Finisar Corp. (FNSR) Stock Rating Reaffirmed by Needham & Company LLC
Finisar Corp. (NASDAQ:FNSR)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued on Tuesday. They presently have a $36.00 target price on the stock, up from their previous target price of $32.00. Needham & Company LLC’s price target would indicate a potential upside of 25.09% from the stock’s previous close.
Other research analysts also recently issued research reports about the company. Piper Jaffray Cos. reaffirmed a “buy” rating and set a $20.00 price objective on shares of Finisar Corp. in a report on Wednesday, June 15th. B. Riley reaffirmed a “buy” rating and set a $20.00 price objective on shares of Finisar Corp. in a report on Tuesday, June 14th. TheStreet raised Finisar Corp. from a “hold” rating to a “buy” rating in a report on Monday, June 20th. Zacks Investment Research raised Finisar Corp. from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Monday, July 11th. Finally, Stifel Nicolaus raised Finisar Corp. from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Tuesday, September 6th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Finisar Corp. has an average rating of “Buy” and a consensus target price of $27.57.
Shares of Finisar Corp. (NASDAQ:FNSR) traded up 1.91% during mid-day trading on Tuesday, hitting $28.74. The stock had a trading volume of 2,497,807 shares. Finisar Corp. has a 12-month low of $10.66 and a 12-month high of $29.07. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 56.24 and a beta of 1.39. The stock’s 50-day moving average price is $20.87 and its 200-day moving average price is $18.09.
Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.08. Finisar Corp. had a return on equity of 7.61% and a net margin of 4.32%. The firm had revenue of $341.30 million for the quarter, compared to the consensus estimate of $331.34 million. During the same quarter in the prior year, the business earned $0.23 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities analysts anticipate that Finisar Corp. will post $1.73 EPS for the current fiscal year.
In related news, EVP Christopher Brown sold 8,400 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $28.50, for a total value of $239,400.00. Following the completion of the sale, the executive vice president now owns 124,437 shares in the company, valued at approximately $3,546,454.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Joseph A. Young sold 103,323 shares of the company’s 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 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 corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio boosted its stake in Finisar Corp. by 20.4% in the second quarter. Strs Ohio now owns 6,500 shares of the company’s stock worth $113,000 after buying an additional 1,100 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position 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 worth $128,000 after buying an additional 836 shares during the period. Seven Eight Capital LLC purchased a new position in Finisar Corp. during the second quarter worth about $138,000. BlackRock Inc. boosted its position in Finisar Corp. by 71.5% in the first quarter. BlackRock Inc. now owns 8,607 shares of the company’s stock worth $156,000 after buying an additional 3,589 shares during the period. Finally, Prudential Financial Inc. purchased a new position in Finisar Corp. during the second quarter worth about $191,000. Institutional investors and hedge funds own 91.69% of the company’s stock.
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, 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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