Oclaro Inc. (OCLR) Upgraded at Zacks Investment Research
Oclaro Inc. (NASDAQ:OCLR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $9.50 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 13.23% from the stock’s current price.
According to Zacks, “Oclaro, with headquarters in San Jose, California, is a tier 1 provider of high performance optical components, modules and subsystems to the telecommunications market, and is one of the largest providers to metro and long haul network applications. Oclaro, the result of the combination of Bookham, Inc. and Avanex Corporation, leverages proprietary core technologies and vertically integrated product development to provide its customers with cost-effective and innovative optical devices, modules and subsystems. Its photonic technologies also serve selected potential high growth markets, including industrial, defense, life sciences, semiconductor, and scientific, with diversification providing both significant potential revenue streams and strategic technological advantage. Oclaro is a global company, with leading chip fabrication facilities in the UK, Switzerland and Italy, and manufacturing sites in the US, Thailand and China. “
Several other analysts also recently weighed in on OCLR. Needham & Company LLC upgraded shares of Oclaro from a “buy” rating to a “strong-buy” rating and boosted their price objective for the stock from $7.00 to $7.50 in a research report on Monday, July 25th. Piper Jaffray Cos. restated an “overweight” rating and set a $6.75 price objective on shares of Oclaro in a research report on Monday, August 1st. B. Riley restated a “buy” rating and set a $8.00 price objective on shares of Oclaro in a research report on Wednesday, August 3rd. Stifel Nicolaus boosted their price objective on shares of Oclaro from $6.50 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, MKM Partners boosted their price objective on shares of Oclaro from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. Oclaro has an average rating of “Buy” and an average price target of $8.86.
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Shares of Oclaro (NASDAQ:OCLR) opened at 8.39 on Wednesday. The company’s 50-day moving average is $8.48 and its 200 day moving average is $6.09. Oclaro has a 52-week low of $2.37 and a 52-week high of $9.34. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 107.56 and a beta of 1.82.
Oclaro (NASDAQ:OCLR) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.06 by $0.05. Oclaro had a net margin of 2.10% and a return on equity of 6.24%. The company earned $125.20 million during the quarter, compared to analysts’ expectations of $119.41 million. During the same quarter in the previous year, the business posted ($0.06) EPS. The firm’s revenue was up 52.3% on a year-over-year basis. On average, analysts expect that Oclaro will post $0.39 earnings per share for the current fiscal year.
In other Oclaro news, insider Adam Carter sold 19,506 shares of the business’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $6.00, for a total value of $117,036.00. Following the transaction, the insider now directly owns 202,584 shares of the company’s stock, valued at approximately $1,215,504. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lisa Paul sold 9,363 shares of the business’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $7.69, for a total transaction of $72,001.47. Following the completion of the transaction, the executive vice president now directly owns 218,264 shares in the company, valued at $1,678,450.16. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Voce Capital Management LLC purchased a new position in shares of Oclaro during the first quarter valued at about $1,114,000. Summit Partners Public Asset Management LLC purchased a new position in shares of Oclaro during the first quarter valued at about $2,160,000. Peconic Partners LLC boosted its position in shares of Oclaro by 100.0% in the first quarter. Peconic Partners LLC now owns 20,000 shares of the company’s stock valued at $108,000 after buying an additional 10,000 shares in the last quarter. Quentec Asset Management LLC boosted 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 in the last quarter. Finally, Barclays PLC boosted 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 in the last quarter. 62.49% of the stock is currently owned by institutional investors.
Oclaro Company Profile
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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