Hood River Capital Management LLC lowered its holdings in shares of Finisar Corporation (NASDAQ:FNSR) by 11.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 743,714 shares of the technology company’s stock after selling 97,617 shares during the quarter. Hood River Capital Management LLC owned 0.65% of Finisar Corporation worth $16,488,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in FNSR. Fortaleza Asset Management Inc. bought a new position in Finisar Corporation during the second quarter valued at $138,000. PNC Financial Services Group Inc. lifted its position in Finisar Corporation by 43.9% during the second quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock valued at $153,000 after purchasing an additional 1,805 shares during the last quarter. Cheyne Capital Management UK LLP bought a new position in Finisar Corporation during the third quarter valued at $155,000. Koch Industries Inc. bought a new position in Finisar Corporation during the second quarter valued at $201,000. Finally, Quantitative Systematic Strategies LLC bought a new position in Finisar Corporation during the second quarter valued at $202,000. Institutional investors and hedge funds own 88.14% of the company’s stock.
In other Finisar Corporation news, Director Roger C. Ferguson sold 2,726 shares of the stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $21.46, for a total transaction of $58,499.96. Following the transaction, the director now directly owns 44,034 shares in the company, valued at approximately $944,969.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Jerry S. Rawls sold 20,000 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $22.89, for a total transaction of $457,800.00. The disclosure for this sale can be found here. 1.02% of the stock is owned by corporate insiders.
Several equities analysts have commented on FNSR shares. Zacks Investment Research lowered shares of Finisar Corporation from a “hold” rating to a “sell” rating in a research report on Monday, September 4th. Northland Securities set a $40.00 target price on shares of Finisar Corporation and gave the company a “buy” rating in a research note on Tuesday, August 29th. TheStreet downgraded shares of Finisar Corporation from a “b” rating to a “c+” rating in a research note on Thursday, November 2nd. Piper Jaffray Companies reissued a “buy” rating and issued a $30.00 target price (down previously from $32.00) on shares of Finisar Corporation in a research note on Tuesday, September 5th. Finally, BidaskClub downgraded shares of Finisar Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the stock. Finisar Corporation has an average rating of “Buy” and a consensus price target of $32.60.
Finisar Corporation (FNSR) traded up $0.36 during mid-day trading on Thursday, reaching $18.87. 1,379,515 shares of the company traded hands, compared to its average volume of 3,401,204. The stock has a market cap of $2,120.00, a P/E ratio of 11.01, a PEG ratio of 1.27 and a beta of 1.19. Finisar Corporation has a 52 week low of $17.80 and a 52 week high of $36.85. The company has a quick ratio of 6.24, a current ratio of 7.66 and a debt-to-equity ratio of 0.44.
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 the Thomson Reuters’ consensus estimate of $0.40. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. The company had revenue of $341.80 million for the quarter, compared to the consensus estimate of $341.22 million. During the same quarter last year, the firm posted $0.38 EPS. The firm’s revenue was up .1% compared to the same quarter last year. analysts predict that Finisar Corporation will post 1.05 earnings per share for the current fiscal year.
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Finisar Corporation 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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