Piper Jaffray Cos. reaffirmed their overweight rating on shares of Finisar Corp. (NASDAQ:FNSR) in a research note issued to investors on Friday morning. Piper Jaffray Cos. currently has a $38.00 target price on the stock, up from their prior target price of $31.00.
Several other equities analysts also recently commented on FNSR. B. Riley reissued a buy rating and issued a $20.00 target price on shares of Finisar Corp. in a report on Tuesday, June 14th. Zacks Investment Research raised shares of Finisar Corp. from a hold rating to a buy rating and set a $20.00 price target on the stock in a research note on Monday, July 11th. Jefferies Group reaffirmed a hold rating and set a $19.00 price target (up previously from $18.00) on shares of Finisar Corp. in a research note on Friday, June 17th. TheStreet raised shares of Finisar Corp. from a hold rating to a buy rating in a research note on Monday, June 20th. Finally, Barclays PLC upped their price target on shares of Finisar Corp. from $20.00 to $27.00 and gave the company an equal weight rating in a research note on Friday, September 9th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $29.36.
Finisar Corp. (NASDAQ:FNSR) traded up 1.2857% during midday trading on Friday, hitting $31.0542. 395,210 shares of the stock traded hands. The firm’s 50-day moving average is $26.02 and its 200-day moving average is $19.81. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 60.7714 and a beta of 1.36. Finisar Corp. has a 52-week low of $11.04 and a 52-week high of $31.32.
Finisar Corp. (NASDAQ:FNSR) last released its earnings results on Thursday, September 8th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.30 by $0.08. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The firm had revenue of $341.30 million for the quarter, compared to the consensus estimate of $331.34 million. During the same quarter in the previous year, the firm earned $0.23 earnings per share. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts predict that Finisar Corp. will post $1.74 EPS for the current year.
In related news, 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 value of $334,795.80. Following the completion of the sale, the executive vice president now directly owns 163,573 shares of the company’s stock, valued at $4,861,389.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Christopher Brown sold 9,500 shares of the company’s stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $31.00, for a total transaction of $294,500.00. Following the completion of the sale, the executive vice president now directly owns 101,237 shares of the company’s stock, valued at $3,138,347. The disclosure for this sale can be found here. 1.34% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. First Mercantile Trust Co. acquired a new stake in Finisar Corp. during the third quarter worth $403,000. BNP Paribas Arbitrage SA raised its stake in Finisar Corp. by 123.0% in the third quarter. BNP Paribas Arbitrage SA now owns 9,309 shares of the company’s stock worth $277,000 after buying an additional 5,135 shares during the period. Front Street Capital Management Inc. acquired a new stake in Finisar Corp. during the second quarter worth $3,234,000. Wolverine Asset Management LLC acquired a new stake in Finisar Corp. during the second quarter worth $700,000. Finally, Public Employees Retirement System of Ohio raised its stake in Finisar Corp. by 12.9% in the second quarter. Public Employees Retirement System of Ohio now owns 7,297 shares of the company’s stock worth $128,000 after buying an additional 836 shares during the period. 91.62% of the stock is owned by institutional investors.
Finisar Corp. 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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