Finisar (FNSR) Lowered to Hold at DA Davidson

DA Davidson lowered shares of Finisar (NASDAQ:FNSR) from a buy rating to a hold rating in a research report report published on Friday morning, The Fly reports.

Other equities research analysts have also recently issued reports about the company. BidaskClub upgraded Finisar from a strong sell rating to a sell rating in a research note on Saturday, August 4th. Piper Jaffray Companies upgraded Finisar from a neutral rating to an overweight rating and boosted their price objective for the company from $18.00 to $26.00 in a research note on Thursday, August 23rd. Loop Capital lowered their price objective on Finisar to $20.00 and set a hold rating on the stock in a research note on Friday, September 7th. ValuEngine cut Finisar from a hold rating to a sell rating in a research note on Thursday, October 11th. Finally, Raymond James cut Finisar from an outperform rating to a market perform rating in a research note on Wednesday, August 22nd. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Finisar presently has a consensus rating of Hold and an average target price of $23.46.

Finisar stock traded up $2.91 during midday trading 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. Finisar has a 12 month low of $14.25 and a 12 month high of $25.41. The stock has a market capitalization of $2.10 billion, a P/E ratio of 68.09, a P/E/G ratio of 3.10 and a beta of 1.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.98 and a current ratio of 3.65.

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

In other Finisar news, Director Jerry S. Rawls sold 30,208 shares of Finisar stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $16.77, for a total transaction of $506,588.16. Following the completion of the transaction, the director now owns 486,379 shares of the company’s stock, valued at approximately $8,156,575.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jerry S. Rawls sold 40,000 shares of Finisar stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $19.24, for a total value of $769,600.00. Following the transaction, the director now directly owns 483,258 shares of the company’s stock, valued at approximately $9,297,883.92. The disclosure for this sale can be found here. Insiders have sold a total of 113,208 shares of company stock valued at $2,083,508 in the last ninety days. Insiders own 1.11% of the company’s stock.

A number of hedge funds have recently bought and sold shares of FNSR. LPL Financial LLC grew its holdings in Finisar by 26.0% during the 1st quarter. LPL Financial LLC now owns 40,668 shares of the technology company’s stock valued at $643,000 after buying an additional 8,403 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Finisar by 332.8% during the first quarter. Legal & General Group Plc now owns 242,604 shares of the technology company’s stock worth $3,777,000 after purchasing an additional 186,544 shares in the last quarter. Xact Kapitalforvaltning AB grew its holdings 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 purchasing an additional 3,600 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Finisar by 4,319.7% during the first quarter. Principal Financial Group Inc. now owns 890,383 shares of the technology company’s stock worth $14,077,000 after purchasing an additional 870,237 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of Finisar during the second quarter worth about $348,000.

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.

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