Finisar (FNSR) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of Finisar (NASDAQ:FNSR) from a hold rating to a sell rating in a research report released on Wednesday morning.

According to Zacks, “FINISAR CORP. is a provider of fiber optic subsystems and network test and monitoring systems which enable high-speed data communications over local area networks, or LANs, storage area networks, or SANs, and metropolitan access networks, or MANs. They are focused on the application of digital fiber optics to provide aline of high-performance, reliable, value-added optical subsystems for data networking and storage equipment manufacturers. “

Several other analysts have also weighed in on the company. Piper Jaffray Companies increased their price target on Finisar from $22.00 to $28.00 in a report on Wednesday. Barclays restated a hold rating and set a $18.00 price target on shares of Finisar in a report on Wednesday. BidaskClub upgraded Finisar from a strong sell rating to a sell rating in a report on Tuesday. Northland Securities set a $29.00 price target on Finisar and gave the company a buy rating in a report on Friday, December 8th. Finally, William Blair reaffirmed a buy rating on shares of Finisar in a research report on Friday, December 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Finisar has an average rating of Buy and a consensus price target of $27.82.

Shares of Finisar (FNSR) traded down $0.92 on Wednesday, hitting $22.78. The stock had a trading volume of 11,376,411 shares, compared to its average volume of 3,626,595. Finisar has a twelve month low of $17.20 and a twelve month high of $36.41. The stock has a market cap of $2,200.67, a PE ratio of 15.08, a price-to-earnings-growth ratio of 1.87 and a beta of 1.14. The company has a quick ratio of 6.31, a current ratio of 7.81 and a debt-to-equity ratio of 0.44.

Finisar (NASDAQ:FNSR) last released its quarterly earnings results on Thursday, December 7th. The technology company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.03. Finisar had a return on equity of 9.51% and a net margin of 14.33%. The company had revenue of $332.21 million for the quarter, compared to analyst estimates of $331.69 million. analysts expect that Finisar will post 0.74 earnings per share for the current year.

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

Institutional investors and hedge funds have recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. grew its position in shares of Finisar by 103.4% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,728 shares of the technology company’s stock worth $127,000 after buying an additional 2,912 shares in the last quarter. Fortaleza Asset Management Inc. bought a new position in shares of Finisar during the 2nd quarter worth $138,000. PNC Financial Services Group Inc. grew its position in shares of Finisar by 43.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock worth $153,000 after buying an additional 1,805 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in shares of Finisar by 598.3% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 7,004 shares of the technology company’s stock worth $155,000 after buying an additional 6,001 shares in the last quarter. Finally, Cheyne Capital Management UK LLP bought a new position in shares of Finisar during the 3rd quarter worth $155,000. 91.45% of the stock is currently owned by institutional investors and hedge funds.

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Finisar 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.

Analyst Recommendations for Finisar (NASDAQ:FNSR)

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