Goldman Sachs Group, Inc. (The) restated their buy rating on shares of Finisar Corporation (NASDAQ:FNSR) in a report issued on Friday morning. They currently have a $32.00 price objective on the technology company’s stock, down from their previous price objective of $37.00.
Several other brokerages also recently issued reports on FNSR. Northland Securities restated a buy rating and issued a $40.00 price objective on shares of Finisar Corporation in a research report on Friday, July 28th. DA Davidson restated a buy rating and issued a $40.00 price objective on shares of Finisar Corporation in a research report on Thursday, September 7th. Stifel Nicolaus restated a buy rating and issued a $33.00 price objective on shares of Finisar Corporation in a research report on Saturday, July 22nd. Zacks Investment Research downgraded Finisar Corporation from a hold rating to a sell rating in a research report on Monday, September 4th. Finally, ValuEngine downgraded Finisar Corporation from a buy rating to a hold rating in a research report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and three have given a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $32.87.
Finisar Corporation (NASDAQ:FNSR) opened at 21.37 on Friday. The stock’s 50 day moving average price is $24.74 and its 200 day moving average price is $26.04. Finisar Corporation has a 12-month low of $20.16 and a 12-month high of $36.85. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 9.76 and a beta of 1.33.
Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. Finisar Corporation had a return on equity of 13.11% and a net margin of 16.92%. The business had revenue of $341.80 million for the quarter, compared to the consensus estimate of $341.22 million. During the same period in the prior year, the business earned $0.38 earnings per share. The business’s revenue was up .1% on a year-over-year basis. Analysts forecast that Finisar Corporation will post $1.65 EPS for the current fiscal year.
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In other news, EVP Todd Swanson sold 6,202 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total value of $150,956.68. Following the transaction, the executive vice president now directly owns 217,005 shares in the company, valued at approximately $5,281,901.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Mark Colyar sold 2,244 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $27.31, for a total value of $61,283.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,961 shares of company stock worth $2,742,336. Company insiders own 1.02% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in FNSR. Wellington Management Group LLP raised its holdings in shares of Finisar Corporation by 302.4% in the 1st quarter. Wellington Management Group LLP now owns 2,828,356 shares of the technology company’s stock worth $77,327,000 after purchasing an additional 2,125,445 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Finisar Corporation by 2,030.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,310,526 shares of the technology company’s stock worth $35,830,000 after purchasing an additional 1,249,017 shares during the period. Taylor Asset Management Inc. purchased a new position in shares of Finisar Corporation in the 1st quarter worth about $25,221,000. GMT Capital Corp purchased a new position in shares of Finisar Corporation in the 1st quarter worth about $19,545,000. Finally, Thompson Siegel & Walmsley LLC purchased a new position in shares of Finisar Corporation in the 2nd quarter worth about $15,474,000. Institutional investors own 86.38% of the company’s stock.
Finisar Corporation 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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