Finisar Corporation (FNSR) Sees Strong Trading Volume
Shares of Finisar Corporation (NASDAQ:FNSR) saw strong trading volume on Thursday . 13,767,474 shares were traded during trading, an increase of 395% from the previous session’s volume of 2,781,490 shares.The stock last traded at $23.20 and had previously closed at $21.98.
A number of analysts recently issued reports on the company. B. Riley reiterated a “buy” rating and set a $30.75 price objective on shares of Finisar Corporation in a research note on Tuesday, September 12th. William Blair restated an “outperform” rating on shares of Finisar Corporation in a research note on Thursday, September 14th. Craig Hallum restated a “buy” rating and issued a $28.00 target price (down from $38.00) on shares of Finisar Corporation in a research note on Friday, September 8th. Needham & Company LLC restated a “strong-buy” rating and issued a $34.00 target price (down from $44.00) on shares of Finisar Corporation in a research note on Friday, September 8th. Finally, BidaskClub lowered Finisar Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the stock. Finisar Corporation has an average rating of “Buy” and a consensus target price of $32.60.
The firm has a 50 day moving average of $22.04 and a 200-day moving average of $24.45. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 10.91 and a beta of 1.31.
Finisar Corporation (NASDAQ:FNSR) last announced its earnings results on Thursday, September 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. Finisar Corporation had a return on equity of 13.11% and a net margin of 16.92%. The business had revenue of $341.80 million during the quarter, compared to analyst estimates of $341.22 million. During the same quarter in the previous year, the business earned $0.38 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts forecast that Finisar Corporation will post $1.47 earnings per share for the current year.
In other Finisar Corporation news, Director Roger C. Ferguson sold 2,726 shares of the business’s stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $21.46, for a total transaction of $58,499.96. Following the completion of the transaction, the director now owns 44,034 shares in the company, valued at $944,969.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Jerry S. Rawls sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $27.58, for a total value of $689,500.00. Following the transaction, the chairman now owns 815,188 shares of the company’s stock, valued at approximately $22,482,885.04. The disclosure for this sale can be found here. Insiders have sold 33,928 shares of company stock valued at $898,957 in the last 90 days. Company insiders own 1.02% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in FNSR. Fortaleza Asset Management Inc. purchased a new stake in shares of Finisar Corporation in the second quarter valued at approximately $138,000. PNC Financial Services Group Inc. boosted its holdings 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 valued at $153,000 after purchasing an additional 1,805 shares during the period. Koch Industries Inc. purchased a new stake in shares of Finisar Corporation in the second quarter valued at approximately $201,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Finisar Corporation in the second quarter valued at approximately $202,000. Finally, Thompson Davis & CO. Inc. purchased a new stake in shares of Finisar Corporation in the second quarter valued at approximately $217,000. Hedge funds and other institutional investors own 86.32% of the company’s stock.
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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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