Raymond James Financial, Inc. began coverage on shares of Oclaro, Inc. (NASDAQ:OCLR) in a report issued on Thursday morning, MarketBeat reports. The brokerage issued a strong-buy rating and a $12.00 target price on the semiconductor company’s stock.
OCLR has been the topic of several other research reports. DA Davidson assumed coverage on shares of Oclaro in a research note on Thursday, June 22nd. They set a buy rating and a $14.00 price objective on the stock. Cowen and Company reiterated an outperform rating and set a $14.00 price objective (up previously from $13.00) on shares of Oclaro in a research note on Thursday, August 3rd. Zacks Investment Research lowered shares of Oclaro from a hold rating to a sell rating in a research note on Wednesday, August 9th. Needham & Company LLC reiterated a strong-buy rating and set a $14.00 price objective on shares of Oclaro in a research note on Monday, June 12th. Finally, Cantor Fitzgerald reiterated an overweight rating and set a $21.00 price objective (down previously from $35.00) on shares of Oclaro in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, twelve have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $12.95.
Oclaro (NASDAQ OCLR) opened at 9.07 on Thursday. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 11.78 and a beta of 1.61. The company’s 50 day moving average price is $8.69 and its 200-day moving average price is $9.10. Oclaro has a 12-month low of $6.92 and a 12-month high of $11.30.
Oclaro (NASDAQ:OCLR) last released 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 firm had revenue of $149.38 million for the quarter, compared to analyst estimates of $148.04 million. Oclaro had a net margin of 21.28% and a return on equity of 27.63%. Oclaro’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 earnings per share. On average, analysts forecast that Oclaro will post $0.74 EPS for the current year.
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In other Oclaro news, CEO Greg Dougherty sold 40,000 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $9.12, for a total value of $364,800.00. Following the completion of the transaction, the chief executive officer now owns 1,441,386 shares in the company, valued at approximately $13,145,440.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David Teichmann sold 20,132 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $8.37, for a total transaction of $168,504.84. Following the completion of the transaction, the executive vice president now owns 422,126 shares of the company’s stock, valued at approximately $3,533,194.62. The disclosure for this sale can be found here. In the last 90 days, insiders sold 85,183 shares of company stock valued at $747,174. 2.30% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Oclaro by 120.0% in the second quarter. BlackRock Inc. now owns 16,827,106 shares of the semiconductor company’s stock valued at $157,166,000 after acquiring an additional 9,177,551 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Oclaro by 30.5% in the first quarter. Wellington Management Group LLP now owns 9,737,747 shares of the semiconductor company’s stock valued at $95,624,000 after acquiring an additional 2,278,171 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Oclaro by 17.9% in the second 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 in the last quarter. Teachers Advisors LLC boosted its holdings in shares of Oclaro by 574.9% in the first quarter. Teachers Advisors LLC now owns 5,129,019 shares of the semiconductor company’s stock valued at $50,367,000 after acquiring an additional 4,369,074 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of Oclaro by 54.0% in the second 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 in the last quarter. Institutional investors and hedge funds own 70.47% of the company’s stock.
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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