Finisar (FNSR) Downgraded by Jefferies Financial Group to Hold

Finisar (NASDAQ:FNSR) was downgraded by equities researchers at Jefferies Financial Group from a “buy” rating to a “hold” rating in a report issued on Thursday, The Fly reports.

Several other research firms have also recently issued reports on FNSR. Zacks Investment Research upgraded shares of Finisar from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, October 16th. BidaskClub raised shares of Finisar from a “hold” rating to a “buy” rating in a report on Thursday, August 23rd. ValuEngine raised shares of Finisar from a “hold” rating to a “buy” rating in a report on Wednesday, November 7th. Needham & Company LLC dropped their price target on shares of Finisar to $48.00 and set a “buy” rating for the company in a research report on Monday, November 12th. Finally, Morgan Stanley cut shares of Finisar from an “overweight” rating to an “equal weight” rating and set a $20.00 price target for the company. in a research report on Thursday, September 13th. Eleven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $25.34.

NASDAQ:FNSR opened at $22.86 on Thursday. Finisar has a one year low of $14.25 and a one year high of $25.41. The company has a quick ratio of 2.98, a current ratio of 3.69 and a debt-to-equity ratio of 0.31. The stock has a market cap of $2.68 billion, a PE ratio of 71.44, a price-to-earnings-growth ratio of 4.08 and a beta of 1.56.

Finisar (NASDAQ:FNSR) last released its earnings results on Monday, December 3rd. The technology company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.16. The firm had revenue of $325.42 million for the quarter, compared to analysts’ expectations of $327.84 million. Finisar had a negative net margin of 7.61% and a positive return on equity of 1.52%. On average, equities analysts predict that Finisar will post 0.45 earnings per share for the current fiscal year.

In other news, Director Roger C. Ferguson sold 3,000 shares of the stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $18.44, for a total transaction of $55,320.00. Following the transaction, the director now owns 32,920 shares in the company, valued at approximately $607,044.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jerry S. Rawls sold 30,208 shares of the stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $16.77, for a total value of $506,588.16. Following the transaction, the director now owns 486,379 shares in the company, valued at approximately $8,156,575.83. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,208 shares of company stock worth $1,313,908. 1.11% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. United Services Automobile Association lifted its holdings in Finisar by 2.0% in the 3rd quarter. United Services Automobile Association now owns 126,836 shares of the technology company’s stock valued at $2,416,000 after purchasing an additional 2,500 shares in the last quarter. Verity Asset Management Inc. raised its holdings in shares of Finisar by 7.9% during the 3rd quarter. Verity Asset Management Inc. now owns 34,617 shares of the technology company’s stock worth $659,000 after acquiring an additional 2,520 shares during the period. Lumina Fund Management LLC raised its holdings in shares of Finisar by 10.3% during the 2nd quarter. Lumina Fund Management LLC now owns 30,000 shares of the technology company’s stock worth $540,000 after acquiring an additional 2,800 shares during the period. First Mercantile Trust Co. raised its holdings in shares of Finisar by 42.7% during the 3rd quarter. First Mercantile Trust Co. now owns 12,070 shares of the technology company’s stock worth $230,000 after acquiring an additional 3,610 shares during the period. Finally, American International Group Inc. raised its holdings in shares of Finisar by 4.1% during the 3rd quarter. American International Group Inc. now owns 92,146 shares of the technology company’s stock worth $1,755,000 after acquiring an additional 3,642 shares during the period. Institutional investors own 99.40% of the company’s stock.

About Finisar

Finisar Corporation provides components and subsystems to networking equipment manufacturers, data center operators, telecom service providers, consumer electronics, and automotive companies 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 wireline networks comprising switches, routers, and servers, as well as wireless networks, such as antennas and base stations.

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