Finisar (FNSR) Stock Price Down 6.1% After Analyst Downgrade

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Finisar Co. (NASDAQ:FNSR) shares traded down 6.1% during mid-day trading on Tuesday after B. Riley lowered their price target on the stock from $17.50 to $17.00. B. Riley currently has a neutral rating on the stock. Finisar traded as low as $18.93 and last traded at $19.15. 3,337,567 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 3,235,027 shares. The stock had previously closed at $20.40.

Several other research firms have also recently issued reports on FNSR. Raymond James cut Finisar from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 22nd. Zacks Investment Research upgraded Finisar from a “sell” rating to a “hold” rating in a research report on Monday, August 20th. Piper Jaffray Companies upgraded Finisar from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $18.00 to $26.00 in a research report on Thursday, August 23rd. BidaskClub upgraded Finisar from a “hold” rating to a “buy” rating in a research report on Thursday, August 23rd. Finally, Cascend Securities started coverage on Finisar in a report on Friday, July 13th. They issued a “buy” rating and a $25.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus 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 company’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $16.99, for a total value of $513,233.92. Following the sale, the director now owns 553,466 shares of the company’s stock, valued at $9,403,387.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger C. Ferguson sold 3,000 shares of the company’s stock in a transaction on Friday, June 22nd. The shares were sold at an average price of $17.77, for a total value of $53,310.00. Following the completion of the sale, the director now directly owns 25,784 shares in the company, valued at approximately $458,181.68. The disclosure for this sale can be found here. Insiders sold 87,033 shares of company stock worth $1,529,866 in the last three months. 1.11% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Rhumbline Advisers boosted its stake in shares of Finisar by 133.2% during the first quarter. Rhumbline Advisers now owns 269,717 shares of the technology company’s stock valued at $4,264,000 after acquiring an additional 154,035 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Finisar during the first quarter valued at $424,000. Comerica Bank acquired a new stake in shares of Finisar during the first quarter valued at $1,845,000. New York State Teachers Retirement System acquired a new stake in shares of Finisar during the first quarter valued at $735,000. Finally, CIBC Asset Management Inc acquired a new stake in shares of Finisar during the first quarter valued at $220,000.

The company has a debt-to-equity ratio of 0.30, a current ratio of 4.00 and a quick ratio of 3.24. The company has a market cap of $2.39 billion, a P/E ratio of 59.84, a price-to-earnings-growth ratio of 3.08 and a beta of 1.38.

Finisar (NASDAQ:FNSR) last posted its quarterly earnings data on Thursday, June 14th. The technology company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.07). The company had revenue of $310.07 million for the quarter, compared to analyst estimates of $309.93 million. Finisar had a negative net margin of 3.67% and a positive return on equity of 2.74%. The firm’s revenue was down 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 EPS. research analysts predict that Finisar Co. will post 0.47 earnings per share for the current fiscal year.

Finisar Company Profile (NASDAQ:FNSR)

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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