Finisar (FNSR) Cut to “Buy” at Needham & Company LLC

Needham & Company LLC lowered shares of Finisar (NASDAQ:FNSR) from a strong-buy rating to a buy rating in a report released on Monday, MarketBeat.com reports. The brokerage currently has $25.00 price target on the technology company’s stock, down from their prior price target of $34.00.

Other equities analysts have also recently issued reports about the stock. B. Riley reissued a buy rating and issued a $38.00 price objective on shares of Finisar in a research report on Wednesday, September 6th. Piper Jaffray Companies reissued a buy rating and issued a $30.00 price objective (down from $32.00) on shares of Finisar in a research report on Tuesday, September 5th. Stifel Nicolaus reaffirmed a buy rating and set a $30.00 price target (down previously from $33.00) on shares of Finisar in a research report on Tuesday, September 5th. Craig Hallum reaffirmed a buy rating and set a $28.00 price target (down previously from $38.00) on shares of Finisar in a research report on Friday, September 8th. Finally, DA Davidson reaffirmed a buy rating and set a $40.00 price target on shares of Finisar in a research report on Thursday, September 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Finisar currently has an average rating of Buy and an average price target of $30.28.

Finisar (NASDAQ:FNSR) traded down $0.35 during trading hours on Monday, reaching $17.48. 4,520,200 shares of the company’s stock were exchanged, compared to its average volume of 3,388,823. The company has a current ratio of 7.66, a quick ratio of 6.24 and a debt-to-equity ratio of 0.44. The stock has a market cap of $2,030.62, a PE ratio of 10.68, a P/E/G ratio of 1.25 and a beta of 1.14. Finisar has a one year low of $17.20 and a one year high of $36.85.

Finisar (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.40. The company had revenue of $341.80 million during the quarter, compared to analysts’ expectations of $341.22 million. Finisar had a net margin of 16.92% and a return on equity of 13.11%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 EPS. analysts predict that Finisar will post 1.04 earnings per share for the current year.

In other Finisar news, Chairman Jerry S. Rawls sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $22.89, for a total value of $457,800.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Roger C. Ferguson sold 2,726 shares of the firm’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $21.46, for a total transaction of $58,499.96. Following the completion of the transaction, the director now directly owns 44,034 shares in the company, valued at approximately $944,969.64. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Several large 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 approximately $258,000. Great West Life Assurance Co. Can increased its stake in shares of Finisar by 2,605.2% in the second quarter. Great West Life Assurance Co. Can now owns 304,174 shares of the technology company’s stock valued at $7,912,000 after purchasing an additional 292,930 shares during the period. State of New Jersey Common Pension Fund D increased its stake in shares of Finisar by 17.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,000,000 shares of the technology company’s stock valued at $25,980,000 after purchasing an additional 150,000 shares during the period. Sei Investments Co. increased 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 purchasing an additional 31,052 shares during the period. Finally, Candriam Luxembourg S.C.A. acquired a new stake in shares of Finisar in the second quarter valued at approximately $3,951,000. 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.

Analyst Recommendations for Finisar (NASDAQ:FNSR)

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