Quentec Asset Management LLC lessened its stake in shares of Finisar Corporation (NASDAQ:FNSR) by 58.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,080,561 shares of the technology company’s stock after selling 1,535,198 shares during the quarter. Finisar makes up about 2.4% of Quentec Asset Management LLC’s portfolio, making the stock its 9th biggest position. Quentec Asset Management LLC owned approximately 0.95% of Finisar worth $23,956,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in FNSR. Pinnacle Associates Ltd. bought a new stake in Finisar during the 3rd quarter valued at $28,033,000. Thompson Siegel & Walmsley LLC bought a new stake in Finisar during the 2nd quarter valued at $15,474,000. Hood River Capital Management LLC boosted its position in Finisar by 177.0% during the 2nd quarter. Hood River Capital Management LLC now owns 841,331 shares of the technology company’s stock valued at $21,858,000 after acquiring an additional 537,600 shares in the last quarter. Artemis Investment Management LLP bought a new stake in Finisar during the 2nd quarter valued at $12,973,000. Finally, Dimensional Fund Advisors LP boosted its position in Finisar by 10.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,832,951 shares of the technology company’s stock valued at $107,146,000 after acquiring an additional 471,882 shares in the last quarter. 91.45% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on FNSR shares. Zacks Investment Research raised Finisar from a “sell” rating to a “hold” rating and set a $27.00 target price on the stock in a research report on Tuesday, August 15th. Northland Securities set a $40.00 target price on Finisar and gave the company a “buy” rating in a research report on Tuesday, August 29th. ValuEngine cut Finisar from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 price objective (down previously from $33.00) on shares of Finisar in a research report on Tuesday, September 5th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $30.00 price objective (down previously from $32.00) on shares of Finisar in a research report on Tuesday, September 5th. One equities 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 issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $30.28.
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, hitting the Zacks’ consensus estimate of $0.40. The firm had revenue of $341.80 million during the quarter, compared to analysts’ expectations of $341.22 million. Finisar had a return on equity of 13.11% and a net margin of 16.92%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. research analysts expect that Finisar Corporation 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 firm’s stock in a transaction 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger C. Ferguson sold 2,726 shares of the firm’s 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 completion of the transaction, the director now owns 44,034 shares of the company’s stock, valued at approximately $944,969.64. The disclosure for this sale can be found here. 1.02% of the stock is owned by company insiders.
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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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