Finisar Corp. (NASDAQ:FNSR) EVP John H. Clark sold 11,265 shares of the company’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $29.72, for a total transaction of $334,795.80. Following the transaction, the executive vice president now owns 163,573 shares in the company, valued at approximately $4,861,389.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Finisar Corp. (NASDAQ:FNSR) opened at 29.80 on Friday. Finisar Corp. has a 52 week low of $11.04 and a 52 week high of $30.19. The company’s 50 day moving average is $24.58 and its 200-day moving average is $19.34. The stock has a market capitalization of $3.29 billion, a PE ratio of 58.32 and a beta of 1.39.
Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, September 8th. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.08. The firm had revenue of $341.30 million for the quarter, compared to analysts’ expectations of $331.34 million. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 earnings per share. On average, equities analysts predict that Finisar Corp. will post $1.73 earnings per share for the current year.
Several research firms have recently commented on FNSR. Zacks Investment Research raised shares of Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research report on Wednesday, September 14th. Stifel Nicolaus boosted their target price on shares of Finisar Corp. from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, September 12th. Needham & Company LLC boosted their target price on shares of Finisar Corp. from $24.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, September 6th. Barclays PLC boosted their target price on shares of Finisar Corp. from $20.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, September 9th. Finally, MKM Partners raised shares of Finisar Corp. from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $21.00 to $35.00 in a research report on Friday, September 9th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $28.09.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in Finisar Corp. by 7.7% in the first quarter. Renaissance Technologies LLC now owns 1,685,910 shares of the company’s stock worth $30,751,000 after buying an additional 120,300 shares during the last quarter. Paradigm Capital Management Inc. NY boosted its position in Finisar Corp. by 204.0% in the second quarter. Paradigm Capital Management Inc. NY now owns 501,450 shares of the company’s stock worth $8,781,000 after buying an additional 336,500 shares during the last quarter. Moore Capital Management LP bought a new position in Finisar Corp. during the first quarter worth approximately $4,104,000. Acadian Asset Management LLC bought a new position in Finisar Corp. during the first quarter worth approximately $554,000. Finally, BlackRock Inc. boosted its position in Finisar Corp. by 71.5% in the first quarter. BlackRock Inc. now owns 8,607 shares of the company’s stock worth $156,000 after buying an additional 3,589 shares during the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.
About Finisar Corp.
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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