Goldman Sachs Group Inc. upgraded shares of Finisar Corp. (NASDAQ:FNSR) from a neutral rating to a buy rating in a research note published on Tuesday. The brokerage currently has $39.00 target price on the stock, up from their previous target price of $24.00.
A number of other equities research analysts also recently commented on FNSR. Piper Jaffray Cos. reissued an overweight rating and issued a $38.00 target price (up previously from $31.00) on shares of Finisar Corp. in a report on Friday, October 7th. B. Riley reissued a buy rating and issued a $38.00 target price on shares of Finisar Corp. in a report on Wednesday, October 5th. Needham & Company LLC raised their target price on Finisar Corp. from $32.00 to $36.00 and gave the company a buy rating in a report on Monday, September 19th. Zacks Investment Research raised Finisar Corp. from a hold rating to a strong-buy rating and set a $32.00 target price for the company in a report on Wednesday, September 14th. Finally, Stifel Nicolaus boosted their target price on shares of Finisar Corp. from $28.00 to $33.00 and gave the company a buy rating in a research note on Monday, September 12th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $30.73.
Shares of Finisar Corp. (NASDAQ:FNSR) opened at 29.32 on Tuesday. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 57.38 and a beta of 1.37. The company has a 50 day moving average of $27.06 and a 200-day moving average of $20.13. Finisar Corp. has a one year low of $11.04 and a one year high of $31.42.
Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, September 8th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 had revenue of $341.30 million for the quarter, compared to analyst estimates of $331.34 million. During the same period last year, the firm posted $0.23 EPS. Finisar Corp.’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts anticipate that Finisar Corp. will post $1.74 earnings per share for the current year.
In other news, EVP Christopher Brown sold 9,500 shares of the stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $31.00, for a total value of $294,500.00. Following the completion of the transaction, the executive vice president now directly owns 101,237 shares in the company, valued at approximately $3,138,347. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Jerry S. Rawls sold 30,000 shares of the stock in a transaction on Tuesday, September 20th. The shares were 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 of the company’s stock, valued at $22,277,081.12. The disclosure for this sale can be found here. Company insiders own 1.34% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in FNSR. Virginia Retirement System purchased a new position in shares of Finisar Corp. during the first quarter worth approximately $505,000. TIAA CREF Investment Management LLC boosted its position in shares of Finisar Corp. by 95.5% in the first quarter. TIAA CREF Investment Management LLC now owns 863,404 shares of the company’s stock worth $15,748,000 after buying an additional 421,759 shares during the last quarter. Teachers Advisors Inc. boosted its position in shares of Finisar Corp. by 303.4% in the first quarter. Teachers Advisors Inc. now owns 780,656 shares of the company’s stock worth $14,239,000 after buying an additional 587,150 shares during the last quarter. BlackRock Inc. boosted its position in shares of Finisar Corp. by 71.5% in the first quarter. BlackRock Inc. now owns 8,607 shares of the company’s stock worth $156,000 after buying an additional 3,589 shares during the last quarter. Finally, BlackRock Group LTD boosted its position in shares of Finisar Corp. by 26.2% in the first quarter. BlackRock Group LTD now owns 67,835 shares of the company’s stock worth $1,238,000 after buying an additional 14,076 shares during the last quarter. Institutional investors own 91.62% of the company’s stock.
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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