund increased its stake in Finisar Corp. by 2.3% in the fourth quarter. New York State Common Retirement Fund now owns 97,100 shares of the company’s stock worth $1,412,000 after buying an additional 2,200 shares during the period.
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, optical engines and active optical cables that provide the fundamental optical-electrical, or optoelectronic, interface for interconnecting the electronic equipment used in communication networks, including the switches, routers and servers used in wireline networks, as well as the antennas and base stations used in wireless networks.
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