Finisar Corp. (FNSR) Given “Buy” Rating at Needham & Company LLC

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Finisar Corp. (NASDAQ:FNSR)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday. They presently have a $32.00 target price on the stock, up from their prior target price of $28.00. Needham & Company LLC’s target price would suggest a potential upside of 19.18% from the company’s current price.
FNSR has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Finisar Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 17th. Goldman Sachs Group Inc. increased their price objective on shares of Finisar Corp. from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday. Stifel Nicolaus raised shares of Finisar Corp. from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Tuesday, September 6th. Piper Jaffray Cos. reissued a “buy” rating and set a $20.00 price objective on shares of Finisar Corp. in a report on Wednesday, June 15th. Finally, B. Riley reissued a “buy” rating and set a $24.50 price objective on shares of Finisar Corp. in a report on Sunday, June 19th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $26.48.
Shares of Finisar Corp. (NASDAQ:FNSR) opened at 26.85 on Tuesday. Finisar Corp. has a 12-month low of $10.66 and a 12-month high of $27.50. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 83.91 and a beta of 1.39. The stock’s 50 day moving average is $20.63 and its 200-day moving average is $18.00.

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Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, September 8th. The company reported $0.38 EPS for the quarter, topping 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 quarter in the prior year, the firm earned $0.23 EPS. The company’s revenue was up 8.7% on a year-over-year basis. On average, analysts anticipate that Finisar Corp. will post $1.28 EPS for the current fiscal year.
In other Finisar Corp. news, EVP Christopher Brown sold 18,576 shares of the firm’s stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $18.08, for a total transaction of $335,854.08. Following the sale, the executive vice president now directly owns 154,570 shares in the company, valued at approximately $2,794,625.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Joseph A. Young sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, June 20th. The stock was sold at an average price of $18.98, for a total transaction of $47,450.00. The disclosure for this sale can be found here. Company insiders own 1.34% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Legal & General Group Plc increased its stake 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 valued at $449,000 after buying an additional 835 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in shares of Finisar Corp. by 1.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 74,267 shares of the company’s stock valued at $1,355,000 after buying an additional 859 shares in the last quarter. Strs Ohio boosted its position in shares of Finisar Corp. by 20.4% in the second quarter. Strs Ohio now owns 6,500 shares of the company’s stock valued at $113,000 after buying an additional 1,100 shares in 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 valued at $156,000 after buying an additional 3,589 shares in the last quarter. Finally, DnB Asset Management AS boosted its position in shares of Finisar Corp. by 0.6% in the first quarter. DnB Asset Management AS now owns 1,954,755 shares of the company’s stock valued at $35,635,000 after buying an additional 11,080 shares in the last quarter. Hedge funds and other institutional investors own 91.69% 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, optical engines and active optical cables that provide the fundamental optical-electrical, or optoelectronic, interface for interconnecting the electronic equipment used in communication networks, including the switches, routers and servers used in wireline networks, as well as the antennas and base stations used in wireless networks.

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