Oclaro, Inc. (NASDAQ:OCLR)‘s stock had its “buy” rating reissued by DA Davidson in a research report issued to clients and investors on Thursday, November 2nd. They currently have a $11.00 price objective on the semiconductor company’s stock. DA Davidson’s price objective indicates a potential upside of 60.35% from the company’s previous close.
A number of other equities analysts have also weighed in on the stock. Cowen and Company reiterated an “outperform” rating and issued a $14.00 price target (up from $13.00) on shares of Oclaro in a research report on Thursday, August 3rd. Northland Securities reiterated a “buy” rating and issued a $12.75 price target on shares of Oclaro in a research report on Friday, September 15th. Zacks Investment Research lowered shares of Oclaro from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Cantor Fitzgerald restated an “overweight” rating and set a $21.00 target price (down previously from $35.00) on shares of Oclaro in a research report on Thursday, July 13th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $12.00 price objective on shares of Oclaro in a research report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $12.67.
Shares of Oclaro (NASDAQ OCLR) traded up $0.37 during midday trading on Thursday, hitting $6.86. 10,691,557 shares of the stock traded hands, compared to its average volume of 8,682,927. The company has a market capitalization of $1,160.00, a P/E ratio of 8.44, a PEG ratio of 0.96 and a beta of 1.41. Oclaro has a 52-week low of $5.86 and a 52-week high of $11.30.
Oclaro (NASDAQ:OCLR) last issued its earnings results on Wednesday, November 1st. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.02. Oclaro had a net margin of 24.31% and a return on equity of 28.11%. The firm had revenue of $155.60 million for the quarter, compared to the consensus estimate of $154.51 million. During the same quarter in the prior year, the firm posted $0.14 earnings per share. The business’s revenue was up 14.8% on a year-over-year basis. analysts expect that Oclaro will post 0.51 earnings per share for the current year.
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In other news, CAO Michael H. Fernicola sold 7,016 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $6.21, for a total value of $43,569.36. Following the sale, the chief accounting officer now directly owns 81,378 shares in the company, valued at approximately $505,357.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Greg Dougherty sold 40,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $9.12, for a total transaction of $364,800.00. Following the completion of the sale, the chief executive officer now owns 1,441,386 shares in the company, valued at $13,145,440.32. The disclosure for this sale can be found here. Insiders sold a total of 59,198 shares of company stock worth $511,307 over the last 90 days. Company insiders own 2.00% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in OCLR. BlackRock Inc. boosted its stake in Oclaro by 120.0% in the 2nd quarter. BlackRock Inc. now owns 16,827,106 shares of the semiconductor company’s stock worth $157,166,000 after purchasing an additional 9,177,551 shares in the last quarter. Neumeier Poma Investment Counsel LLC acquired a new stake in Oclaro during the 2nd quarter valued at approximately $14,066,000. ING Groep NV acquired a new stake in Oclaro during the 2nd quarter valued at approximately $13,957,000. State Street Corp lifted its stake in Oclaro by 54.0% during the 2nd quarter. State Street Corp now owns 3,841,177 shares of the semiconductor company’s stock valued at $35,877,000 after acquiring an additional 1,346,216 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Oclaro by 17.9% during the 2nd quarter. Vanguard Group Inc. now owns 8,326,122 shares of the semiconductor company’s stock valued at $77,766,000 after acquiring an additional 1,265,269 shares during the period. Institutional investors own 70.29% of the company’s stock.
Oclaro Company Profile
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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