Insider Selling: Finisar Corporation (FNSR) Chairman Sells $457,800.00 in Stock
Finisar Corporation (NASDAQ:FNSR) 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 SEC, which is available through this link.
Finisar Corporation (FNSR) opened at $19.40 on Monday. Finisar Corporation has a twelve month low of $18.88 and a twelve month high of $36.85. The firm has a market capitalization of $2,209.42, a price-to-earnings ratio of 11.62, a price-to-earnings-growth ratio of 1.32 and a beta of 1.19. The company has a current ratio of 7.66, a quick ratio of 6.24 and a debt-to-equity ratio of 0.44.
Finisar Corporation (NASDAQ:FNSR) last announced its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 earnings per share for the quarter, meeting the consensus estimate of $0.40. Finisar Corporation had a return on equity of 13.11% and a net margin of 16.92%. The business had revenue of $341.80 million during the quarter, compared to analyst estimates of $341.22 million. During the same period in the prior year, the company earned $0.38 earnings per share. Finisar Corporation’s revenue was up .1% compared to the same quarter last year. equities research analysts predict that Finisar Corporation will post 1.07 EPS for the current year.
A number of brokerages have commented on FNSR. Northland Securities reissued a “buy” rating and set a $40.00 price objective on shares of Finisar Corporation in a report on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating and set a $33.00 price objective on shares of Finisar Corporation in a report on Saturday, July 22nd. BidaskClub lowered Finisar Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Zacks Investment Research raised Finisar Corporation 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. Finally, Jefferies Group LLC started coverage on Finisar Corporation in a report on Wednesday, November 1st. They set a “buy” rating and a $28.50 price objective for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $32.60.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Fortaleza Asset Management Inc. bought a new position in Finisar Corporation during the second quarter valued at $138,000. PNC Financial Services Group Inc. grew its holdings in Finisar Corporation by 43.9% during the second quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock valued at $153,000 after purchasing an additional 1,805 shares during the period. Koch Industries Inc. bought a new position in Finisar Corporation during the second quarter valued at $201,000. Quantitative Systematic Strategies LLC bought a new position in Finisar Corporation during the second quarter valued at $202,000. Finally, Bray Capital Advisors purchased a new stake in shares of Finisar Corporation during the third quarter worth $202,000. 88.43% of the stock is owned by institutional investors and hedge funds.
About Finisar Corporation
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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