Finisar (NASDAQ:FNSR) updated its first quarter earnings guidance on Thursday. The company provided EPS guidance of $0.10-0.16 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.15. The company issued revenue guidance of $305-325 million, compared to the consensus revenue estimate of $316.96 million.
Several brokerages have recently weighed in on FNSR. Needham & Company LLC downgraded shares of Finisar from a buy rating to a hold rating and upped their target price for the company from $16.64 to $29.41 in a research note on Friday, March 9th. Morgan Stanley began coverage on shares of Finisar in a research note on Friday, March 9th. They issued an equal weight rating and a $21.00 target price for the company. B. Riley restated a buy rating and issued a $17.50 target price (down from $18.00) on shares of Finisar in a research note on Friday, March 9th. Zacks Investment Research upgraded shares of Finisar from a sell rating to a hold rating in a research note on Wednesday, May 9th. Finally, Stifel Nicolaus decreased their target price on shares of Finisar from $24.00 to $22.00 and set a buy rating for the company in a research note on Friday, March 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Finisar presently has an average rating of Hold and an average target price of $24.56.
FNSR traded down $0.17 during trading on Thursday, hitting $17.70. The company had a trading volume of 3,517,884 shares, compared to its average volume of 3,674,059. The stock has a market capitalization of $2.06 billion, a PE ratio of 10.23, a P/E/G ratio of 2.07 and a beta of 1.19. The company has a debt-to-equity ratio of 0.29, a current ratio of 4.06 and a quick ratio of 3.24. Finisar has a 1-year low of $14.25 and a 1-year high of $28.99.
In related news, Director Roger C. Ferguson sold 3,000 shares of the company’s stock in a transaction on Thursday, March 22nd. The shares were sold at an average price of $17.30, for a total value of $51,900.00. Following the sale, the director now directly owns 28,784 shares of the company’s stock, valued at $497,963.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jerry S. Rawls sold 38,000 shares of the company’s stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $14.96, for a total transaction of $568,480.00. Following the completion of the sale, the director now directly owns 601,258 shares in the company, valued at $8,994,819.68. The disclosure for this sale can be found here. Insiders sold 109,458 shares of company stock worth $1,728,950 over the last ninety days. 1.02% of the stock is currently owned by corporate insiders.
Finisar Corporation provides optical subsystems and components for data communication and telecommunication applications 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 networks comprising switches, routers, and servers used in wireline networks, as well as antennas and base stations used in wireless networks.
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