Goldman Sachs Group downgraded shares of Finisar (NASDAQ:FNSR) from a neutral rating to a sell rating in a research report sent to investors on Monday, Marketbeat Ratings reports. Goldman Sachs Group currently has $16.00 price objective on the technology company’s stock, down from their previous price objective of $22.74.
FNSR has been the subject of several other research reports. Piper Jaffray Companies restated a buy rating and issued a $22.00 target price on shares of Finisar in a research note on Friday, December 8th. Zacks Investment Research downgraded Finisar from a hold rating to a sell rating in a research report on Wednesday, December 13th. Needham & Company LLC downgraded Finisar from a strong-buy rating to a buy rating and dropped their price target for the company from $34.00 to $25.00 in a research report on Monday, December 4th. Craig Hallum reiterated a buy rating on shares of Finisar in a research report on Tuesday, January 2nd. Finally, BidaskClub upgraded Finisar from a strong sell rating to a sell rating in a research report on Tuesday, December 12th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $27.75.
Shares of Finisar (FNSR) traded up $0.28 during midday trading on Monday, reaching $20.71. The company’s stock had a trading volume of 2,096,253 shares, compared to its average volume of 3,317,317. Finisar has a fifty-two week low of $17.20 and a fifty-two week high of $36.41. The company has a current ratio of 7.81, a quick ratio of 6.31 and a debt-to-equity ratio of 0.44. The company has a market cap of $2,350.00, a P/E ratio of 11.83, a P/E/G ratio of 2.08 and a beta of 1.15.
Finisar (NASDAQ:FNSR) last issued its earnings results on Thursday, December 7th. The technology company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.20 by $0.03. Finisar had a return on equity of 9.51% and a net margin of 14.33%. The business had revenue of $332.21 million during the quarter, compared to the consensus estimate of $331.69 million. equities research analysts predict that Finisar will post 0.73 EPS for the current fiscal year.
In related news, Director Roger C. Ferguson sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $21.68, for a total value of $65,040.00. Following the completion of the sale, the director now owns 41,034 shares in the company, valued at approximately $889,617.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mark Colyar sold 1,692 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $22.15, for a total value of $37,477.80. The disclosure for this sale can be found here. Insiders sold a total of 52,369 shares of company stock valued at $1,189,715 in the last 90 days. 1.02% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its position in Finisar by 2.7% in the 2nd quarter. Capital Research Global Investors now owns 13,651,050 shares of the technology company’s stock worth $354,654,000 after buying an additional 359,709 shares during the last quarter. Vanguard Group Inc. increased its stake in Finisar by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 8,908,237 shares of the technology company’s stock worth $231,435,000 after purchasing an additional 208,692 shares during the period. Dimensional Fund Advisors LP increased its stake in Finisar by 10.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,832,951 shares of the technology company’s stock worth $107,146,000 after purchasing an additional 471,882 shares during the period. Northern Trust Corp increased its stake in Finisar by 3.8% in the 2nd quarter. Northern Trust Corp now owns 2,907,058 shares of the technology company’s stock worth $75,525,000 after purchasing an additional 107,680 shares during the period. Finally, DnB Asset Management AS increased its stake in Finisar by 22.9% in the 4th quarter. DnB Asset Management AS now owns 2,248,526 shares of the technology company’s stock worth $45,758,000 after purchasing an additional 419,120 shares during the period. Institutional investors own 91.28% of the company’s stock.
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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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