Oclaro Inc. (OCLR) Receives Overweight Rating from Piper Jaffray Cos.
Oclaro Inc. (NASDAQ:OCLR)‘s stock had its “overweight” rating reissued by equities research analysts at Piper Jaffray Cos. in a report issued on Friday. They currently have a $10.50 price target on the stock, up from their previous price target of $9.00. Piper Jaffray Cos.’s price objective points to a potential upside of 16.80% from the stock’s previous close.
Other equities analysts also recently issued reports about the company. B. Riley reissued a “buy” rating and set a $8.00 price objective on shares of Oclaro in a research report on Tuesday, August 9th. Needham & Company LLC restated a “strong-buy” rating and set a $8.00 target price (up previously from $7.50) on shares of Oclaro in a research note on Wednesday, August 3rd. Stifel Nicolaus boosted their target price on Oclaro from $6.50 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Vetr cut Oclaro from a “strong-buy” rating to a “buy” rating and set a $10.31 target price for the company. in a research note on Thursday. Finally, Cowen and Company initiated coverage on Oclaro in a research note on Monday, August 8th. They set an “outperform” rating and a $9.00 target price for the company. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Oclaro presently has a consensus rating of “Buy” and a consensus price target of $8.78.
Shares of Oclaro (NASDAQ:OCLR) traded down 2.49% during midday trading on Friday, hitting $8.99. 2,594,731 shares of the stock were exchanged. The firm has a 50 day moving average of $8.36 and a 200-day moving average of $6.00. The company has a market cap of $1.33 billion, a price-to-earnings ratio of 115.26 and a beta of 1.82. Oclaro has a one year low of $2.37 and a one year high of $9.34.
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Oclaro (NASDAQ:OCLR) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.05. Oclaro had a return on equity of 6.24% and a net margin of 2.10%. The business earned $125.20 million during the quarter, compared to the consensus estimate of $119.41 million. During the same period in the previous year, the company posted ($0.06) earnings per share. The business’s revenue for the quarter was up 52.3% on a year-over-year basis. Equities analysts expect that Oclaro will post $0.39 EPS for the current year.
In other news, EVP Lisa Paul sold 9,363 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $7.69, for a total transaction of $72,001.47. Following the completion of the sale, the executive vice president now owns 218,264 shares in the company, valued at $1,678,450.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Carter sold 19,506 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $6.00, for a total value of $117,036.00. Following the sale, the insider now owns 202,584 shares of the company’s stock, valued at approximately $1,215,504. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.
Several large investors have recently added to or reduced their stakes in OCLR. Ameriprise Financial Inc. boosted its stake in Oclaro by 1,101.7% in the second quarter. Ameriprise Financial Inc. now owns 3,302,966 shares of the company’s stock valued at $16,119,000 after buying an additional 3,028,107 shares during the period. Wellington Management Group LLP bought a new stake in Oclaro during the first quarter valued at approximately $7,976,000. Elk Creek Partners LLC bought a new stake in Oclaro during the second quarter valued at approximately $3,414,000. Kennedy Capital Management Inc. bought a new stake in Oclaro during the first quarter valued at approximately $5,279,000. Finally, Bogle Investment Management L P DE bought a new stake in Oclaro during the first quarter valued at approximately $5,068,000. Institutional investors and hedge funds own 62.49% of the company’s stock.
Oclaro, Inc is a provider of optical components, modules and subsystems for the optical transport, service provider, enterprise and data center markets. The Company supplies optical network technology to telecommunication and data communication equipment companies across the world. The Company designs, manufactures and markets optical components, modules and subsystems that generate, detect, combine and separate light signals in optical communications networks.
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