Oclaro’s (OCLR) Strong-Buy Rating Reiterated at Needham & Company LLC
Needham & Company LLC reissued their strong-buy rating on shares of Oclaro, Inc. (NASDAQ:OCLR) in a report published on Wednesday morning. Needham & Company LLC currently has a $14.00 target price on the stock.
Several other equities analysts also recently commented on the company. B. Riley reaffirmed a buy rating and issued a $15.50 price objective on shares of Oclaro in a research report on Sunday, January 29th. Zacks Investment Research raised Oclaro from a hold rating to a strong-buy rating and set a $11.00 price objective on the stock in a research report on Saturday, January 21st. Piper Jaffray Companies reaffirmed an overweight rating and issued a $15.00 price objective on shares of Oclaro in a research report on Friday, March 3rd. Jefferies Group LLC upped their price objective on Oclaro from $11.25 to $13.25 and gave the company a buy rating in a research report on Thursday, January 19th. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $12.00 price objective on shares of Oclaro in a research report on Monday, January 23rd. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $11.28.
Oclaro (NASDAQ:OCLR) opened at 9.585 on Wednesday. Oclaro has a one year low of $4.25 and a one year high of $11.30. The company has a market capitalization of $1.60 billion, a P/E ratio of 28.870 and a beta of 1.80. The stock’s 50 day moving average price is $9.51 and its 200 day moving average price is $8.88.
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Oclaro (NASDAQ:OCLR) last released its earnings results on Tuesday, January 31st. The company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The firm had revenue of $153.90 million for the quarter, compared to the consensus estimate of $150.53 million. Oclaro had a return on equity of 23.12% and a net margin of 8.83%. The company’s revenue for the quarter was up 63.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS. Equities analysts anticipate that Oclaro will post $0.76 EPS for the current fiscal year.
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In other Oclaro news, insider Michael H. Fernicola sold 4,563 shares of the company’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $10.02, for a total value of $45,721.26. Following the completion of the sale, the insider now directly owns 68,908 shares in the company, valued at approximately $690,458.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO James Douglas Haynes sold 20,000 shares of the company’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $10.68, for a total value of $213,600.00. Following the completion of the sale, the chief operating officer now owns 309,277 shares of the company’s stock, valued at $3,303,078.36. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of OCLR. TIAA CREF Investment Management LLC boosted its stake in shares of Oclaro by 683.7% in the third quarter. TIAA CREF Investment Management LLC now owns 2,431,683 shares of the company’s stock valued at $20,791,000 after buying an additional 2,121,413 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new stake in shares of Oclaro during the third quarter valued at $8,962,000. Cavalry Management Group LLC boosted its stake in shares of Oclaro by 289.6% in the fourth quarter. Cavalry Management Group LLC now owns 1,259,850 shares of the company’s stock valued at $11,276,000 after buying an additional 936,490 shares in the last quarter. Whale Rock Capital Management LLC boosted its stake in shares of Oclaro by 15.3% in the third quarter. Whale Rock Capital Management LLC now owns 6,685,632 shares of the company’s stock valued at $57,162,000 after buying an additional 887,656 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Oclaro by 43.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,284,301 shares of the company’s stock valued at $20,445,000 after buying an additional 697,014 shares in the last quarter. Institutional investors and hedge funds own 63.47% of the company’s stock.
Oclaro, Inc is a provider of optical components, modules and subsystems for the core optical transport, service provider, enterprise and data center markets. The Company provides various solutions for optical networks and interconnects driving the next wave of streaming video, cloud computing, application virtualization and other bandwidth-intensive and high-speed applications.
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