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 research report issued to clients and investors on Wednesday. The brokerage presently has a $9.50 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 13.23% from the company’s previous close.
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. “
A number of other equities research analysts have also recently commented on OCLR. Needham & Company LLC raised shares of Oclaro from a “buy” rating to a “strong-buy” rating and increased their target price for the company from $7.00 to $7.50 in a research report on Monday, July 25th. Piper Jaffray Cos. reissued an “overweight” rating and set a $6.75 target price on shares of Oclaro in a research report on Monday, August 1st. B. Riley reissued a “buy” rating and set a $8.00 target price on shares of Oclaro in a research report on Wednesday, August 3rd. Stifel Nicolaus increased their target price on shares of Oclaro from $6.50 to $7.50 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Finally, MKM Partners increased their target price on shares of Oclaro from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $8.86.
Shares of Oclaro (NASDAQ:OCLR) opened at 8.39 on Wednesday. The company has a market cap of $1.24 billion, a P/E ratio of 107.56 and a beta of 1.82. Oclaro has a 12 month low of $2.37 and a 12 month high of $9.34. The stock’s 50 day moving average is $8.48 and its 200-day moving average is $6.09.
Oclaro (NASDAQ:OCLR) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share 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 firm earned $125.20 million during the quarter, compared to analysts’ expectations of $119.41 million. During the same quarter in the prior year, the company earned ($0.06) EPS. The company’s revenue was up 52.3% compared to the same quarter last year. On average, 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 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 sale, the insider now owns 202,584 shares in the company, valued at $1,215,504. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lisa Paul sold 9,363 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $7.69, for a total transaction of $72,001.47. Following the completion of the sale, the executive vice president now owns 218,264 shares in the company, valued at approximately $1,678,450.16. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Kopp Investment Advisors LLC raised its stake in Oclaro by 4.4% in the second quarter. Kopp Investment Advisors LLC now owns 11,097,537 shares of the company’s stock valued at $54,156,000 after buying an additional 467,170 shares in the last quarter. Hood River Capital Management LLC raised its stake in Oclaro by 8.1% in the second quarter. Hood River Capital Management LLC now owns 4,434,828 shares of the company’s stock valued at $21,642,000 after buying an additional 330,850 shares in the last quarter. Vanguard Group Inc. raised its stake in Oclaro by 13.1% in the second quarter. Vanguard Group Inc. now owns 3,839,748 shares of the company’s stock valued at $18,738,000 after buying an additional 443,754 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Oclaro by 1,101.7% in the second quarter. Ameriprise Financial Inc. now owns 3,302,966 shares of the company’s stock valued at $16,119,000 after buying an additional 3,028,107 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Oclaro by 2.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,572,055 shares of the company’s stock valued at $12,552,000 after buying an additional 51,877 shares in the last quarter. Hedge funds and other 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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