Piper Jaffray Companies Reaffirms “Buy” Rating for Oclaro, Inc. (NASDAQ:OCLR)
Piper Jaffray Companies reiterated their buy rating on shares of Oclaro, Inc. (NASDAQ:OCLR) in a report issued on Thursday morning. Piper Jaffray Companies currently has a $12.00 price objective on the semiconductor company’s stock.
Several other equities research analysts also recently weighed in on OCLR. B. Riley reaffirmed a buy rating and issued a $12.00 price objective on shares of Oclaro in a report on Wednesday, May 3rd. Jefferies Group LLC reduced their price objective on shares of Oclaro from $14.00 to $12.00 and set a buy rating for the company in a report on Wednesday, May 3rd. Stifel Nicolaus reaffirmed a buy rating and issued a $12.00 price objective (up previously from $10.00) on shares of Oclaro in a report on Monday, July 10th. Needham & Company LLC reaffirmed a strong-buy rating and issued a $14.00 price objective on shares of Oclaro in a report on Monday, June 12th. Finally, Northland Securities reaffirmed a buy rating and issued a $12.00 price objective on shares of Oclaro in a report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $12.97.
Shares of Oclaro (NASDAQ OCLR) traded down 7.90% during trading on Thursday, hitting $8.74. 16,521,860 shares of the stock were exchanged. The stock has a 50-day moving average of $9.70 and a 200 day moving average of $9.35. The stock has a market cap of $1.46 billion, a P/E ratio of 11.35 and a beta of 1.55. Oclaro has a 12-month low of $5.75 and a 12-month high of $11.30.
Oclaro (NASDAQ:OCLR) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.03. The business had revenue of $149.38 million during the quarter, compared to the consensus estimate of $148.04 million. Oclaro had a net margin of 21.28% and a return on equity of 27.63%. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.11 earnings per share. Equities analysts predict that Oclaro will post $0.74 earnings per share for the current fiscal year.
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In other Oclaro news, EVP David Teichmann sold 41,612 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $8.88, for a total value of $369,514.56. Following the completion of the sale, the executive vice president now directly owns 333,738 shares of the company’s stock, valued at approximately $2,963,593.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael H. Fernicola sold 5,067 shares of the company’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $8.77, for a total transaction of $44,437.59. Following the completion of the sale, the insider now directly owns 61,292 shares of the company’s stock, valued at $537,530.84. The disclosure for this sale can be found here. Insiders sold a total of 124,031 shares of company stock valued at $1,114,852 over the last three months. 2.30% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Emerald Advisers Inc. PA acquired a new stake in shares of Oclaro during the first quarter worth $13,079,000. Legato Capital Management LLC acquired a new stake in shares of Oclaro during the second quarter worth $417,000. ING Groep NV acquired a new stake in shares of Oclaro during the second quarter worth $13,957,000. Princeton Capital Management Inc. acquired a new stake in shares of Oclaro during the first quarter worth $617,000. Finally, Essex Investment Management Co. LLC increased its stake in shares of Oclaro by 12.0% in the second quarter. Essex Investment Management Co. LLC now owns 350,236 shares of the semiconductor company’s stock worth $3,271,000 after buying an additional 37,460 shares during the last quarter. 71.26% of the stock is owned by institutional investors.
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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