Oclaro Inc. (OCLR) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Oclaro Inc. (NASDAQ:OCLR) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $9.50 price objective on the stock.
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. “
Other analysts also recently issued reports about the stock. B. Riley restated a buy rating and issued a $8.00 target price on shares of Oclaro in a report on Tuesday, August 9th. Needham & Company LLC restated a strong-buy rating and issued a $8.00 target price (up from $7.50) on shares of Oclaro in a report on Wednesday, August 3rd. Stifel Nicolaus boosted their target price on shares of Oclaro from $6.50 to $7.50 and gave the stock a buy rating in a report on Wednesday, August 3rd. Cowen and Company started coverage on shares of Oclaro in a report on Monday, August 8th. They set an outperform rating and a $9.00 price target on the stock. Finally, TheStreet upgraded shares of Oclaro from a hold rating to a buy rating in a report on Wednesday, August 3rd. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $8.86.
Shares of Oclaro (NASDAQ:OCLR) opened at 7.84 on Wednesday. Oclaro has a one year low of $2.40 and a one year high of $9.34. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 100.51 and a beta of 1.82. The firm has a 50-day moving average of $8.55 and a 200 day moving average of $6.17.
Oclaro (NASDAQ:OCLR) last posted its earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. Oclaro had a net margin of 2.10% and a return on equity of 6.24%. The firm had revenue of $125.20 million for the quarter, compared to the consensus estimate of $119.41 million. During the same period in the previous year, the firm posted ($0.06) EPS. The business’s quarterly revenue was up 52.3% on a year-over-year basis. On average, equities research analysts predict that Oclaro will post $0.39 EPS for the current year.
In other news, EVP Lisa Paul sold 9,363 shares of the company’s stock in a transaction that occurred on 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 approximately $1,678,450.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Carter sold 19,506 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $6.00, for a total transaction of $117,036.00. Following the completion of the sale, the insider now directly owns 202,584 shares of the company’s stock, valued at approximately $1,215,504. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the company. Voce Capital Management LLC acquired a new stake in shares of Oclaro during the first quarter valued at $1,114,000. Summit Partners Public Asset Management LLC acquired a new stake in shares of Oclaro during the first quarter valued at $2,160,000. Peconic Partners LLC boosted its stake in shares of Oclaro by 100.0% in the first quarter. Peconic Partners LLC now owns 20,000 shares of the company’s stock valued at $108,000 after buying an additional 10,000 shares during the last quarter. Quentec Asset Management LLC boosted its stake in shares of Oclaro by 19.9% in the first quarter. Quentec Asset Management LLC now owns 945,105 shares of the company’s stock valued at $5,104,000 after buying an additional 157,040 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Oclaro by 245.1% in the first quarter. Barclays PLC now owns 76,634 shares of the company’s stock valued at $384,000 after buying an additional 54,428 shares during the last quarter. 62.60% of the stock is owned by hedge funds and other institutional investors.
Oclaro Company Profile
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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