Jefferies Group LLC upgraded shares of Finisar Co. (NASDAQ:FNSR) from a hold rating to a buy rating in a research report released on Wednesday morning. Jefferies Group LLC currently has $34.00 price objective on the stock, up from their prior price objective of $32.00. The analysts noted that the move was a valuation call.
Other analysts also recently issued research reports about the stock. B. Riley reiterated a buy rating and issued a $38.00 price target on shares of Finisar in a research report on Tuesday, December 6th. Zacks Investment Research upgraded shares of Finisar from a hold rating to a buy rating and set a $35.00 price target for the company in a research report on Monday, December 5th. MKM Partners reiterated a buy rating and issued a $37.50 price target (up previously from $35.00) on shares of Finisar in a research report on Thursday, December 1st. Finally, Stifel Nicolaus upped their price target on shares of Finisar from $33.00 to $42.00 and gave the company a buy rating in a research report on Friday, December 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company. Finisar presently has a consensus rating of Buy and an average target price of $38.52.
Finisar (NASDAQ:FNSR) opened at 27.25 on Wednesday. The firm’s 50-day moving average is $32.01 and its 200 day moving average is $30.21. Finisar has a 12-month low of $15.21 and a 12-month high of $36.85. The stock has a market capitalization of $3.04 billion, a P/E ratio of 23.19 and a beta of 1.30.
Finisar (NASDAQ:FNSR) last released its quarterly earnings results on Thursday, March 9th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.62 by $0.03. Finisar had a net margin of 7.31% and a return on equity of 10.56%. The business earned $380.60 million during the quarter, compared to analysts’ expectations of $389.69 million. During the same quarter last year, the company earned $0.25 EPS. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. Equities analysts expect that Finisar will post $2.07 EPS for the current year.
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In other Finisar news, Director Roger C. Ferguson sold 5,709 shares of the business’s stock in a transaction on Thursday, December 22nd. The shares were sold at an average price of $31.66, for a total value of $180,746.94. Following the transaction, the director now directly owns 43,037 shares of the company’s stock, valued at approximately $1,362,551.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kurt Adzema sold 35,888 shares of the business’s stock in a transaction on Monday, February 13th. The shares were sold at an average price of $35.00, for a total transaction of $1,256,080.00. The disclosure for this sale can be found here. Insiders sold a total of 86,417 shares of company stock worth $2,908,670 over the last three months. 1.34% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in FNSR. Public Employees Retirement System of Ohio boosted its position in shares of Finisar by 12.9% in the second quarter. Public Employees Retirement System of Ohio now owns 7,297 shares of the company’s stock valued at $128,000 after buying an additional 836 shares in the last quarter. FNY Managed Accounts LLC bought a new position in Finisar during the third quarter worth $179,000. Parametrica Management Ltd bought a new position in Finisar during the third quarter worth $224,000. B. Riley Financial Inc. bought a new position in Finisar during the third quarter worth $229,000. Finally, US Bancorp DE boosted its position in Finisar by 288.5% in the third quarter. US Bancorp DE now owns 8,023 shares of the company’s stock worth $239,000 after buying an additional 5,958 shares during the period. 91.70% of the stock is currently owned by institutional investors.
Finisar 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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