Finisar Corporation (FNSR) Shares Gap Down Following Insider Selling

Finisar Corporation (NASDAQ:FNSR) gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $23.05, but opened at $22.09. Finisar Corporation shares last traded at $19.16, with a volume of 97317 shares traded.

Specifically, EVP Todd Swanson sold 6,202 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total value of $150,956.68. Following the transaction, the executive vice president now owns 217,005 shares in the company, valued at $5,281,901.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Jerry S. Rawls sold 20,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $22.89, for a total value of $457,800.00. The disclosure for this sale can be found here. Insiders sold 28,928 shares of company stock worth $667,257 in the last 90 days. 1.02% of the stock is owned by company insiders.

Several analysts recently weighed in on FNSR shares. Northland Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Finisar Corporation in a research note on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Finisar Corporation in a research note on Saturday, July 22nd. DA Davidson reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Finisar Corporation in a research note on Thursday, September 7th. B. Riley reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Finisar Corporation in a research note on Wednesday, September 6th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $30.00 price objective (down from $32.00) on shares of Finisar Corporation in a research note on Tuesday, September 5th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company. Finisar Corporation has an average rating of “Buy” and a consensus target price of $32.60.

The company has a debt-to-equity ratio of 0.44, a current ratio of 7.66 and a quick ratio of 6.24. The firm has a market capitalization of $2,209.43, a P/E ratio of 11.62, a P/E/G ratio of 1.32 and a beta of 1.19.

Finisar Corporation (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.40. The company had revenue of $341.80 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 earnings per share. sell-side analysts expect that Finisar Corporation will post 1.07 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of FNSR. Fortaleza Asset Management Inc. acquired a new position in shares of Finisar Corporation in the second quarter worth approximately $138,000. PNC Financial Services Group Inc. lifted its stake in shares of Finisar Corporation by 43.9% in the second quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock worth $153,000 after acquiring an additional 1,805 shares during the period. Koch Industries Inc. acquired a new position in shares of Finisar Corporation in the second quarter worth approximately $201,000. Quantitative Systematic Strategies LLC acquired a new position in shares of Finisar Corporation in the second quarter worth approximately $202,000. Finally, Bray Capital Advisors acquired a new position in shares of Finisar Corporation in the third quarter worth approximately $202,000. 87.67% of the stock is currently owned by institutional investors.

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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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