Finisar (FNSR) Downgraded by BidaskClub

BidaskClub cut shares of Finisar (NASDAQ:FNSR) from a sell rating to a strong sell rating in a report released on Wednesday.

Several other brokerages have also commented on FNSR. Goldman Sachs set a $15.00 price objective on Finisar and gave the company a sell rating in a report on Friday, March 9th. Piper Jaffray raised their target price on Finisar from $22.00 to $28.00 in a research report on Wednesday, December 13th. DA Davidson restated a buy rating and issued a $30.00 target price on shares of Finisar in a research report on Wednesday, November 29th. Raymond James Financial set a $26.00 target price on Finisar and gave the company a buy rating in a research report on Tuesday, December 19th. Finally, Needham & Company LLC downgraded Finisar from a buy rating to a hold rating and raised their target price for the company from $16.64 to $29.41 in a research report on Friday, March 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $24.56.

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Shares of NASDAQ:FNSR opened at $15.81 on Wednesday. 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 has a 12 month low of $15.07 and a 12 month high of $29.01. The company has a market capitalization of $1,813.33, a price-to-earnings ratio of 9.14, a price-to-earnings-growth ratio of 2.40 and a beta of 1.02.

Finisar (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, March 8th. The technology company reported $0.20 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 analyst estimates of $333.15 million. During the same period in the previous year, the business posted $0.59 earnings per share. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. research analysts anticipate that Finisar will post 0.47 earnings per share for the current year.

In related news, Director Jerry S. Rawls sold 30,209 shares of Finisar stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $17.94, for a total transaction of $541,949.46. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Roger C. Ferguson sold 3,000 shares of Finisar stock in a transaction that occurred on Thursday, March 22nd. The stock was sold at an average price of $17.30, for a total value of $51,900.00. Following the transaction, the director now owns 28,784 shares in the company, valued at approximately $497,963.20. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in Finisar by 2.0% during the third quarter. Bank of New York Mellon Corp now owns 577,972 shares of the technology company’s stock worth $12,814,000 after buying an additional 11,110 shares in the last quarter. Nicholas Investment Partners LP lifted its position in Finisar by 50.0% during the third quarter. Nicholas Investment Partners LP now owns 283,097 shares of the technology company’s stock worth $6,276,000 after buying an additional 94,422 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in Finisar by 27.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 104,079 shares of the technology company’s stock worth $2,307,000 after buying an additional 22,725 shares in the last quarter. Aperio Group LLC purchased a new position in Finisar during the fourth quarter worth approximately $231,000. Finally, American International Group Inc. lifted its position in Finisar by 8.1% during the third quarter. American International Group Inc. now owns 74,816 shares of the technology company’s stock worth $1,659,000 after buying an additional 5,594 shares in the last quarter. Hedge funds and other institutional investors 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.

Analyst Recommendations for Finisar (NASDAQ:FNSR)

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