Essex Investment Management Co. LLC reduced its position in shares of Finisar Corp. (NASDAQ:FNSR) by 2.4% during the second quarter, Holdings Channel reports. The firm owned 16,951 shares of the company’s stock after selling 413 shares during the period. Essex Investment Management Co. LLC’s holdings in Finisar Corp. were worth $297,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of FNSR. Renaissance Technologies LLC increased its position in 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 period. Kennedy Capital Management Inc. increased its position in Finisar Corp. by 3.7% in the first quarter. Kennedy Capital Management Inc. now owns 394,037 shares of the company’s stock worth $7,187,000 after buying an additional 13,928 shares during the period. Bogle Investment Management L P DE bought a new position in Finisar Corp. during the first quarter worth approximately $873,000. Geode Capital Management LLC increased its position in Finisar Corp. by 4.1% in the first quarter. Geode Capital Management LLC now owns 717,091 shares of the company’s stock worth $13,079,000 after buying an additional 28,397 shares during the period. Finally, State Street Corp increased its position in Finisar Corp. by 4.2% in the first quarter. State Street Corp now owns 1,796,616 shares of the company’s stock worth $32,770,000 after buying an additional 71,987 shares during the period. 91.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Finisar Corp. (NASDAQ:FNSR) traded down 0.81% during mid-day trading on Friday, hitting $30.66. 1,033,389 shares of the company traded hands. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 60.00 and a beta of 1.37. The firm has a 50-day moving average price of $26.02 and a 200 day moving average price of $19.81. Finisar Corp. has a 52-week low of $11.04 and a 52-week high of $31.20.
Finisar Corp. (NASDAQ:FNSR) last released its earnings results on Thursday, September 8th. The company reported $0.38 earnings per share for the quarter, beating the 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 analyst estimates of $331.34 million. During the same quarter in the previous year, the firm earned $0.23 earnings per share. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Finisar Corp. will post $1.74 EPS for the current fiscal year.
A number of research analysts recently commented on the stock. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $38.00 target price (up from $31.00) on shares of Finisar Corp. in a research report on Friday. B. Riley reaffirmed a “buy” rating and issued a $38.00 target price on shares of Finisar Corp. in a research report on Wednesday. Needham & Company LLC increased their target price on shares of Finisar Corp. from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Monday, September 19th. Zacks Investment Research upgraded shares of Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 price target for the company in a research note on Wednesday, September 14th. Finally, Stifel Nicolaus increased their price target on shares of Finisar Corp. from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, September 12th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $29.36.
In other news, EVP Joseph A. Young sold 6,473 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $19.90, for a total transaction of $128,812.70. Following the completion of the transaction, the executive vice president now owns 246,543 shares in the company, valued at $4,906,205.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher Brown sold 9,500 shares of the company’s stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $31.00, for a total transaction of $294,500.00. Following the transaction, the executive vice president now owns 101,237 shares of the company’s stock, valued at approximately $3,138,347. The disclosure for this sale can be found here. Insiders own 1.34% of the company’s stock.
Finisar Corp. 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.
Want to see what other hedge funds are holding FNSR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Finisar Corp. (NASDAQ:FNSR).
Receive News & Ratings for Finisar Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Finisar Corp. and related companies with MarketBeat.com's FREE daily email newsletter.