Finisar Corporation (NASDAQ:FNSR) was the recipient of a large drop in short interest during the month of October. As of October 13th, there was short interest totalling 9,985,188 shares, a drop of 14.6% from the September 29th total of 11,689,370 shares. Based on an average daily trading volume, of 1,995,701 shares, the days-to-cover ratio is currently 5.0 days. Currently, 8.9% of the shares of the company are sold short.
In other news, EVP Todd Swanson sold 6,202 shares of Finisar Corporation stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total transaction of $150,956.68. Following the sale, the executive vice president now owns 217,005 shares of the company’s stock, valued at approximately $5,281,901.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roger C. Ferguson sold 2,726 shares of Finisar Corporation stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $21.46, for a total value of $58,499.96. Following the sale, the director now directly owns 44,034 shares in the company, valued at approximately $944,969.64. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Artemis Investment Management LLP boosted its holdings in shares of Finisar Corporation by 33.8% in the 3rd quarter. Artemis Investment Management LLP now owns 668,343 shares of the technology company’s stock valued at $14,821,000 after purchasing an additional 168,888 shares in the last quarter. NJ State Employees Deferred Compensation Plan acquired a new stake in shares of Finisar Corporation in the 3rd quarter valued at $621,000. Westpac Banking Corp acquired a new stake in shares of Finisar Corporation in the 3rd quarter valued at $645,000. Victory Capital Management Inc. boosted its holdings in shares of Finisar Corporation by 33.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,500,821 shares of the technology company’s stock valued at $33,274,000 after purchasing an additional 379,473 shares in the last quarter. Finally, Third Avenue Management LLC boosted its holdings in shares of Finisar Corporation by 10.4% in the 3rd quarter. Third Avenue Management LLC now owns 201,400 shares of the technology company’s stock valued at $4,466,000 after purchasing an additional 19,000 shares in the last quarter. 87.67% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently weighed in on FNSR. Needham & Company LLC reissued a “strong-buy” rating and set a $34.00 price objective (down previously from $44.00) on shares of Finisar Corporation in a report on Friday, September 8th. William Blair reissued an “ourperform” rating on shares of Finisar Corporation in a report on Thursday, September 7th. Northland Securities set a $40.00 price objective on Finisar Corporation and gave the stock a “buy” rating in a report on Tuesday, August 29th. Stifel Nicolaus reissued a “buy” rating and set a $30.00 price objective (down previously from $33.00) on shares of Finisar Corporation in a report on Tuesday, September 5th. Finally, B. Riley reissued a “buy” rating and set a $38.00 price objective on shares of Finisar Corporation in a report on Wednesday, September 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $32.60.
Shares of Finisar Corporation (NASDAQ FNSR) opened at 23.54 on Wednesday. The company has a 50-day moving average price of $22.18 and a 200 day moving average price of $24.31. Finisar Corporation has a 52 week low of $20.16 and a 52 week high of $36.85. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 11.07 and a beta of 1.31.
Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings results on Thursday, September 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.40. The business had revenue of $341.80 million for the quarter, compared to the consensus estimate of $341.22 million. Finisar Corporation had a return on equity of 13.11% and a net margin of 16.92%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.38 earnings per share. Analysts expect that Finisar Corporation will post $1.49 EPS for the current fiscal year.
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Finisar Corporation 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.
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