Finisar (FNSR) Downgraded to Neutral at Piper Jaffray Companies

Piper Jaffray Companies lowered shares of Finisar (NASDAQ:FNSR) from an overweight rating to a neutral rating in a report published on Friday morning, The Fly reports.

A number of other equities analysts also recently weighed in on FNSR. Zacks Investment Research raised shares of Finisar from a hold rating to a buy rating and set a $18.00 target price for the company in a research note on Friday, October 26th. DA Davidson downgraded shares of Finisar from a buy rating to a hold rating in a research note on Friday. BidaskClub raised shares of Finisar from a sell rating to a hold rating in a research note on Wednesday, October 24th. ValuEngine downgraded shares of Finisar from a hold rating to a sell rating in a research note on Thursday, October 11th. Finally, Stifel Nicolaus began coverage on shares of Finisar in a research note on Monday, October 22nd. They issued a hold rating and a $21.00 target price for the company. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Finisar currently has a consensus rating of Hold and an average price target of $23.46.

NASDAQ:FNSR traded up $2.91 on Friday, reaching $21.79. The stock had a trading volume of 23,730,518 shares, compared to its average volume of 1,772,471. The firm has a market cap of $2.10 billion, a PE ratio of 68.09, a price-to-earnings-growth ratio of 3.10 and a beta of 1.42. Finisar has a 1-year low of $14.25 and a 1-year high of $25.41. The company has a quick ratio of 2.98, a current ratio of 3.65 and a debt-to-equity ratio of 0.31.

Finisar (NASDAQ:FNSR) last released its quarterly earnings results on Thursday, September 6th. The technology company reported $0.18 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.06. The firm had revenue of $317.30 million for the quarter, compared to analyst estimates of $315.77 million. Finisar had a negative net margin of 6.71% and a positive return on equity of 1.24%. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 earnings per share. On average, research analysts expect that Finisar will post 0.47 EPS for the current fiscal year.

In related news, Director Roger C. Ferguson sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $18.44, for a total transaction of $55,320.00. Following the completion of the sale, the director now directly owns 32,920 shares of the company’s stock, valued at $607,044.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jerry S. Rawls sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $18.80, for a total transaction of $752,000.00. Following the sale, the director now directly owns 456,171 shares of the company’s stock, valued at $8,576,014.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,208 shares of company stock valued at $2,083,508. 1.11% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC bought a new stake in shares of Finisar during the second quarter worth approximately $185,000. Cornerstone Wealth Management LLC bought a new stake in shares of Finisar during the third quarter worth approximately $210,000. First Mercantile Trust Co. raised its stake in shares of Finisar by 42.7% during the third quarter. First Mercantile Trust Co. now owns 12,070 shares of the technology company’s stock worth $230,000 after buying an additional 3,610 shares during the last quarter. Xact Kapitalforvaltning AB raised its stake in shares of Finisar by 27.9% during the first quarter. Xact Kapitalforvaltning AB now owns 16,511 shares of the technology company’s stock worth $261,000 after buying an additional 3,600 shares during the last quarter. Finally, Strategic Wealth Advisors Group LLC bought a new stake in shares of Finisar during the third quarter worth approximately $277,000.

About Finisar

Finisar Corporation provides components and subsystems to networking equipment manufacturers, data center operators, telecom service providers, consumer electronics, and automotive companies in the United States, China, Malaysia, and internationally. The company's optical subsystems primarily include transmitters, receivers, transceivers, transponders, and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in wireline networks comprising switches, routers, and servers, as well as wireless networks, such as antennas and base stations.

Read More: What Factors Can Affect Return on Equity?

The Fly

Analyst Recommendations for Finisar (NASDAQ:FNSR)

Receive News & Ratings for Finisar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Finisar and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply