Finisar Corp. (NASDAQ:FNSR) Chairman Jerry S. Rawls sold 30,000 shares of Finisar Corp. stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $28.58, for a total value of $857,400.00. Following the completion of the transaction, the chairman now owns 779,464 shares in the company, valued at approximately $22,277,081.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Finisar Corp. (NASDAQ:FNSR) opened at 30.10 on Wednesday. Finisar Corp. has a 12 month low of $10.66 and a 12 month high of $30.18. The stock has a 50 day moving average price of $23.70 and a 200-day moving average price of $19.10. The company has a market capitalization of $3.32 billion, a PE ratio of 58.90 and a beta of 1.39.
Finisar Corp. (NASDAQ:FNSR) last announced its quarterly earnings results on Thursday, September 8th. The company reported $0.38 EPS for the quarter, beating the Zacks’ 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 earned $341.30 million during the quarter, compared to the consensus estimate of $331.34 million. During the same quarter last year, the firm earned $0.23 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts forecast that Finisar Corp. will post $1.73 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC increased its position in shares of Finisar Corp. by 7.7% in the first quarter. Renaissance Technologies LLC now owns 1,685,910 shares of the company’s stock worth $30,751,000 after buying an additional 120,300 shares during the last quarter. Paradigm Capital Management Inc. NY increased its position in shares of Finisar Corp. by 204.0% in the second quarter. Paradigm Capital Management Inc. NY now owns 501,450 shares of the company’s stock worth $8,781,000 after buying an additional 336,500 shares during the last quarter. Legal & General Group Plc increased its position in shares of Finisar Corp. by 3.5% in the first quarter. Legal & General Group Plc now owns 24,405 shares of the company’s stock worth $449,000 after buying an additional 835 shares during the last quarter. Moore Capital Management LP acquired a new position in shares of Finisar Corp. during the first quarter worth approximately $4,104,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Finisar Corp. during the first quarter worth approximately $554,000. 91.62% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently commented on FNSR shares. Needham & Company LLC lifted their price objective on Finisar Corp. from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Monday, September 19th. Zacks Investment Research downgraded Finisar Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 17th. William Blair upgraded Finisar Corp. from a “market perform” rating to an “outperform” rating in a report on Friday, September 9th. Stifel Nicolaus boosted their price target on Finisar Corp. from $28.00 to $33.00 and gave the company a “buy” rating in a report on Monday, September 12th. Finally, Piper Jaffray Cos. restated an “overweight” rating and set a $24.00 price target on shares of Finisar Corp. in a report on Tuesday, September 6th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Finisar Corp. presently has an average rating of “Buy” and a consensus target price of $27.57.
About Finisar Corp.
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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