Needham & Company LLC Reaffirms Buy Rating for Coherent Inc. (COHR)
Needham & Company LLC reissued their buy rating on shares of Coherent Inc. (NASDAQ:COHR) in a research report report published on Monday. Needham & Company LLC currently has a $145.00 target price on the stock, up from their prior target price of $130.00.
Other research analysts also recently issued reports about the company. Benchmark Co. reissued a buy rating and issued a $125.00 price target (up from $112.00) on shares of Coherent in a report on Thursday, November 10th. Stifel Nicolaus boosted their price target on Coherent from $115.00 to $120.00 and gave the company a buy rating in a report on Thursday, July 28th. Northcoast Research started coverage on Coherent in a report on Tuesday, October 25th. They issued a buy rating and a $130.00 price target for the company. Finally, Zacks Investment Research downgraded Coherent from a strong-buy rating to a hold rating in a report on Tuesday, September 27th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $120.67.
Coherent (NASDAQ:COHR) opened at 128.88 on Monday. The company has a 50 day moving average of $110.91 and a 200-day moving average of $101.58. Coherent has a 12-month low of $56.72 and a 12-month high of $128.90. The stock has a market capitalization of $3134.75 billion, a price-to-earnings ratio of 27.13 and a beta of 0.69.
Coherent (NASDAQ:COHR) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.52 by $0.13. Coherent had a return on equity of 11.69% and a net margin of 10.21%. The company earned $248.50 million during the quarter, compared to the consensus estimate of $241.76 million. During the same period in the previous year, the company posted $1.25 earnings per share. Coherent’s revenue for the quarter was up 18.5% on a year-over-year basis. On average, equities research analysts forecast that Coherent will post $7.75 earnings per share for the current year.
In other Coherent news, VP Luis Spinelli sold 4,328 shares of the stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $126.02, for a total value of $545,414.56. Following the sale, the vice president now owns 11,221 shares of the company’s stock, valued at approximately $1,414,070.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John Ambroseo sold 25,979 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $110.00, for a total value of $2,857,690.00. The disclosure for this sale can be found here. Corporate insiders own 1.83% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Daiwa Securities Group Inc. acquired a new position in Coherent during the third quarter worth approximately $155,000. BlackRock Inc. increased its position in shares of Coherent by 165.2% in the first quarter. BlackRock Inc. now owns 1,745 shares of the company’s stock valued at $161,000 after buying an additional 1,087 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Coherent by 69.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,767 shares of the company’s stock valued at $162,000 after buying an additional 725 shares during the period. Advisor Group Inc. increased its position in shares of Coherent by 67.2% in the third quarter. Advisor Group Inc. now owns 1,670 shares of the company’s stock valued at $185,000 after buying an additional 671 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Coherent during the second quarter valued at $225,000. 95.04% of the stock is currently owned by institutional investors.
Coherent, Inc is a supplier of photonics-based solutions in a range of commercial and scientific research applications. The Company designs, manufactures, services and markets lasers, laser tools and related accessories for a diverse group of customers. It operates through two operating segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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