Finisar Corporation (NASDAQ:FNSR) saw a significant decrease in short interest during the month of October. As of October 13th, there was short interest totalling 9,985,188 shares, a decrease of 14.6% from the September 29th total of 11,689,370 shares. Approximately 8.9% of the shares of the company are sold short. Based on an average daily volume of 1,995,701 shares, the days-to-cover ratio is currently 5.0 days.
Finisar Corporation (FNSR) traded up $0.68 during trading on Friday, hitting $18.96. 4,097,200 shares of the company’s stock traded hands, compared to its average volume of 3,415,072. Finisar Corporation has a 1 year low of $18.10 and a 1 year high of $36.85. The company has a debt-to-equity ratio of 0.44, a quick ratio of 6.24 and a current ratio of 7.66. The company has a market cap of $2,081.86, a PE ratio of 10.95, a P/E/G ratio of 1.26 and a beta of 1.19.
Finisar Corporation (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, September 7th. The technology company reported $0.40 EPS for the quarter, hitting analysts’ consensus estimates of $0.40. The company had revenue of $341.80 million for the quarter, compared to analysts’ expectations of $341.22 million. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. Finisar Corporation’s revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. sell-side analysts expect that Finisar Corporation will post 1.05 EPS for the current fiscal year.
FNSR has been the topic of a number of research analyst reports. Northland Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Finisar Corporation in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $33.00 target price on shares of Finisar Corporation in a report on Saturday, July 22nd. DA Davidson reiterated a “buy” rating and issued a $40.00 price target on shares of Finisar Corporation in a research note on Thursday, September 7th. B. Riley reiterated a “buy” rating and issued a $38.00 price target on shares of Finisar Corporation in a research note on Wednesday, September 6th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $30.00 price target (down from $32.00) on shares of Finisar Corporation in a research note on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and three have issued a strong buy rating to the company. Finisar Corporation presently has an average rating of “Buy” and a consensus target price of $32.60.
In related news, EVP Todd Swanson sold 6,202 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total transaction of $150,956.68. Following the sale, the executive vice president now owns 217,005 shares of the company’s stock, valued at $5,281,901.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roger C. Ferguson sold 2,726 shares of the stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $21.46, for a total value of $58,499.96. Following the sale, the director now directly owns 44,034 shares in the company, valued at approximately $944,969.64. The disclosure for this sale can be found here. Insiders sold 28,928 shares of company stock worth $667,257 in the last ninety days. 1.02% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. State Street Corp raised its holdings in shares of Finisar Corporation by 3.6% in the 1st quarter. State Street Corp now owns 2,077,716 shares of the technology company’s stock worth $56,802,000 after purchasing an additional 71,736 shares during the period. Voya Investment Management LLC raised its holdings in shares of Finisar Corporation by 12.9% in the 2nd quarter. Voya Investment Management LLC now owns 51,499 shares of the technology company’s stock worth $1,338,000 after purchasing an additional 5,883 shares during the period. Taylor Asset Management Inc. raised its holdings in Finisar Corporation by 13.2% during the 2nd quarter. Taylor Asset Management Inc. now owns 1,044,300 shares of the technology company’s stock valued at $27,131,000 after acquiring an additional 121,800 shares during the period. Symphony Asset Management LLC raised its holdings in Finisar Corporation by 86.6% during the 2nd quarter. Symphony Asset Management LLC now owns 118,500 shares of the technology company’s stock valued at $3,079,000 after acquiring an additional 55,000 shares during the period. Finally, Endurance Wealth Management Inc. raised its holdings in Finisar Corporation by 506.1% during the 3rd quarter. Endurance Wealth Management Inc. now owns 279,184 shares of the technology company’s stock valued at $6,190,000 after acquiring an additional 233,125 shares during the period. 88.43% of the stock is currently owned by institutional investors.
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About Finisar Corporation
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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