California Public Employees Retirement System raised its stake in shares of Finisar Co. (NASDAQ:FNSR) by 3.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 194,400 shares of the technology company’s stock after purchasing an additional 6,800 shares during the quarter. California Public Employees Retirement System owned 0.17% of Finisar worth $3,956,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Finisar by 103.4% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,728 shares of the technology company’s stock valued at $127,000 after purchasing an additional 2,912 shares in the last quarter. Cheyne Capital Management UK LLP acquired a new position in shares of Finisar in the 3rd quarter worth approximately $155,000. Cubist Systematic Strategies LLC boosted its holdings in shares of Finisar by 598.3% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 7,004 shares of the technology company’s stock worth $155,000 after acquiring an additional 6,001 shares in the last quarter. First Mercantile Trust Co. acquired a new position in shares of Finisar in the 4th quarter worth approximately $158,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Finisar in the 3rd quarter worth approximately $217,000. 93.46% of the stock is currently owned by institutional investors.
Several brokerages have recently commented on FNSR. Craig Hallum set a $28.00 target price on Finisar and gave the stock a “buy” rating in a report on Thursday, December 14th. Raymond James Financial set a $22.00 target price on Finisar and gave the stock a “buy” rating in a report on Thursday, December 7th. Loop Capital began coverage on Finisar in a report on Monday, January 29th. They issued a “hold” rating and a $19.00 target price on the stock. ValuEngine downgraded Finisar from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, B. Riley reissued a “buy” rating and issued a $17.50 target price (down from $18.00) on shares of Finisar in a report on Friday, March 9th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. Finisar currently has a consensus rating of “Hold” and a consensus target price of $24.56.
In other Finisar news, Director Jerry S. Rawls sold 30,209 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $17.94, for a total transaction of $541,949.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.02% of the company’s stock.
Shares of Finisar Co. (FNSR) opened at $17.09 on Friday. The company has a market cap of $2,010.60, a price-to-earnings ratio of 19.87, a price-to-earnings-growth ratio of 2.66 and a beta of 1.02. Finisar Co. has a 1 year low of $16.64 and a 1 year high of $29.07. The company has a current ratio of 4.06, a quick ratio of 3.24 and a debt-to-equity ratio of 0.29.
Finisar (NASDAQ:FNSR) last issued its earnings results on Thursday, March 8th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business had revenue of $332.40 million for the quarter, compared to the consensus estimate of $333.15 million. Finisar had a net margin of 7.35% and a return on equity of 5.97%. The business’s revenue was down 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 EPS. equities research analysts forecast that Finisar Co. will post 0.47 earnings per share for the current fiscal year.
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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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