ValuEngine upgraded shares of Finisar (NASDAQ:FNSR) from a hold rating to a buy rating in a research note published on Wednesday morning.
Several other analysts have also recently issued reports on the company. Zacks Investment Research upgraded Finisar from a hold rating to a buy rating and set a $18.00 price objective on the stock in a research note on Friday, October 26th. BidaskClub upgraded Finisar from a sell rating to a hold rating in a research note on Wednesday, October 24th. Stifel Nicolaus initiated coverage on Finisar in a research note on Monday, October 22nd. They issued a hold rating and a $21.00 price objective on the stock. Morgan Stanley cut Finisar from an overweight rating to an equal weight rating and set a $20.00 price target on the stock. in a research note on Thursday, September 13th. Finally, Barclays restated a hold rating and issued a $24.00 price target on shares of Finisar in a research note on Sunday, September 9th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Finisar presently has a consensus rating of Hold and a consensus target price of $23.46.
Shares of NASDAQ FNSR traded up $0.94 during mid-day trading on Wednesday, hitting $18.87. The company had a trading volume of 205,505 shares, compared to its average volume of 1,839,152. The stock has a market cap of $2.00 billion, a P/E ratio of 58.31, a PEG ratio of 2.95 and a beta of 1.42. The company has a current ratio of 3.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.31. Finisar has a 1-year low of $14.25 and a 1-year high of $25.41.
Finisar (NASDAQ:FNSR) last announced its quarterly earnings data on Thursday, September 6th. The technology company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.06. The business had revenue of $317.30 million for the quarter, compared to analysts’ expectations of $315.77 million. Finisar had a positive return on equity of 1.24% and a negative net margin of 6.71%. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period last year, the firm earned $0.40 earnings per share. On average, equities analysts forecast that Finisar will post 0.47 EPS for the current fiscal year.
In other news, Director Jerry S. Rawls sold 40,000 shares of Finisar stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $18.80, for a total transaction of $752,000.00. Following the sale, the director now owns 456,171 shares in the company, valued at $8,576,014.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger C. Ferguson sold 3,000 shares of Finisar stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $18.44, for a total value of $55,320.00. Following the sale, the director now owns 32,920 shares in the company, valued at approximately $607,044.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,208 shares of company stock worth $2,083,508. 1.11% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of FNSR. Janus Henderson Group PLC acquired a new stake in shares of Finisar during the second quarter worth about $185,000. Cornerstone Wealth Management LLC acquired a new stake in shares of Finisar during the third quarter worth about $210,000. First Mercantile Trust Co. increased its position in shares of Finisar by 42.7% during the third quarter. First Mercantile Trust Co. now owns 12,070 shares of the technology company’s stock worth $230,000 after purchasing an additional 3,610 shares in the last quarter. Xact Kapitalforvaltning AB increased its position in shares of Finisar by 27.9% during the first quarter. Xact Kapitalforvaltning AB now owns 16,511 shares of the technology company’s stock worth $261,000 after purchasing an additional 3,600 shares in the last quarter. Finally, Strategic Wealth Advisors Group LLC acquired a new stake in shares of Finisar during the third quarter worth about $277,000.
Finisar Company Profile
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.
Featured Article: Initial Public Offering (IPO)
To view ValuEngine’s full report, visit ValuEngine’s official website.