Finisar Corp. (FNSR) Given New $28.00 Price Target at Needham & Company LLC
Finisar Corp. (NASDAQ:FNSR) had its price target increased by research analysts at Needham & Company LLC from $24.00 to $28.00 in a note issued to investors on Tuesday. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 25.45% from the stock’s previous close.
FNSR has been the topic of several other 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. Stifel Nicolaus raised shares of Finisar Corp. from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Tuesday. Piper Jaffray Cos. reaffirmed a “buy” rating and issued a $20.00 price target on shares of Finisar Corp. in a report on Wednesday, June 15th. B. Riley reaffirmed a “buy” rating and issued a $24.50 price target on shares of Finisar Corp. in a report on Sunday, June 19th. Finally, MKM Partners reaffirmed a “neutral” rating and issued a $19.00 price target on shares of Finisar Corp. in a report on Wednesday, June 15th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Finisar Corp. presently has an average rating of “Hold” and an average target price of $20.35.
In other Finisar Corp. news, EVP Joseph A. Young sold 5,545 shares of Finisar Corp. stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $21.90, for a total value of $121,435.50. Following the completion of the transaction, the executive vice president now owns 220,832 shares of the company’s stock, valued at $4,836,220.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Joseph A. Young sold 6,690 shares of Finisar Corp. stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $21.40, for a total transaction of $143,166.00. Following the completion of the transaction, the executive vice president now directly owns 226,377 shares of the company’s stock, valued at approximately $4,844,467.80. The disclosure for this sale can be found here.
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A number of hedge funds and institutional investors have recently added to or reduced their stakes in FNSR. Strs Ohio boosted its position in Finisar Corp. by 20.4% in the second quarter. Strs Ohio now owns 6,500 shares of the company’s stock worth $113,000 after buying an additional 1,100 shares during the last quarter. BlackRock Inc. boosted its position in 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. Quantitative Systematic Strategies LLC purchased a new position in Finisar Corp. during the second quarter worth $222,000. Chicago Equity Partners LLC purchased a new position in Finisar Corp. during the second quarter worth $310,000. Finally, Algert Global LLC purchased a new position in Finisar Corp. during the first quarter worth $349,000.
Shares of Finisar Corp. (NASDAQ:FNSR) opened at 22.32 on Tuesday. The stock has a market capitalization of $2.40 billion and a price-to-earnings ratio of 69.75. The stock has a 50 day moving average price of $19.77 and a 200 day moving average price of $17.53. Finisar Corp. has a 1-year low of $10.66 and a 1-year high of $22.34.
Finisar Corp. (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, June 16th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.04. During the same quarter last year, the firm posted $0.25 earnings per share. The business had revenue of $318.80 million for the quarter. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Equities research analysts anticipate that Finisar Corp. will post $1.28 EPS for the current year.
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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