Zacks Investment Research Lowers Finisar (FNSR) to Sell
Zacks Investment Research lowered shares of Finisar (NASDAQ:FNSR) from a hold rating to a sell rating in a research note published on Wednesday.
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. “
Other research analysts have also issued reports about the company. Piper Jaffray Companies raised their price target on Finisar from $22.00 to $28.00 in a research report on Wednesday. Northland Securities set a $40.00 price target on Finisar and gave the stock a buy rating in a research report on Tuesday, August 29th. Craig Hallum restated a buy rating and set a $28.00 price target (down from $38.00) on shares of Finisar in a research report on Friday, September 8th. DA Davidson restated a buy rating and set a $40.00 price target on shares of Finisar in a research report on Thursday, September 7th. Finally, B. Riley restated a buy rating and set a $38.00 price target on shares of Finisar in a research report on Wednesday, September 6th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $27.82.
Finisar (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, December 7th. The technology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. Finisar had a return on equity of 9.51% and a net margin of 14.33%. The company had revenue of $332.21 million during the quarter, compared to analyst estimates of $331.69 million. equities research analysts predict that Finisar will post 0.74 earnings per share for the current fiscal year.
In other news, Director Roger C. Ferguson sold 2,726 shares of the stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $21.46, for a total value of $58,499.96. Following the sale, the director now directly owns 44,034 shares in the company, valued at $944,969.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Jerry S. Rawls sold 20,000 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $22.89, for a total value of $457,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,912 shares of company stock worth $670,331. Insiders own 1.02% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in FNSR. Aperio Group LLC acquired a new stake in shares of Finisar in the second quarter valued at $258,000. Sei Investments Co. raised its stake in shares of Finisar by 15.6% in the second quarter. Sei Investments Co. now owns 230,211 shares of the technology company’s stock valued at $5,980,000 after acquiring an additional 31,052 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Finisar by 5.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 781,800 shares of the technology company’s stock valued at $20,312,000 after acquiring an additional 40,889 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Finisar by 1.6% in the second quarter. Teacher Retirement System of Texas now owns 8,890 shares of the technology company’s stock valued at $231,000 after buying an additional 136 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Finisar by 18.3% in the second quarter. Legal & General Group Plc now owns 42,332 shares of the technology company’s stock valued at $1,104,000 after buying an additional 6,541 shares in the last quarter. Institutional investors and hedge funds 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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