Oclaro’s (OCLR) “Overweight” Rating Reaffirmed at Piper Jaffray Cos.
Piper Jaffray Cos. reissued their overweight rating on shares of Oclaro Inc. (NASDAQ:OCLR) in a research note published on Friday. The firm currently has a $10.50 price objective on the stock, up from their previous price objective of $9.00.
A number of other equities research analysts also recently weighed in on OCLR. B. Riley reaffirmed a buy rating and issued a $11.00 target price on shares of Oclaro in a report on Thursday. Needham & Company LLC reaffirmed a strong-buy rating and issued a $8.00 target price (up previously from $7.50) on shares of Oclaro in a report on Wednesday, August 3rd. MKM Partners raised their target price on 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 downgraded Oclaro from a buy rating to a hold rating in a report on Wednesday, July 6th. Finally, Stifel Nicolaus raised their target price on Oclaro from $7.50 to $10.00 and gave the company a buy rating in a report on Tuesday, September 6th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $8.78.
Oclaro (NASDAQ:OCLR) traded up 0.945% during midday trading on Friday, reaching $9.075. The company had a trading volume of 442,419 shares. The stock has a 50-day moving average price of $8.41 and a 200 day moving average price of $6.03. The company has a market capitalization of $1.34 billion, a PE ratio of 116.346 and a beta of 1.82. Oclaro has a 12-month low of $2.37 and a 12-month high of $9.34.
Oclaro (NASDAQ:OCLR) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.05. The business had revenue of $125.20 million for the quarter, compared to the consensus estimate of $119.41 million. Oclaro had a return on equity of 6.24% and a net margin of 2.10%. The firm’s quarterly revenue was up 52.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.06) earnings per share. Equities analysts forecast that Oclaro will post $0.39 EPS for the current year.
In other news, insider Adam Carter sold 19,506 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $6.00, for a total value of $117,036.00. Following the completion of the sale, the insider now directly owns 202,584 shares in the company, valued at approximately $1,215,504. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Lisa Paul sold 9,363 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $7.69, for a total value of $72,001.47. Following the completion of the sale, the executive vice president now owns 218,264 shares of the company’s stock, valued at $1,678,450.16. The disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of OCLR. Algert Global LLC purchased a new stake in shares of Oclaro during the first quarter valued at approximately $150,000. Blue Rock Advisors LLC purchased a new stake in shares of Oclaro during the first quarter valued at approximately $350,000. Menta Capital LLC increased its stake in shares of Oclaro by 39.1% in the first quarter. Menta Capital LLC now owns 84,723 shares of the company’s stock valued at $458,000 after buying an additional 23,800 shares in the last quarter. Spark Investment Management LLC increased its stake in shares of Oclaro by 122.0% in the first quarter. Spark Investment Management LLC now owns 1,025,900 shares of the company’s stock valued at $5,539,000 after buying an additional 563,800 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of Oclaro during the first quarter valued at approximately $7,976,000. 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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