Finisar Corporation (FNSR) is Upgraded by Needham to Strong Buy, Raises Price Target to $ 42

Finisar Corporation (FNSR) was Upgraded by Needham to ” Strong Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 42 from a previous price target of $38 . Earlier the firm had a rating of “Buy ” on the company shares. Needham advised their investors in a research report released on Nov 28, 2016.

Many Wall Street Analysts have commented on Finisar Corporation. Company shares were Reiterated by Needham on Oct 31, 2016 to “Buy”, Firm has raised the Price Target to $ 38 from a previous price target of $36 .Finisar Corporation was Upgraded by Goldman to ” Buy” on Oct 11, 2016. Company shares were Reiterated by Needham on Sep 19, 2016 to “Buy”, Firm has raised the Price Target to $ 36 from a previous price target of $32 .

On the company’s financial health, Finisar Corporation reported $0.38 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Sep 8, 2016. Analyst had a consensus of $0.30. The company had revenue of $341.30 million for the quarter, compared to analysts expectations of $333.66 million. The company’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 EPS.

Finisar Corporation closed down -0.14 points or -0.43% at $32.76 with 2,52,516 shares getting traded on Friday. Post opening the session at $32.98, the shares hit an intraday low of $32.51 and an intraday high of $33 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Nov 17, 2016, Todd Swanson (EVP Sales / Marketing / R&D) sold 6,183 shares at $31.00 per share price. According to the SEC, on Nov 16, 2016, Christopher Brown (EVP & Chief Counsel) sold 6,300 shares at $32.00 per share price. On Nov 16, 2016, Mark Colyar (GM & SVP Engineering) sold 4,622 shares at $32.00 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.

Finisar Corporation

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