Trading Report: Today: Finisar Corp. (FNSR) Rating Increased to Strong-Buy at Needham & Company LLC

Today: Finisar Corp. (FNSR) Rating Increased to Strong-Buy at Needham & Company LLC

Finisar Corp. (NASDAQ:FNSR) was upgraded by Needham & Company LLC from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday. The firm presently has a $42.00 target price on the stock, up from their previous target price of $38.00. Needham & Company LLC’s price target points to a potential upside of 28.21% from the stock’s current price.

A number of other equities research analysts have also commented on the stock. B. Riley reissued a “buy” rating and set a $32.25 price objective on shares of Finisar Corp. in a report on Sunday, September 11th. William Blair raised shares of Finisar Corp. from a “market perform” rating to an “outperform” rating in a report on Friday, September 9th. Stifel Nicolaus increased their price objective on shares of Finisar Corp. from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Piper Jaffray Cos. reissued an “overweight” rating and set a $24.00 price objective on shares of Finisar Corp. in a report on Tuesday, September 6th. Finally, Barclays PLC increased their price objective on shares of Finisar Corp. from $20.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, September 9th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $31.27.

Shares of Finisar Corp. (NASDAQ:FNSR) opened at 32.76 on Monday. The company has a 50 day moving average of $29.92 and a 200-day moving average of $22.82. Finisar Corp. has a 12-month low of $11.26 and a 12-month high of $33.20. The company has a market capitalization of $3.61 billion, a P/E ratio of 64.11 and a beta of 1.37.

Finisar Corp. (NASDAQ:FNSR) last announced its earnings results on Thursday, September 8th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.08. The business earned $341.30 million during the quarter, compared to analysts’ expectations of $331.34 million. Finisar Corp. had a net margin of 4.32% and a return on equity of 7.61%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the company posted $0.23 EPS. On average, equities analysts anticipate that Finisar Corp. will post $1.75 EPS for the current fiscal year.

In other Finisar Corp. news, EVP Joseph A. Young sold 6,690 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $21.40, for a total transaction of $143,166.00. Following the sale, the executive vice president now directly owns 226,377 shares in the company, valued at approximately $4,844,467.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Joseph A. Young sold 5,545 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $21.90, for a total transaction of $121,435.50. Following the sale, the executive vice president now owns 220,832 shares in the company, valued at $4,836,220.80. The disclosure for this sale can be found here. Company insiders own 1.34% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the company. TIAA CREF Investment Management LLC increased its stake in shares of Finisar Corp. by 255.7% in the third quarter. TIAA CREF Investment Management LLC now owns 1,929,236 shares of the company’s stock valued at $57,491,000 after buying an additional 1,386,819 shares during the period. Capital Research Global Investors increased its stake in shares of Finisar Corp. by 9.3% in the second quarter. Capital Research Global Investors now owns 12,815,280 shares of the company’s stock valued at $224,396,000 after buying an additional 1,086,000 shares during the period. Rothschild Asset Management Inc. bought a new stake in shares of Finisar Corp. during the second quarter valued at approximately $18,788,000. Dimensional Fund Advisors LP increased its stake in shares of Finisar Corp. by 22.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,181,610 shares of the company’s stock valued at $90,729,000 after buying an additional 962,855 shares during the period. Finally, Maplelane Capital LLC bought a new stake in shares of Finisar Corp. during the second quarter valued at approximately $10,409,000. Hedge funds and other institutional investors own 91.86% of the company’s stock.

About Finisar Corp.

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