Piper Jaffray Cos. Reaffirms Overweight Rating for Oclaro Inc. (OCLR)
Oclaro Inc. (NASDAQ:OCLR)‘s stock had its “overweight” rating restated by equities research analysts at Piper Jaffray Cos. in a report released on Friday. They currently have a $10.50 price target on the stock, up from their prior price target of $9.00. Piper Jaffray Cos.’s target price suggests a potential upside of 16.80% from the stock’s current price.
Several other research analysts have also recently issued reports on OCLR. B. Riley reiterated a “buy” rating and issued a $11.00 price objective on shares of Oclaro in a report on Thursday. Needham & Company LLC reiterated a “strong-buy” rating and issued a $8.00 price objective (up from $7.50) on shares of Oclaro in a report on Wednesday, August 3rd. MKM Partners increased their price objective on shares of Oclaro from $8.00 to $10.00 and gave the company a “top pick” rating in a report on Thursday, September 1st. Zacks Investment Research cut shares of Oclaro from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. Finally, Stifel Nicolaus increased their price objective on shares of Oclaro from $7.50 to $10.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $8.78.
Oclaro (NASDAQ:OCLR) traded down 2.49% during mid-day trading on Friday, reaching $8.99. 2,594,731 shares of the company’s stock traded hands. The company has a 50-day moving average of $8.36 and a 200-day moving average of $6.00. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 115.26 and a beta of 1.82. Oclaro has a 52-week low of $2.37 and a 52-week high of $9.34.
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Oclaro (NASDAQ:OCLR) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. The business earned $125.20 million during the quarter, compared to analysts’ expectations of $119.41 million. Oclaro had a net margin of 2.10% and a return on equity of 6.24%. The business’s revenue was up 52.3% on a year-over-year basis. During the same period last year, the firm posted ($0.06) earnings per share. Equities research analysts expect that Oclaro will post $0.39 EPS for the current year.
In other Oclaro news, EVP Lisa Paul sold 9,363 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $7.69, for a total value of $72,001.47. Following the transaction, the executive vice president now owns 218,264 shares in the company, valued at approximately $1,678,450.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Adam Carter sold 19,506 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $6.00, for a total transaction of $117,036.00. Following the completion of the transaction, the insider now owns 202,584 shares in the company, valued at approximately $1,215,504. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OCLR. Quentec Asset Management LLC raised its position in shares of Oclaro by 19.9% in the first quarter. Quentec Asset Management LLC now owns 945,105 shares of the company’s stock valued at $5,104,000 after buying an additional 157,040 shares during the period. Barclays PLC raised its position in shares of Oclaro by 245.1% in the first quarter. Barclays PLC now owns 76,634 shares of the company’s stock valued at $384,000 after buying an additional 54,428 shares during the period. A.R.T. Advisors LLC acquired a new position in shares of Oclaro during the first quarter valued at approximately $612,000. Jacobs Levy Equity Management Inc. raised its position in shares of Oclaro by 136.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 666,387 shares of the company’s stock valued at $3,598,000 after buying an additional 384,062 shares during the period. Finally, Harvest Capital Strategies LLC acquired a new position in shares of Oclaro during the first quarter valued at approximately $540,000. Hedge funds and other institutional investors 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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