Raymond James & Associates cut its position in Finisar Co. (NASDAQ:FNSR) by 50.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 139,724 shares of the technology company’s stock after selling 142,289 shares during the quarter. Raymond James & Associates’ holdings in Finisar were worth $2,515,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of FNSR. Formula Growth Ltd. raised its stake in Finisar by 42.7% during the 2nd quarter. Formula Growth Ltd. now owns 942,596 shares of the technology company’s stock valued at $16,967,000 after acquiring an additional 282,000 shares during the last quarter. Lumina Fund Management LLC raised its stake in Finisar by 10.3% during the 2nd quarter. Lumina Fund Management LLC now owns 30,000 shares of the technology company’s stock valued at $540,000 after acquiring an additional 2,800 shares during the last quarter. Employees Retirement System of Texas raised its stake in Finisar by 79.7% during the 2nd quarter. Employees Retirement System of Texas now owns 133,000 shares of the technology company’s stock valued at $2,394,000 after acquiring an additional 59,000 shares during the last quarter. Teton Advisors Inc. raised its stake in Finisar by 66.4% during the 2nd quarter. Teton Advisors Inc. now owns 24,800 shares of the technology company’s stock valued at $446,000 after acquiring an additional 9,900 shares during the last quarter. Finally, FMR LLC raised its stake in Finisar by 28.6% during the 2nd quarter. FMR LLC now owns 2,987,300 shares of the technology company’s stock valued at $53,771,000 after acquiring an additional 664,490 shares during the last quarter.
Several analysts have commented on the company. Zacks Investment Research downgraded Finisar from a “hold” rating to a “sell” rating in a research note on Wednesday, June 20th. BidaskClub raised Finisar from a “sell” rating to a “hold” rating in a research note on Saturday, June 16th. DA Davidson upped their price objective on Finisar to $26.00 and gave the company a “buy” rating in a research note on Friday, June 15th. Cascend Securities assumed coverage on Finisar in a research note on Friday, July 13th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Raymond James downgraded Finisar from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $24.28.
NASDAQ FNSR opened at $17.87 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.98 and a current ratio of 3.65. Finisar Co. has a 12-month low of $14.25 and a 12-month high of $25.41. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 56.03, a price-to-earnings-growth ratio of 2.84 and a beta of 1.36.
Finisar (NASDAQ:FNSR) last released its earnings results on Thursday, September 6th. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.06. Finisar had a positive return on equity of 1.24% and a negative net margin of 6.71%. The company had revenue of $317.30 million for the quarter, compared to analysts’ expectations of $315.77 million. During the same quarter in the previous year, the firm posted $0.40 EPS. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. As a group, equities research analysts forecast that Finisar Co. will post 0.47 EPS for the current year.
In related news, Director Jerry S. Rawls sold 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $19.24, for a total value of $769,600.00. Following the sale, the director now owns 483,258 shares in the company, valued at approximately $9,297,883.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jerry S. Rawls sold 30,208 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 553,466 shares in the company, valued at approximately $9,403,387.34. The disclosure for this sale can be found here. Insiders have sold a total of 113,208 shares of company stock worth $2,090,154 in the last quarter. 1.11% of the stock is currently owned by insiders.
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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