Coherent, Inc. (NASDAQ:COHR) Receives Average Recommendation of “Buy” from Brokerages
Coherent, Inc. (NASDAQ:COHR) has been given a consensus recommendation of “Buy” by the ten research firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $263.71.
A number of equities research analysts have recently commented on COHR shares. Zacks Investment Research cut Coherent from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 11th. Benchmark Co. reissued a “buy” rating on shares of Coherent in a research note on Wednesday, May 10th. Stifel Nicolaus increased their target price on Coherent from $220.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Needham & Company LLC upped their price target on Coherent from $215.00 to $265.00 and gave the company a “buy” rating in a report on Wednesday, May 10th. Finally, Susquehanna Bancshares Inc reaffirmed a “neutral” rating and set a $240.00 price target (up from $225.00) on shares of Coherent in a report on Wednesday, May 10th.
In other news, VP Bret Dimarco sold 2,903 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $225.00, for a total value of $653,175.00. Following the transaction, the vice president now owns 7,401 shares of the company’s stock, valued at $1,665,225. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen A. Skaggs sold 500 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $249.48, for a total value of $124,740.00. Following the completion of the transaction, the director now directly owns 12,000 shares in the company, valued at approximately $2,993,760. The disclosure for this sale can be found here. Insiders sold 37,777 shares of company stock worth $9,320,878 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. TD Asset Management Inc. bought a new position in Coherent during the first quarter valued at approximately $567,000. Marshall Wace North America L.P. bought a new position in Coherent during the first quarter valued at approximately $1,597,000. Nationwide Fund Advisors increased its position in Coherent by 67.6% in the first quarter. Nationwide Fund Advisors now owns 68,463 shares of the scientific and technical instruments company’s stock valued at $14,079,000 after buying an additional 27,602 shares during the period. Cornerstone Capital Management Holdings LLC. bought a new position in Coherent during the first quarter valued at approximately $1,613,000. Finally, Kornitzer Capital Management Inc. KS increased its position in Coherent by 125.5% in the first quarter. Kornitzer Capital Management Inc. KS now owns 33,765 shares of the scientific and technical instruments company’s stock valued at $6,943,000 after buying an additional 18,790 shares during the period. 93.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Coherent (NASDAQ COHR) traded up 2.77% during trading on Monday, reaching $276.36. The company’s stock had a trading volume of 406,332 shares. Coherent has a one year low of $92.93 and a one year high of $277.90. The stock’s 50 day moving average is $246.26 and its 200 day moving average is $207.08. The firm has a market cap of $6.81 billion, a P/E ratio of 56.00 and a beta of 0.70.
Coherent (NASDAQ:COHR) last released its earnings results on Tuesday, May 9th. The scientific and technical instruments company reported $2.71 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.16. Coherent had a return on equity of 19.66% and a net margin of 9.84%. The firm had revenue of $422.80 million for the quarter, compared to analysts’ expectations of $404.36 million. During the same period in the prior year, the firm posted $1.04 earnings per share. The company’s quarterly revenue was up 111.5% on a year-over-year basis. On average, equities analysts forecast that Coherent will post $12.55 EPS for the current fiscal year.
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Coherent, Inc is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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