Finisar Corp. (FNSR) Upgraded by Zacks Investment Research to “Strong-Buy”
Zacks Investment Research upgraded shares of Finisar Corp. (NASDAQ:FNSR) from a hold rating to a strong-buy rating in a report published on Wednesday morning. Zacks Investment Research currently has $32.00 target price on the stock.
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. “
A number of other research firms have also issued reports on FNSR. Needham & Company LLC restated a buy rating and issued a $36.00 price target (up from $32.00) on shares of Finisar Corp. in a research report on Tuesday, September 13th. B. Riley restated a buy rating and issued a $32.25 price target on shares of Finisar Corp. in a research report on Sunday, September 11th. Stifel Nicolaus upped their price target on Finisar Corp. from $28.00 to $33.00 and gave the company a buy rating in a research report on Monday, September 12th. Barclays PLC upped their price target on Finisar Corp. from $20.00 to $27.00 and gave the company an equal weight rating in a research report on Friday, September 9th. Finally, Goldman Sachs Group Inc. upped their price target on Finisar Corp. from $21.00 to $24.00 and gave the company a neutral rating in a research report on Friday, September 9th. Four research 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. The stock currently has a consensus rating of Buy and an average price target of $27.57.
Shares of Finisar Corp. (NASDAQ:FNSR) opened at 28.74 on Wednesday. Finisar Corp. has a 12 month low of $10.66 and a 12 month high of $29.25. The stock’s 50 day moving average price is $21.95 and its 200-day moving average price is $18.48. The company has a market cap of $3.17 billion, a P/E ratio of 56.24 and a beta of 1.39.
Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, September 8th. The company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ 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 company earned $341.30 million during the quarter, compared to analyst estimates of $331.34 million. During the same period in the previous year, the business earned $0.23 EPS. Finisar Corp.’s quarterly revenue was up 8.7% on a year-over-year basis. Equities research analysts expect that Finisar Corp. will post $1.73 earnings per share for the current year.
In other news, EVP John H. Clark sold 17,325 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $26.97, for a total value of $467,255.25. Following the sale, the executive vice president now directly owns 174,838 shares in the company, valued at $4,715,380.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Christopher Brown sold 2,470 shares of the 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 owns 128,637 shares in the company, valued at $3,408,880.50. The disclosure for this sale can be found here. 1.34% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the stock. Amalgamated Bank raised its position in Finisar Corp. by 5.2% in the second quarter. Amalgamated Bank now owns 11,740 shares of the company’s stock valued at $225,000 after buying an additional 580 shares during the period. Legal & General Group Plc raised its position in Finisar Corp. by 3.5% in the first quarter. Legal & General Group Plc now owns 24,405 shares of the company’s stock valued at $449,000 after buying an additional 835 shares during the period. Public Employees Retirement System of Ohio raised 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 valued at $128,000 after buying an additional 836 shares during the period. Metropolitan Life Insurance Co. NY raised its position in Finisar Corp. by 1.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 74,267 shares of the company’s stock valued at $1,355,000 after buying an additional 859 shares during the period. Finally, American International Group Inc. raised its position in Finisar Corp. by 1.7% in the second quarter. American International Group Inc. now owns 61,917 shares of the company’s stock valued at $1,084,000 after buying an additional 1,026 shares during the period. 91.69% of the stock is currently owned by hedge funds and other institutional investors.
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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