Finisar (FNSR) Raised to “Sell” at BidaskClub
BidaskClub upgraded shares of Finisar (NASDAQ:FNSR) from a strong sell rating to a sell rating in a research note published on Tuesday morning.
Several other research analysts have also commented on FNSR. Northland Securities set a $40.00 price objective on Finisar and gave the stock a buy rating in a report on Tuesday, August 29th. Zacks Investment Research raised Finisar from a sell rating to a hold rating and set a $27.00 price objective for the company in a report on Tuesday, August 15th. Jefferies Group initiated coverage on Finisar in a report on Wednesday, November 1st. They set a buy rating and a $28.50 price objective for the company. Piper Jaffray Companies reissued a buy rating and set a $30.00 price objective (down previously from $32.00) on shares of Finisar in a report on Tuesday, September 5th. Finally, Stifel Nicolaus restated a buy rating and issued a $30.00 target price (down previously from $33.00) on shares of Finisar in a research report on Tuesday, September 5th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $27.82.
Shares of Finisar (NASDAQ:FNSR) traded down $0.98 during trading hours on Tuesday, reaching $22.72. The company’s stock had a trading volume of 13,656,899 shares, compared to its average volume of 3,668,248. The company has a current ratio of 7.81, a quick ratio of 6.31 and a debt-to-equity ratio of 0.44. Finisar has a fifty-two week low of $17.20 and a fifty-two week high of $36.41. The company has a market cap of $2,702.37, a PE ratio of 18.52, a PEG ratio of 2.29 and a beta of 1.14.
In other Finisar news, Chairman Jerry S. Rawls sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $22.89, for a total value of $457,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roger C. Ferguson sold 2,726 shares of the business’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $21.46, for a total value of $58,499.96. Following the completion of the sale, the director now owns 44,034 shares of the company’s stock, valued at approximately $944,969.64. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Fortaleza Asset Management Inc. purchased a new stake in shares of Finisar in the second quarter worth $138,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Finisar by 103.4% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,728 shares of the technology company’s stock worth $127,000 after buying an additional 2,912 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Finisar by 43.9% in the second quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock worth $153,000 after buying an additional 1,805 shares during the period. Cubist Systematic Strategies LLC raised its stake in shares of Finisar by 598.3% in the third quarter. Cubist Systematic Strategies LLC now owns 7,004 shares of the technology company’s stock worth $155,000 after buying an additional 6,001 shares during the period. Finally, Westside Investment Management Inc. raised its stake in shares of Finisar by 33.3% in the second quarter. Westside Investment Management Inc. now owns 8,000 shares of the technology company’s stock worth $218,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 91.45% of the company’s stock.
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Finisar 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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