Finisar Co. (NASDAQ:FNSR)’s share price rose 5.2% during mid-day trading on Monday . The stock traded as high as $20.53 and last traded at $20.32. Approximately 8,859,757 shares were traded during trading, an increase of 106% from the average daily volume of 4,307,089 shares. The stock had previously closed at $19.31.
FNSR has been the topic of several research reports. B. Riley lowered Finisar from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $31.00 to $22.00 in a research note on Wednesday, November 29th. DA Davidson reissued a “buy” rating and set a $30.00 target price on shares of Finisar in a research note on Wednesday, November 29th. Zacks Investment Research raised Finisar from a “strong sell” rating to a “hold” rating in a research note on Friday, December 1st. Needham & Company LLC lowered Finisar from a “strong-buy” rating to a “buy” rating and decreased their target price for the stock from $34.00 to $25.00 in a research note on Monday, December 4th. Finally, Stifel Nicolaus decreased their target price on Finisar from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, December 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. Finisar currently has an average rating of “Hold” and an average price target of $24.56.
The firm has a market capitalization of $2,330.60, a price-to-earnings ratio of 23.17, a P/E/G ratio of 2.22 and a beta of 1.02. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.24 and a current ratio of 4.06.
In related news, Director Jerry S. Rawls sold 30,209 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $17.94, for a total transaction of $541,949.46. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Mark Colyar sold 1,692 shares of the firm’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. In the last quarter, insiders sold 56,392 shares of company stock worth $1,119,833. Company insiders own 1.02% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its stake in Finisar by 2.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 577,972 shares of the technology company’s stock worth $12,814,000 after buying an additional 11,110 shares during the last quarter. Capital Management Associates NY acquired a new stake in Finisar during the 3rd quarter worth approximately $372,000. Nicholas Investment Partners LP lifted its position in Finisar by 50.0% during the 3rd quarter. Nicholas Investment Partners LP now owns 283,097 shares of the technology company’s stock worth $6,276,000 after acquiring an additional 94,422 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Finisar by 27.9% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 104,079 shares of the technology company’s stock worth $2,307,000 after acquiring an additional 22,725 shares during the period. Finally, American International Group Inc. lifted its position in Finisar by 8.1% during the 3rd quarter. American International Group Inc. now owns 74,816 shares of the technology company’s stock worth $1,659,000 after acquiring an additional 5,594 shares during the period. Hedge funds and other institutional investors own 94.03% of the company’s stock.
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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