Finisar Corporation (FNSR) Coverage Initiated at Jefferies Group LLC

Equities researchers at Jefferies Group LLC began coverage on shares of Finisar Corporation (NASDAQ:FNSR) in a research note issued on Wednesday. The brokerage set a “buy” rating and a $28.50 price target on the technology company’s stock. Jefferies Group LLC’s price target would indicate a potential upside of 48.79% from the company’s current price.

Several other research analysts have also recently commented on FNSR. B. Riley restated a “buy” rating and set a $30.75 target price on shares of Finisar Corporation in a report on Tuesday, September 12th. William Blair restated an “outperform” rating on shares of Finisar Corporation in a report on Thursday, September 14th. Craig Hallum restated a “buy” rating and set a $28.00 target price (down previously from $38.00) on shares of Finisar Corporation in a report on Friday, September 8th. Needham & Company LLC restated a “strong-buy” rating and set a $34.00 target price (down previously from $44.00) on shares of Finisar Corporation in a report on Friday, September 8th. Finally, BidaskClub cut shares of Finisar Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and three have given a strong buy rating to the company’s stock. Finisar Corporation has an average rating of “Buy” and a consensus target price of $32.60.

Shares of Finisar Corporation (NASDAQ FNSR) traded down $2.94 during mid-day trading on Wednesday, hitting $19.16. 97,317 shares of the stock traded hands, compared to its average volume of 3,469,546. The company has a market capitalization of $2.16 billion, a P/E ratio of 11.35 and a beta of 1.19.

Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. The company had revenue of $341.80 million during the quarter, compared to the consensus estimate of $341.22 million. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. research analysts anticipate that Finisar Corporation will post 1.07 EPS for the current fiscal year.

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In other news, Director Roger C. Ferguson sold 2,726 shares of the firm’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $21.46, for a total transaction of $58,499.96. Following the completion of the sale, the director now owns 44,034 shares in the company, valued at approximately $944,969.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Todd Swanson sold 6,202 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of FNSR. UBS Asset Management Americas Inc. lifted its stake in shares of Finisar Corporation by 22.2% during the 1st quarter. UBS Asset Management Americas Inc. now owns 61,098 shares of the technology company’s stock worth $1,670,000 after buying an additional 11,120 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of Finisar Corporation by 0.8% during the 1st quarter. Prudential Financial Inc. now owns 15,535 shares of the technology company’s stock worth $425,000 after buying an additional 120 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Finisar Corporation by 9.7% during the 1st quarter. Principal Financial Group Inc. now owns 68,439 shares of the technology company’s stock worth $1,871,000 after buying an additional 6,076 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Finisar Corporation by 3.1% during the 1st quarter. Legal & General Group Plc now owns 35,791 shares of the technology company’s stock worth $983,000 after buying an additional 1,063 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Finisar Corporation by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 8,699,545 shares of the technology company’s stock worth $237,845,000 after buying an additional 387,949 shares during the last quarter. Institutional investors own 87.67% of the company’s stock.

About Finisar Corporation

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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