Needham & Company LLC downgraded shares of Finisar (NASDAQ:FNSR) from a buy rating to a hold rating in a research note published on Friday, March 9th, Marketbeat reports. They currently have $29.41 target price on the technology company’s stock, up from their previous target price of $16.64.
Several other analysts also recently issued reports on FNSR. B. Riley downgraded shares of Finisar from a buy rating to a neutral rating and reduced their price target for the company from $31.00 to $22.00 in a report on Wednesday, November 29th. DA Davidson reissued a buy rating and issued a $30.00 price objective on shares of Finisar in a research report on Wednesday, November 29th. Zacks Investment Research raised shares of Finisar from a strong sell rating to a hold rating in a research report on Friday, December 1st. Stifel Nicolaus cut their price objective on shares of Finisar from $27.00 to $23.00 and set a buy rating for the company in a research report on Wednesday, December 6th. Finally, Piper Jaffray reissued a buy rating and issued a $22.00 price objective on shares of Finisar in a research report on Friday, December 8th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $24.56.
FNSR stock traded down $0.98 during trading on Friday, reaching $14.83. 7,085,142 shares of the company were exchanged, compared to its average volume of 4,511,599. The company has a market cap of $1,813.33, a P/E ratio of 8.57, a P/E/G ratio of 2.40 and a beta of 1.17. Finisar has a 52-week low of $14.68 and a 52-week high of $28.99. 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 announced its quarterly earnings results on Thursday, March 8th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). Finisar had a net margin of 7.35% and a return on equity of 5.97%. The business had revenue of $332.40 million during the quarter, compared to analysts’ expectations of $333.15 million. During the same period last year, the company earned $0.59 EPS. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. equities research analysts expect that Finisar will post 0.47 earnings per share for the current year.
In other news, Director Roger C. Ferguson sold 3,000 shares of the stock in a transaction on Thursday, March 22nd. The shares were sold at an average price of $17.30, for a total value of $51,900.00. Following the completion of the sale, the director now owns 28,784 shares of the company’s stock, valued at $497,963.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. 1.02% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in FNSR. Alliancebernstein L.P. boosted its stake in shares of Finisar by 1,459.2% in the fourth 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 period. Franklin Resources Inc. purchased a new position in shares of Finisar in the fourth quarter valued at $30,515,000. Pinnacle Associates Ltd. purchased a new position in shares of Finisar in the third quarter valued at $28,033,000. Glenmede Trust Co. NA boosted its stake in Finisar by 3,941.8% during the 4th quarter. Glenmede Trust Co. NA now owns 825,578 shares of the technology company’s stock valued at $16,799,000 after acquiring an additional 805,152 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in Finisar by 664.0% during the 4th quarter. Royce & Associates LP now owns 610,400 shares of the technology company’s stock valued at $12,422,000 after acquiring an additional 530,500 shares during the last quarter. Institutional investors and hedge funds own 93.46% of the company’s stock.
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Finisar Company Profile
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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