Goldman Sachs Group cut shares of Finisar (NASDAQ:FNSR) from a neutral rating to a sell rating in a research report sent to investors on Monday morning, Marketbeat.com reports. Goldman Sachs Group currently has $16.00 target price on the technology company’s stock, down from their previous target price of $22.74.
FNSR has been the topic of several other reports. Piper Jaffray Companies restated a buy rating and issued a $22.00 price target on shares of Finisar in a research report on Friday, December 8th. Zacks Investment Research lowered shares of Finisar from a hold rating to a sell rating in a research report on Wednesday, December 13th. Needham & Company LLC lowered shares of Finisar from a strong-buy rating to a buy rating and decreased their price target for the stock from $34.00 to $25.00 in a research report on Monday, December 4th. Craig Hallum restated a buy rating on shares of Finisar in a research report on Tuesday, January 2nd. Finally, BidaskClub upgraded shares of Finisar from a strong sell rating to a sell rating in a research report on Tuesday, December 12th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $27.75.
Shares of Finisar (NASDAQ FNSR) traded down $0.28 on Monday, reaching $21.15. 3,970,500 shares of the company traded hands, compared to its average volume of 3,194,773. The company has a market cap of $2,360.00, a P/E ratio of 12.09, a PEG ratio of 2.11 and a beta of 1.15. Finisar has a 12-month low of $17.20 and a 12-month high of $36.41. The company has a quick ratio of 6.31, a current ratio of 7.81 and a debt-to-equity ratio of 0.44.
Finisar (NASDAQ:FNSR) last announced its earnings results on Thursday, December 7th. The technology company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.20 by $0.03. The firm had revenue of $332.21 million for the quarter, compared to the consensus estimate of $331.69 million. Finisar had a net margin of 14.33% and a return on equity of 9.51%. equities research analysts forecast that Finisar will post 0.73 EPS for the current year.
In other news, Chairman Jerry S. Rawls sold 20,000 shares of Finisar stock in a transaction dated 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 document filed with the SEC, which is available through the SEC website. Also, EVP Julie Sheridan Eng sold 1,466 shares of Finisar stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $21.70, for a total transaction of $31,812.20. Following the sale, the executive vice president now owns 69,150 shares in the company, valued at $1,500,555. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,369 shares of company stock worth $1,189,715. 1.02% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Finisar by 103.4% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,728 shares of the technology company’s stock valued at $127,000 after acquiring an additional 2,912 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Finisar by 43.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock valued at $153,000 after acquiring an additional 1,805 shares in the last quarter. Cheyne Capital Management UK LLP acquired a new stake in shares of Finisar during the 3rd quarter valued at about $155,000. Cubist Systematic Strategies LLC boosted its position in shares of Finisar by 598.3% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 7,004 shares of the technology company’s stock valued at $155,000 after acquiring an additional 6,001 shares in the last quarter. Finally, Koch Industries Inc. acquired a new stake in shares of Finisar during the 2nd quarter valued at about $201,000. Institutional investors and hedge funds own 91.28% of the company’s stock.
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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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