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 firm presently has a $9.50 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 17.87% from the company’s current price.
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 equities analysts have also recently issued research reports about the stock. Piper Jaffray Cos. increased their price target on shares of Oclaro to $7.50 in a research report on Wednesday, August 3rd. MKM Partners increased their price objective on shares of Oclaro from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Stifel Nicolaus increased their price objective on shares of Oclaro from $6.50 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. TheStreet upgraded shares of Oclaro from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. Finally, B. Riley reiterated a “buy” rating and set a $8.00 price objective on shares of Oclaro in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $8.86.
Shares of Oclaro (NASDAQ:OCLR) opened at 8.06 on Wednesday. Oclaro has a 52 week low of $2.40 and a 52 week high of $9.34. The stock’s 50 day moving average price is $8.52 and its 200 day moving average price is $6.12. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 103.33 and a beta of 1.82.
Oclaro (NASDAQ:OCLR) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 EPS 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 business had revenue of $125.20 million for the quarter, compared to analysts’ expectations of $119.41 million. During the same quarter last year, the company posted ($0.06) earnings per share. The company’s quarterly revenue was up 52.3% compared to the same quarter last year. Equities research analysts anticipate that Oclaro will post $0.39 EPS for the current fiscal year.
In related news, EVP Lisa Paul sold 9,363 shares of the firm’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 transaction of $72,001.47. Following the transaction, the executive vice president now owns 218,264 shares in the company, valued at $1,678,450.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Adam Carter sold 19,506 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $6.00, for a total transaction of $117,036.00. Following the transaction, the insider now owns 202,584 shares in the company, valued at approximately $1,215,504. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of OCLR. Bayesian Capital Management LP bought a new position in Oclaro during the first quarter worth approximately $107,000. Peconic Partners LLC raised its position in Oclaro by 100.0% in the first quarter. Peconic Partners LLC now owns 20,000 shares of the company’s stock worth $108,000 after buying an additional 10,000 shares in the last quarter. Stifel Financial Corp bought a new position in Oclaro during the second quarter worth approximately $108,000. Compagnie Lombard Odier SCmA bought a new position in Oclaro during the second quarter worth approximately $122,000. Finally, BlackRock Group LTD bought a new position in Oclaro during the second quarter worth approximately $124,000. Institutional investors and hedge funds own 62.49% of the company’s stock.
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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