Finisar Corporation (FNSR) was Reiterated by Needham to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 24 from a previous price target of $22 . Needham advised their investors in a research report released on Jun 17, 2016.
On the company’s financial health, Finisar Corporation reported $0.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jun 16, 2016. Analyst had a consensus of $0.25. The company had revenue of $318.80 million for the quarter, compared to analysts expectations of $317.88 million. The company’s revenue was down -.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.25 EPS.
Finisar Corporation opened for trading at $17.03 and hit $17.76 on the upside on Wednesday, eventually ending the session at $17.44, with a gain of 3.26% or 0.55 points. The heightened volatility saw the trading volume jump to 33,10,238 shares. Company has a market cap of $1,875 M.
In a different news, on Mar 30, 2016, Jerry S Rawls (Chairman of the Board & CEO) sold 25,038 shares at $18.00 per share price. According to the SEC, on Mar 30, 2016, Kurt Adzema (EVP & Chief Financial Officer) sold 42,628 shares at $18.24 per share price. On Mar 24, 2016, Joseph A Young (EVP Global Operations) sold 17,697 shares at $18.67 per share price, according to the Form-4 filing with the securities and exchange commission.
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 optical engines and active optical cables that provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in communication networks including the switches routers and servers used in wireline networks as well as the antennas and base stations used in wireless networks. These products rely on the use of semiconductor lasers and photodetectors in conjunction with integrated circuits and optoelectronic packaging to provide a means for transmitting and receiving digital signals over fiber optic cable at speeds ranging from less than one gigabit per second to more than 100 gigabits per second over distances of less than 10 meters to more than 2000 kilometers.