Zacks Investment Research upgraded shares of Finisar (NASDAQ:FNSR) from a strong sell rating to a hold rating in a research report report published on Friday morning.
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 analysts also recently commented on FNSR. B. Riley reiterated a buy rating and issued a $30.75 target price on shares of Finisar in a report on Tuesday, September 12th. DA Davidson restated a buy rating and set a $30.00 price target on shares of Finisar in a report on Wednesday, November 29th. William Blair restated an outperform rating on shares of Finisar in a report on Thursday, September 14th. Craig Hallum restated a buy rating and set a $28.00 price target (down previously from $38.00) on shares of Finisar in a report on Friday, September 8th. Finally, Needham & Company LLC restated a strong-buy rating and set a $34.00 price target (down previously from $44.00) on shares of Finisar in a report on Friday, September 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Finisar presently has an average rating of Buy and a consensus target price of $30.75.
Finisar (NASDAQ:FNSR) last released its earnings results on Thursday, September 7th. The technology company reported $0.40 EPS for the quarter, hitting analysts’ consensus estimates of $0.40. Finisar had a net margin of 16.92% and a return on equity of 13.11%. The business had revenue of $341.80 million for the quarter, compared to the consensus estimate of $341.22 million. During the same period in the previous year, the firm earned $0.38 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. analysts predict that Finisar will post 1.04 earnings per share for the current fiscal year.
In related news, Chairman Jerry S. Rawls sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $22.89, for a total transaction of $457,800.00. The sale was disclosed in a filing with the SEC, which is available 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 transaction of $58,499.96. Following the transaction, the director now directly owns 44,034 shares in the company, valued at $944,969.64. The disclosure for this sale can be found here. 1.02% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors grew its position in Finisar by 2.7% during the second quarter. Capital Research Global Investors now owns 13,651,050 shares of the technology company’s stock valued at $354,654,000 after purchasing an additional 359,709 shares in the last quarter. Vanguard Group Inc. grew its position in Finisar by 2.4% during the second quarter. Vanguard Group Inc. now owns 8,908,237 shares of the technology company’s stock valued at $231,435,000 after purchasing an additional 208,692 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Finisar by 10.8% during the third quarter. Dimensional Fund Advisors LP now owns 4,832,951 shares of the technology company’s stock valued at $107,146,000 after purchasing an additional 471,882 shares in the last quarter. Northern Trust Corp grew its position in Finisar by 3.8% during the second quarter. Northern Trust Corp now owns 2,907,058 shares of the technology company’s stock valued at $75,525,000 after purchasing an additional 107,680 shares in the last quarter. Finally, State Street Corp grew its position in Finisar by 5.9% during the second quarter. State Street Corp now owns 2,199,440 shares of the technology company’s stock valued at $57,141,000 after purchasing an additional 121,724 shares in the last quarter. 91.45% of the stock is currently owned by hedge funds and other institutional investors.
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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