Oclaro, Inc. (NASDAQ:OCLR) Receives “Buy” Rating from B. Riley
Oclaro, Inc. (NASDAQ:OCLR)‘s stock had its “buy” rating reissued by B. Riley in a research note issued on Tuesday. They presently have a $11.75 target price on the semiconductor company’s stock. B. Riley’s target price points to a potential upside of 33.98% from the stock’s previous close.
Several other equities analysts have also recently weighed in on the company. MKM Partners reaffirmed a “buy” rating and set a $12.00 target price on shares of Oclaro in a research note on Friday, April 21st. Stifel Nicolaus lowered their target price on Oclaro from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, May 3rd. Piper Jaffray Companies reduced their price target on Oclaro from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, May 3rd. Cowen and Company reduced their price target on Oclaro from $17.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, May 3rd. Finally, Jefferies Group LLC reduced their price target on Oclaro from $14.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Oclaro presently has an average rating of “Buy” and a consensus price target of $12.97.
Shares of Oclaro (NASDAQ:OCLR) traded up 3.5439% during midday trading on Tuesday, reaching $9.0808. 3,386,544 shares of the company were exchanged. The firm’s 50 day moving average is $9.70 and its 200-day moving average is $9.35. Oclaro has a 52-week low of $5.75 and a 52-week high of $11.30. The company has a market capitalization of $1.52 billion, a PE ratio of 11.7932 and a beta of 1.55.
Oclaro (NASDAQ:OCLR) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. The firm had revenue of $149.38 million for the quarter, compared to analysts’ expectations of $148.04 million. Oclaro had a return on equity of 27.63% and a net margin of 21.28%. Oclaro’s revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the business posted $0.11 EPS. On average, equities analysts forecast that Oclaro will post $0.74 earnings per share for the current fiscal year.
In other news, EVP David Teichmann sold 41,612 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $8.88, for a total transaction of $369,514.56. Following the sale, the executive vice president now directly owns 333,738 shares in the company, valued at $2,963,593.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael H. Fernicola sold 5,067 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $8.77, for a total value of $44,437.59. Following the sale, the insider now owns 61,292 shares in the company, valued at $537,530.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 124,031 shares of company stock worth $1,114,852. Company insiders own 2.30% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Emerald Advisers Inc. PA bought a new stake in shares of Oclaro during the first quarter worth $13,079,000. State Street Corp boosted its stake in shares of Oclaro by 15.4% in the fourth quarter. State Street Corp now owns 2,182,508 shares of the semiconductor company’s stock worth $19,530,000 after buying an additional 291,667 shares during the period. Hudson Bay Capital Management LP bought a new stake in shares of Oclaro during the fourth quarter worth $3,133,000. Russell Investments Group Ltd. bought a new stake in shares of Oclaro during the fourth quarter worth $2,156,000. Finally, 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 semiconductor company’s stock worth $20,791,000 after buying an additional 2,121,413 shares during the period. Institutional investors and hedge funds own 72.79% 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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