Finisar Corporation (FNSR) Receives “Buy” Rating from Piper Jaffray Companies

Piper Jaffray Companies restated their buy rating on shares of Finisar Corporation (NASDAQ:FNSR) in a research report released on Sunday morning. The brokerage currently has a $26.00 price objective on the technology company’s stock.

FNSR has been the topic of a number of other reports. B. Riley reaffirmed a buy rating and issued a $38.00 price target on shares of Finisar Corporation in a research note on Thursday, June 8th. ValuEngine lowered Finisar Corporation from a strong-buy rating to a buy rating in a research note on Friday, June 2nd. Needham & Company LLC reaffirmed a strong-buy rating and issued a $34.00 price target (down from $44.00) on shares of Finisar Corporation in a research note on Friday, September 8th. Zacks Investment Research raised Finisar Corporation from a sell rating to a hold rating in a research note on Tuesday, June 13th. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $34.00 price target on shares of Finisar Corporation in a research note on Monday, June 12th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and three have given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $32.60.

Shares of Finisar Corporation (NASDAQ:FNSR) traded up 1.989% during mid-day trading on Friday, hitting $22.305. The stock had a trading volume of 2,069,711 shares. Finisar Corporation has a one year low of $20.16 and a one year high of $36.85. The stock has a market cap of $2.54 billion, a P/E ratio of 10.492 and a beta of 1.33. The firm has a 50 day moving average of $23.93 and a 200-day moving average of $25.77.

Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, September 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.40. The firm had revenue of $341.80 million for the quarter, compared to analyst estimates of $341.22 million. Finisar Corporation had a return on equity of 13.11% and a net margin of 16.92%. The business’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. Equities research analysts expect that Finisar Corporation will post $1.49 earnings per share for the current fiscal year.

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In other Finisar Corporation news, EVP Todd Swanson sold 6,202 shares of Finisar Corporation stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total value of $150,956.68. Following the sale, the executive vice president now owns 217,005 shares in the company, valued at $5,281,901.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Jerry S. Rawls sold 25,000 shares of Finisar Corporation stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $27.58, for a total value of $689,500.00. Following the completion of the sale, the chairman now owns 815,188 shares in the company, valued at approximately $22,482,885.04. The disclosure for this sale can be found here. Insiders sold 92,014 shares of company stock worth $2,467,091 in the last 90 days. Company insiders own 1.02% of the company’s stock.

Large investors have recently bought and sold shares of the business. Fortaleza Asset Management Inc. purchased a new stake in Finisar Corporation in the second quarter valued at $138,000. Westside Investment Management Inc. purchased a new stake in Finisar Corporation in the first quarter valued at $150,000. PNC Financial Services Group Inc. raised its position in Finisar Corporation by 43.9% in 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. purchased a new stake in Finisar Corporation in the second quarter valued at $201,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in Finisar Corporation in the second quarter valued at $202,000. Institutional investors own 86.32% of the company’s stock.

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.

Analyst Recommendations for Finisar Corporation (NASDAQ:FNSR)

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