Finisar (NASDAQ:FNSR) issued its quarterly earnings data on Thursday. The technology company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.12 by $0.06, Bloomberg Earnings reports. The firm had revenue of $317.30 million during the quarter, compared to the consensus estimate of $315.77 million. Finisar had a negative net margin of 3.67% and a positive return on equity of 2.74%. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 earnings per share. Finisar updated its Q2 guidance to $0.19-0.25 EPS.
Shares of NASDAQ FNSR traded down $0.40 on Thursday, reaching $18.75. 4,455,300 shares of the company’s stock traded hands, compared to its average volume of 3,234,356. Finisar has a 12 month low of $14.25 and a 12 month high of $25.41. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 58.59, a P/E/G ratio of 3.08 and a beta of 1.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 3.24 and a current ratio of 4.00.
Several equities analysts have recently commented on the stock. BidaskClub raised shares of Finisar from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 4th. Piper Jaffray Companies raised shares of Finisar from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $18.00 to $26.00 in a research note on Thursday, August 23rd. Raymond James downgraded shares of Finisar from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 22nd. Zacks Investment Research raised shares of Finisar from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. Finally, Cascend Securities started coverage on shares of Finisar in a research note on Friday, July 13th. They issued a “buy” rating and a $25.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $24.53.
In other Finisar news, Director Jerry S. Rawls sold 30,208 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $16.99, for a total transaction of $513,233.92. Following the completion of the transaction, the director now owns 553,466 shares of the company’s stock, valued at $9,403,387.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jerry S. Rawls sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $18.14, for a total transaction of $725,600.00. Following the transaction, the director now directly owns 523,258 shares of the company’s stock, valued at approximately $9,491,900.12. The disclosure for this sale can be found here. Insiders have sold 87,033 shares of company stock valued at $1,529,866 in the last ninety days. Insiders own 1.11% of the company’s stock.
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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