Finisar (FNSR) Hits New 1-Year Low Following Analyst Downgrade

Finisar Corporation (NASDAQ:FNSR) shares hit a new 52-week low during trading on Wednesday after Stifel Nicolaus lowered their price target on the stock from $27.00 to $23.00. Stifel Nicolaus currently has a buy rating on the stock. Finisar traded as low as $17.30 and last traded at $17.83, with a volume of 2864900 shares traded. The stock had previously closed at $18.11.

Other analysts have also issued research reports about the stock. B. Riley reiterated a “buy” rating and set a $38.00 price target on shares of Finisar in a research report on Wednesday, September 6th. Piper Jaffray Companies reiterated a “buy” rating and set a $30.00 price target (down previously from $32.00) on shares of Finisar in a research report on Tuesday, September 5th. Northland Securities set a $40.00 price target on shares of Finisar and gave the stock a “buy” rating in a research report on Tuesday, August 29th. Craig Hallum reiterated a “buy” rating and set a $28.00 price target (down previously from $38.00) on shares of Finisar in a research report on Friday, September 8th. Finally, DA Davidson reiterated a “buy” rating and set a $40.00 price target on shares of Finisar in a research report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $30.28.

In other Finisar news, Chairman Jerry S. Rawls sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $22.89, for a total value of $457,800.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Roger C. Ferguson sold 2,726 shares of the firm’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $21.46, for a total transaction of $58,499.96. Following the completion of the sale, the director now owns 44,034 shares in the company, valued at approximately $944,969.64. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Pinnacle Associates Ltd. bought a new position in shares of Finisar during the third quarter valued at $28,033,000. Thompson Siegel & Walmsley LLC bought a new position in shares of Finisar during the second quarter valued at $15,474,000. Hood River Capital Management LLC raised its stake in shares of Finisar by 177.0% during the second quarter. Hood River Capital Management LLC now owns 841,331 shares of the technology company’s stock valued at $21,858,000 after acquiring an additional 537,600 shares during the last quarter. Artemis Investment Management LLP bought a new position in shares of Finisar during the second quarter valued at $12,973,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Finisar by 10.8% during the third quarter. Dimensional Fund Advisors LP now owns 4,832,951 shares of the technology company’s stock valued at $107,146,000 after acquiring an additional 471,882 shares during the last quarter. Hedge funds and other institutional investors own 91.45% of the company’s stock.

The stock has a market cap of $2,062.50, a P/E ratio of 10.84, a PEG ratio of 1.27 and a beta of 1.14. The company has a current ratio of 7.66, a quick ratio of 6.24 and a debt-to-equity ratio of 0.44.

Finisar (NASDAQ:FNSR) last released its quarterly earnings results on Thursday, September 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The firm had revenue of $341.80 million during the quarter, compared to the consensus estimate of $341.22 million. Finisar had a net margin of 16.92% and a return on equity of 13.11%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 earnings per share. equities research analysts predict that Finisar Corporation will post 1.04 EPS for the current year.

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About Finisar

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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