Shares of Finisar (NASDAQ:FNSR) gapped down prior to trading on Monday . The stock had previously closed at $16.87, but opened at $16.28. Finisar shares last traded at $15.62, with a volume of 5360320 shares.
Several brokerages have weighed in on FNSR. Goldman Sachs set a $15.00 price objective on shares of Finisar and gave the stock a “sell” rating in a research note on Wednesday, April 11th. Morgan Stanley upgraded shares of Finisar from an “equal weight” rating to an “overweight” rating and set a $21.00 price objective for the company in a research note on Thursday, April 5th. BidaskClub cut shares of Finisar from a “sell” rating to a “strong sell” rating in a research note on Wednesday, March 28th. Barclays set a $23.00 price objective on shares of Finisar and gave the stock a “hold” rating in a research note on Saturday, March 10th. Finally, DA Davidson reiterated a “buy” rating and issued a $22.00 price objective (down previously from $24.00) on shares of Finisar in a research note on Friday, March 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $24.56.
The stock has a market cap of $1,791.53, a P/E ratio of 9.18, a P/E/G ratio of 2.37 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.24 and a current ratio of 4.06.
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 firm had revenue of $332.40 million during the quarter, compared to analyst estimates of $333.15 million. Finisar had a net margin of 7.35% and a return on equity of 5.97%. Finisar’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.59 earnings per share. equities research analysts forecast that Finisar will post 0.47 EPS for the current year.
In related news, Director Jerry S. Rawls sold 38,000 shares of the company’s stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $14.96, for a total transaction of $568,480.00. Following the completion of the transaction, the director now directly owns 601,258 shares in the company, valued at approximately $8,994,819.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Roger C. Ferguson sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, March 22nd. The stock was sold at an average price of $17.30, for a total transaction of $51,900.00. Following the transaction, the director now owns 28,784 shares of the company’s stock, valued at $497,963.20. The disclosure for this sale can be found here. Insiders sold a total of 71,209 shares of company stock valued at $1,162,329 over the last 90 days. Corporate insiders own 1.02% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings 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 worth $107,146,000 after acquiring an additional 471,882 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Finisar by 1,459.2% in the 4th quarter. Alliancebernstein L.P. now owns 3,152,517 shares of the technology company’s stock valued at $64,154,000 after purchasing an additional 2,950,327 shares during the last quarter. DnB Asset Management AS boosted its stake in shares of Finisar by 22.9% in the 4th quarter. DnB Asset Management AS now owns 2,248,526 shares of the technology company’s stock valued at $45,758,000 after purchasing an additional 419,120 shares during the last quarter. Snow Capital Management LP boosted its stake in shares of Finisar by 20.5% in the 4th quarter. Snow Capital Management LP now owns 2,163,902 shares of the technology company’s stock valued at $44,035,000 after purchasing an additional 368,382 shares during the last quarter. Finally, Franklin Resources Inc. bought a new stake in shares of Finisar in the 4th quarter valued at $30,515,000. Institutional investors and hedge funds own 92.60% of the company’s stock.
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Finisar Corporation provides optical subsystems and components for data communication and telecommunication applications in the United States, China, Malaysia, and internationally. The company's optical subsystems primarily include transmitters, receivers, transceivers, transponders, and active optical cables, which provide the fundamental optical-electrical, or optoelectronic interface for interconnecting the electronic equipment used in networks comprising switches, routers, and servers used in wireline networks, as well as antennas and base stations used in wireless networks.
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