Ameriprise Financial Inc. Sells 2,743,036 Shares of Finisar Corporation (FNSR)
Ameriprise Financial Inc. reduced its stake in shares of Finisar Corporation (NASDAQ:FNSR) by 86.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 437,142 shares of the technology company’s stock after selling 2,743,036 shares during the quarter. Ameriprise Financial Inc. owned 0.39% of Finisar Corporation worth $11,357,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in FNSR. First Trust Advisors LP grew its stake in shares of Finisar Corporation by 333.0% during the first quarter. First Trust Advisors LP now owns 45,027 shares of the technology company’s stock valued at $1,231,000 after buying an additional 34,628 shares during the last quarter. US Bancorp DE grew its stake in shares of Finisar Corporation by 31.0% during the first quarter. US Bancorp DE now owns 9,559 shares of the technology company’s stock valued at $262,000 after buying an additional 2,261 shares during the last quarter. Comerica Bank bought a new position in shares of Finisar Corporation during the first quarter valued at about $1,094,000. UBS Asset Management Americas Inc. grew its stake in shares of Finisar Corporation by 22.2% during the first quarter. UBS Asset Management Americas Inc. now owns 61,098 shares of the technology company’s stock valued at $1,670,000 after buying an additional 11,120 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in shares of Finisar Corporation by 71.3% during the first quarter. Parametric Portfolio Associates LLC now owns 265,544 shares of the technology company’s stock valued at $7,260,000 after buying an additional 110,546 shares during the last quarter. 86.32% of the stock is currently owned by hedge funds and other institutional investors.
In other Finisar Corporation news, EVP Todd Swanson sold 6,183 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $27.36, for a total value of $169,166.88. Following the completion of the sale, the executive vice president now directly owns 221,924 shares of the company’s stock, valued at approximately $6,071,840.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Jerry S. Rawls sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $27.58, for a total transaction of $689,500.00. Following the completion of the sale, the chairman now directly owns 815,188 shares of the company’s stock, valued at $22,482,885.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,127 shares of company stock valued at $1,150,641. 1.02% of the stock is owned by corporate insiders.
FNSR has been the topic of a number of recent research reports. Zacks Investment Research cut Finisar Corporation from a “hold” rating to a “sell” rating in a research note on Monday, September 4th. Northland Securities set a $40.00 price objective on Finisar Corporation and gave the company a “buy” rating in a research note on Tuesday, August 29th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $30.00 price objective (down from $32.00) on shares of Finisar Corporation in a research note on Tuesday, September 5th. BidaskClub cut Finisar Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Finally, ValuEngine cut Finisar Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company. Finisar Corporation currently has an average rating of “Buy” and a consensus target price of $32.60.
Shares of Finisar Corporation (NASDAQ:FNSR) opened at 22.34 on Tuesday. The stock’s 50 day moving average is $22.57 and its 200-day moving average is $24.74. Finisar Corporation has a 12-month low of $20.16 and a 12-month high of $36.85. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 10.51 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 EPS for the quarter, meeting the consensus estimate of $0.40. The company had revenue of $341.80 million for the quarter, compared to the consensus estimate of $341.22 million. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. The firm’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. On average, analysts expect that Finisar Corporation will post $1.48 earnings per share for the current year.
Finisar Corporation 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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