Trading Report: The Finisar Corp.’s (FNSR) Overweight Rating Reiterated at Piper Jaffray Cos.

The Finisar Corp.’s (FNSR) Overweight Rating Reiterated at Piper Jaffray Cos.

Finisar Corp. (NASDAQ:FNSR)‘s stock had its “overweight” rating restated by analysts at Piper Jaffray Cos. in a research report issued to clients and investors on Friday. They presently have a $38.00 price objective on the stock, up from their prior price objective of $31.00. Piper Jaffray Cos.’s price objective indicates a potential upside of 23.94% from the company’s current price.

A number of other equities analysts also recently commented on the stock. B. Riley restated a “buy” rating and set a $38.00 price objective on shares of Finisar Corp. in a research note on Wednesday. Needham & Company LLC raised their target price on shares of Finisar Corp. from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, September 19th. Zacks Investment Research upgraded shares of Finisar Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research note on Wednesday, September 14th. Stifel Nicolaus raised their target price on shares of Finisar Corp. from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 12th. Finally, Jefferies Group raised their target price on shares of Finisar Corp. from $19.00 to $28.00 and gave the company a “hold” rating in a research note on Friday, September 9th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $29.36.

Finisar Corp. (NASDAQ:FNSR) traded down 0.81% during midday trading on Friday, hitting $30.66. The stock had a trading volume of 1,033,389 shares. Finisar Corp. has a 1-year low of $11.04 and a 1-year high of $31.20. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 60.00 and a beta of 1.37. The company’s 50 day moving average is $25.74 and its 200 day moving average is $19.72.

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Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, September 8th. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.08. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The company earned $341.30 million during the quarter, compared to the consensus estimate of $331.34 million. During the same period in the prior year, the business posted $0.23 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities analysts anticipate that Finisar Corp. will post $1.74 earnings per share for the current fiscal year.

In other news, EVP Joseph A. Young sold 6,473 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $19.90, for a total transaction of $128,812.70. Following the transaction, the executive vice president now directly owns 246,543 shares of the company’s stock, valued at $4,906,205.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christopher Brown sold 14,584 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $19.10, for a total transaction of $278,554.40. Following the transaction, the executive vice president now directly owns 151,578 shares in the company, valued at $2,895,139.80. The disclosure for this sale can be found here. Insiders own 1.34% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Mercantile Trust Co. acquired a new position in shares of Finisar Corp. during the third quarter valued at approximately $403,000. BNP Paribas Arbitrage SA boosted its position in shares of Finisar Corp. by 123.0% in the third quarter. BNP Paribas Arbitrage SA now owns 9,309 shares of the company’s stock valued at $277,000 after buying an additional 5,135 shares in the last quarter. Front Street Capital Management Inc. acquired a new position in shares of Finisar Corp. during the second quarter valued at approximately $3,234,000. Wolverine Asset Management LLC acquired a new position in shares of Finisar Corp. during the second quarter valued at approximately $700,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Finisar Corp. by 12.9% in the second quarter. Public Employees Retirement System of Ohio now owns 7,297 shares of the company’s stock valued at $128,000 after buying an additional 836 shares in the last quarter. 91.62% of the stock is currently owned by institutional investors.

Finisar Corp. Company Profile

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