Wall Street brokerages expect that Finisar Co. (NASDAQ:FNSR) will announce $343.27 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Finisar’s earnings, with the highest sales estimate coming in at $350.00 million and the lowest estimate coming in at $335.70 million. Finisar posted sales of $332.40 million in the same quarter last year, which suggests a positive year over year growth rate of 3.3%. The firm is scheduled to announce its next earnings report on Thursday, March 14th.
On average, analysts expect that Finisar will report full year sales of $1.33 billion for the current financial year, with estimates ranging from $1.30 billion to $1.35 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.50 billion, with estimates ranging from $1.40 billion to $1.55 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Finisar.
Finisar (NASDAQ:FNSR) last released its earnings results on Monday, December 3rd. The technology company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.16. The business had revenue of $325.42 million for the quarter, compared to the consensus estimate of $327.84 million. Finisar had a negative net margin of 7.61% and a positive return on equity of 1.52%.
Several research analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Finisar from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 4th. Loop Capital boosted their price objective on shares of Finisar to $23.00 and gave the company a “hold” rating in a research report on Tuesday, December 18th. Zacks Investment Research raised shares of Finisar from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Thursday, January 3rd. BidaskClub raised shares of Finisar from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. Finally, Goldman Sachs Group raised shares of Finisar from a “sell” rating to a “neutral” rating and set a $21.79 price objective on the stock in a research report on Friday, November 9th. Twelve investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Finisar presently has an average rating of “Hold” and a consensus target price of $25.29.
In other news, EVP Julie Sheridan Eng sold 1,489 shares of the business’s stock in a transaction on Tuesday, December 18th. The shares were sold at an average price of $21.74, for a total value of $32,370.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jerry S. Rawls sold 40,000 shares of the business’s stock in a transaction on Tuesday, December 4th. The stock was sold at an average price of $23.03, for a total transaction of $921,200.00. Following the completion of the sale, the director now owns 416,171 shares of the company’s stock, valued at $9,584,418.13. The disclosure for this sale can be found here. Insiders sold 71,697 shares of company stock valued at $1,460,159 over the last 90 days. 1.11% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. grew its stake in shares of Finisar by 12.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 867,276 shares of the technology company’s stock worth $15,611,000 after purchasing an additional 99,332 shares in the last quarter. Janus Henderson Group PLC acquired a new position in Finisar in the second quarter valued at $185,000. Legal & General Group Plc boosted its stake in Finisar by 3.2% in the second quarter. Legal & General Group Plc now owns 250,247 shares of the technology company’s stock valued at $4,481,000 after acquiring an additional 7,643 shares in the last quarter. FMR LLC boosted its stake in Finisar by 28.6% in the second 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 in the last quarter. Finally, Granahan Investment Management Inc. MA boosted its stake in Finisar by 14.6% in the second quarter. Granahan Investment Management Inc. MA now owns 106,954 shares of the technology company’s stock valued at $1,925,000 after acquiring an additional 13,656 shares in the last quarter. Institutional investors and hedge funds own 99.37% of the company’s stock.
Shares of Finisar stock traded up $0.06 during trading on Monday, hitting $21.72. The stock had a trading volume of 3,452,806 shares, compared to its average volume of 1,567,684. The company has a market cap of $2.54 billion, a P/E ratio of 67.88, a price-to-earnings-growth ratio of 3.54 and a beta of 1.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.69 and a quick ratio of 3.05. Finisar has a 1 year low of $14.25 and a 1 year high of $23.68.
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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