Finisar Corp. (FNSR) Hits New 1-Year High at $20.83
Finisar Corp. (NASDAQ:FNSR)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $20.83 and last traded at $20.75, with a volume of 286,243 shares changing hands. The stock had previously closed at $20.67.
Several equities research analysts have recently weighed in on FNSR shares. Zacks Investment Research raised shares of Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $24.00 target price on the stock in a report on Tuesday, August 16th. B. Riley reaffirmed a “buy” rating and issued a $24.50 target price on shares of Finisar Corp. in a report on Sunday, June 19th. Needham & Company LLC upped their target price on shares of Finisar Corp. from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, June 20th. TheStreet raised shares of Finisar Corp. from a “hold” rating to a “buy” rating in a report on Monday, June 20th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $19.00 target price (up previously from $18.00) on shares of Finisar Corp. in a report on Friday, June 17th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.38.
The firm has a market cap of $2.24 billion and a P/E ratio of 64.97. The stock’s 50-day moving average price is $18.89 and its 200-day moving average price is $16.98.
Finisar Corp. (NASDAQ:FNSR) last issued its earnings results on Thursday, June 16th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $318.80 million for the quarter. During the same quarter last year, the firm earned $0.25 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Analysts anticipate that Finisar Corp. will post $1.28 earnings per share for the current year.
In related news, EVP Joseph A. Young sold 6,473 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $19.90, for a total value of $128,812.70. Following the completion of the sale, the executive vice president now directly owns 246,543 shares of the company’s stock, valued at approximately $4,906,205.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher Brown sold 18,576 shares of the stock in a transaction on Monday, June 27th. The shares were sold at an average price of $18.08, for a total value of $335,854.08. Following the completion of the sale, 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.
An institutional investor recently raised its position in Finisar Corp. stock. Employees Retirement System of Texas increased its position in shares of Finisar Corp. (NASDAQ:FNSR) by 62.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,000 shares of the company’s stock after buying an additional 31,000 shares during the period. Employees Retirement System of Texas owned approximately 0.08% of Finisar Corp. worth $1,178,000 at the end of the most recent quarter.
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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