ValuEngine cut shares of Finisar (NASDAQ:FNSR) from a buy rating to a hold rating in a research note released on Friday, February 2nd.
Several other research analysts have also recently issued reports on FNSR. Loop Capital assumed coverage on Finisar in a research report on Monday, January 29th. They issued a hold rating and a $19.00 price objective for the company. Piper Jaffray Companies cut Finisar from an overweight rating to a neutral rating in a research report on Monday, January 29th. Stifel Nicolaus cut their price objective on Finisar from $26.00 to $24.00 and set a buy rating for the company in a research report on Wednesday, January 24th. Goldman Sachs Group cut Finisar from a neutral rating to a sell rating and cut their price objective for the stock from $22.74 to $16.00 in a research report on Monday, January 15th. Finally, Barclays set a $25.00 price objective on Finisar and gave the stock a hold rating in a research report on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Finisar presently has a consensus rating of Hold and an average price target of $27.27.
Finisar (FNSR) traded down $0.20 during trading on Friday, hitting $17.39. The stock had a trading volume of 186,499 shares, compared to its average volume of 3,094,445. Finisar has a twelve month low of $16.64 and a twelve month high of $36.41. The company has a debt-to-equity ratio of 0.44, a current ratio of 7.81 and a quick ratio of 6.31. The stock has a market capitalization of $2,010.00, a PE ratio of 9.94, a PEG ratio of 1.91 and a beta of 1.07.
Finisar (NASDAQ:FNSR) last released its quarterly earnings results on Thursday, December 7th. The technology company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.03. Finisar had a return on equity of 9.51% and a net margin of 14.33%. The business had revenue of $332.21 million during the quarter, compared to analysts’ expectations of $331.69 million. sell-side analysts expect that Finisar will post 0.66 EPS for the current fiscal year.
In related news, Director Jerry S. Rawls sold 30,209 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $17.94, for a total transaction of $541,949.46. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John H. Clark sold 6,186 shares of the stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $24.90, for a total value of $154,031.40. Following the sale, the executive vice president now directly owns 146,053 shares in the company, valued at approximately $3,636,719.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,578 shares of company stock valued at $1,273,865. Company insiders own 1.02% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank boosted its stake in Finisar by 2.9% in the 2nd quarter. Amalgamated Bank now owns 13,912 shares of the technology company’s stock worth $361,000 after buying an additional 396 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Finisar by 43.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock worth $153,000 after buying an additional 1,805 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Finisar by 10.4% in the 2nd quarter. New York State Common Retirement Fund now owns 128,872 shares of the technology company’s stock worth $3,348,000 after purchasing an additional 12,171 shares during the period. UBS Asset Management Americas Inc. raised its holdings in shares of Finisar by 1.1% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 61,782 shares of the technology company’s stock worth $1,605,000 after purchasing an additional 684 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Finisar by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 8,908,237 shares of the technology company’s stock worth $231,435,000 after purchasing an additional 208,692 shares during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.
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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.
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