Gabelli Funds LLC grew its stake in Finisar Co. (NASDAQ:FNSR) by 910.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,437 shares of the technology company’s stock after purchasing an additional 131,037 shares during the quarter. Gabelli Funds LLC’s holdings in Finisar were worth $3,370,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Alaska Department of Revenue grew its position in shares of Finisar by 1.3% in the first quarter. State of Alaska Department of Revenue now owns 39,738 shares of the technology company’s stock valued at $920,000 after purchasing an additional 500 shares during the period. Verity Asset Management Inc. boosted its position in Finisar by 2.0% during the fourth quarter. Verity Asset Management Inc. now owns 35,324 shares of the technology company’s stock worth $763,000 after acquiring an additional 707 shares during the last quarter. Comerica Bank boosted its position in Finisar by 0.7% during the fourth quarter. Comerica Bank now owns 114,307 shares of the technology company’s stock worth $2,464,000 after acquiring an additional 765 shares during the last quarter. CIBC Asset Management Inc boosted its position in Finisar by 6.1% during the fourth quarter. CIBC Asset Management Inc now owns 15,037 shares of the technology company’s stock worth $325,000 after acquiring an additional 862 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its position in Finisar by 3.4% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 27,936 shares of the technology company’s stock worth $603,000 after acquiring an additional 930 shares during the last quarter. Institutional investors and hedge funds own 93.41% of the company’s stock.
FNSR opened at $22.96 on Wednesday. The company has a current ratio of 6.79, a quick ratio of 5.43 and a debt-to-equity ratio of 0.31. Finisar Co. has a twelve month low of $15.81 and a twelve month high of $24.77. The stock has a market cap of $2.67 billion, a P/E ratio of 71.75, a price-to-earnings-growth ratio of 2.08 and a beta of 1.41.
A number of equities analysts recently weighed in on FNSR shares. BidaskClub lowered shares of Finisar from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 24th. Zacks Investment Research lowered shares of Finisar from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $25.29.
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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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