Finisar (FNSR) Upgraded at ValuEngine

ValuEngine upgraded shares of Finisar (NASDAQ:FNSR) from a hold rating to a buy rating in a research report released on Wednesday.

A number of other brokerages have also weighed in on FNSR. Barclays reaffirmed a hold rating and issued a $24.00 price objective on shares of Finisar in a report on Sunday, September 9th. Morgan Stanley lowered Finisar from an overweight rating to an equal weight rating and set a $20.00 price objective on the stock. in a report on Thursday, September 13th. Raymond James lowered Finisar from an outperform rating to a market perform rating in a report on Wednesday, August 22nd. B. Riley lowered their price objective on Finisar from $19.00 to $17.00 and set a neutral rating on the stock in a report on Tuesday, September 4th. Finally, Zacks Investment Research raised Finisar from a sell rating to a hold rating in a report on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Finisar presently has an average rating of Hold and a consensus target price of $23.46.

FNSR traded up $0.94 during trading on Wednesday, reaching $18.87. The company’s stock had a trading volume of 205,505 shares, compared to its average volume of 1,839,152. Finisar has a 52-week low of $14.25 and a 52-week high of $25.41. The firm has a market capitalization of $2.00 billion, a PE ratio of 58.31, a P/E/G 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 (NASDAQ:FNSR) last announced its quarterly earnings data on Thursday, September 6th. The technology company reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.06. Finisar had a positive return on equity of 1.24% and a negative net margin of 6.71%. The company had revenue of $317.30 million for the quarter, compared to analyst estimates of $315.77 million. During the same quarter in the previous year, the company earned $0.40 EPS. The firm’s revenue for the quarter was down 7.2% compared to the same quarter last year. On average, sell-side analysts predict that Finisar will post 0.47 EPS for the current year.

In related news, Director Jerry S. Rawls sold 40,000 shares of Finisar stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $19.24, for a total transaction of $769,600.00. Following the completion of the transaction, the director now directly owns 483,258 shares in the company, valued at approximately $9,297,883.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roger C. Ferguson sold 3,000 shares of Finisar stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $18.44, for a total value of $55,320.00. Following the transaction, the director now owns 32,920 shares of the company’s stock, valued at $607,044.80. The disclosure for this sale can be found here. Insiders have sold a total of 113,208 shares of company stock worth $2,083,508 in the last three months. Corporate insiders own 1.11% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Quantitative Systematic Strategies LLC purchased a new position in Finisar in the 2nd quarter valued at about $841,000. Lumina Fund Management LLC boosted its position in Finisar by 10.3% in the 2nd quarter. Lumina Fund Management LLC now owns 30,000 shares of the technology company’s stock valued at $540,000 after buying an additional 2,800 shares during the last quarter. Glenmede Trust Co. NA raised its stake in shares of Finisar by 87.4% in the 2nd quarter. Glenmede Trust Co. NA now owns 1,547,161 shares of the technology company’s stock valued at $27,848,000 after purchasing an additional 721,583 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Finisar by 3.2% in the 2nd quarter. Legal & General Group Plc now owns 250,247 shares of the technology company’s stock valued at $4,481,000 after purchasing an additional 7,643 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Finisar by 3.2% in the 2nd quarter. Rhumbline Advisers now owns 278,260 shares of the technology company’s stock valued at $5,009,000 after purchasing an additional 8,543 shares in the last quarter.

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.

Further Reading: What are the benefits of buying treasury bonds?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Finisar (NASDAQ:FNSR)

Receive News & Ratings for Finisar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Finisar and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply