Zacks Investment Research Downgrades Finisar Corporation (FNSR) to Hold
Finisar Corporation (NASDAQ:FNSR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “FINISAR CORP. is a provider of fiber optic subsystems and network test and monitoring systems which enable high-speed data communications over local area networks, or LANs, storage area networks, or SANs, and metropolitan access networks, or MANs. They are focused on the application of digital fiber optics to provide aline of high-performance, reliable, value-added optical subsystems for data networking and storage equipment manufacturers. “
Several other equities research analysts have also recently weighed in on FNSR. Jefferies Group LLC reissued a “buy” rating and issued a $34.00 price target on shares of Finisar Corporation in a research note on Friday, May 5th. ValuEngine cut Finisar Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. B. Riley reissued a “buy” rating and issued a $38.00 price target on shares of Finisar Corporation in a research note on Thursday, June 8th. William Blair reissued an “outperform” rating on shares of Finisar Corporation in a research note on Friday, June 9th. Finally, DA Davidson started coverage on Finisar Corporation in a research note on Thursday, June 29th. They issued a “buy” rating and a $40.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $36.27.
Shares of Finisar Corporation (NASDAQ FNSR) opened at 24.68 on Tuesday. The company has a 50-day moving average of $25.90 and a 200 day moving average of $26.96. Finisar Corporation has a 12-month low of $20.29 and a 12-month high of $36.85. The firm has a market cap of $2.75 billion, a P/E ratio of 11.27 and a beta of 1.32.
Finisar Corporation (NASDAQ:FNSR) last issued its earnings results on Thursday, June 15th. The technology company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. Finisar Corporation had a return on equity of 13.91% and a net margin of 17.20%. The business had revenue of $357.50 million during the quarter, compared to analysts’ expectations of $359.65 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts predict that Finisar Corporation will post $2.10 EPS for the current year.
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In other Finisar Corporation news, EVP Todd Swanson sold 6,183 shares of the stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $27.65, for a total value of $170,959.95. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert Stephens sold 6,030 shares of the stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $27.00, for a total value of $162,810.00. Following the completion of the transaction, the director now owns 34,924 shares in the company, valued at approximately $942,948. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,991 shares of company stock worth $2,905,146. Corporate insiders own 1.02% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in FNSR. Prudential Financial Inc. raised its position in shares of Finisar Corporation by 0.8% in the first quarter. Prudential Financial Inc. now owns 15,535 shares of the technology company’s stock valued at $425,000 after buying an additional 120 shares during the last quarter. Teacher Retirement System of Texas raised its position in Finisar Corporation by 1.6% in the second quarter. Teacher Retirement System of Texas now owns 8,890 shares of the technology company’s stock worth $231,000 after buying an additional 136 shares in the last quarter. Acrospire Investment Management LLC raised its position in Finisar Corporation by 4.4% in the first quarter. Acrospire Investment Management LLC now owns 3,991 shares of the technology company’s stock worth $109,000 after buying an additional 168 shares in the last quarter. Virginia Retirement Systems ET AL raised its position in Finisar Corporation by 0.3% in the second quarter. Virginia Retirement Systems ET AL now owns 91,600 shares of the technology company’s stock worth $2,380,000 after buying an additional 300 shares in the last quarter. Finally, Amalgamated Bank raised its position in Finisar Corporation by 2.9% in the second quarter. Amalgamated Bank now owns 13,912 shares of the technology company’s stock worth $361,000 after buying an additional 396 shares in the last quarter. Institutional investors and hedge funds own 97.45% of the company’s stock.
Finisar Corporation 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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