Finisar (NASDAQ:FNSR) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report released on Thursday, March 7th.
FNSR has been the subject of several other research reports. Needham & Company LLC decreased their price objective on Finisar to $48.00 and set a “buy” rating for the company in a report on Monday, November 12th. Goldman Sachs Group raised Finisar from a “sell” rating to a “neutral” rating and set a $21.79 price target for the company in a report on Friday, November 9th. ValuEngine raised Finisar from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 15th. Zacks Investment Research reaffirmed a “buy” rating and issued a $18.00 price target on shares of Finisar in a report on Tuesday, November 13th. Finally, Piper Jaffray Companies cut Finisar from an “overweight” rating to a “neutral” rating in a report on Friday, November 9th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Finisar presently has a consensus rating of “Hold” and a consensus price target of $25.29.
FNSR traded down $0.17 on Thursday, reaching $23.65. 814,500 shares of the stock were exchanged, compared to its average volume of 1,526,840. The stock has a market cap of $2.81 billion, a P/E ratio of 73.91, a P/E/G ratio of 3.50 and a beta of 1.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.43 and a current ratio of 6.79. Finisar has a fifty-two week low of $14.25 and a fifty-two week high of $24.77.In related news, EVP Julie Sheridan Eng sold 1,489 shares of the stock in a transaction that occurred on Tuesday, December 18th. The stock was sold at an average price of $21.74, for a total value of $32,370.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.11% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in FNSR. FMR LLC lifted its stake in Finisar by 28.6% during the second quarter. FMR LLC now owns 2,987,300 shares of the technology company’s stock worth $53,771,000 after purchasing an additional 664,490 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Finisar by 102.3% in the second quarter. Bank of New York Mellon Corp now owns 4,936,130 shares of the technology company’s stock valued at $88,850,000 after acquiring an additional 2,496,574 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new stake in shares of Finisar in the third quarter valued at $210,000. Victory Capital Management Inc. increased its holdings in Finisar by 670.5% in the third quarter. Victory Capital Management Inc. now owns 1,113,828 shares of the technology company’s stock valued at $21,218,000 after buying an additional 969,261 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new position in Finisar in the third quarter valued at $370,000. Institutional investors own 95.04% of the company’s stock.
Finisar Company Profile
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.
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