Oclaro, Inc. (NASDAQ:OCLR) had its price target cut by equities research analysts at Piper Jaffray Companies from $15.00 to $12.00 in a research report issued on Wednesday, May 3rd. The firm presently has an “overweight” rating on the semiconductor company’s stock. Piper Jaffray Companies’ target price would suggest a potential upside of 43.88% from the stock’s current price.
A number of other analysts also recently issued reports on OCLR. Needham & Company LLC reiterated a “strong-buy” rating and issued a $14.00 price target on shares of Oclaro in a report on Friday, January 6th. B. Riley reiterated a “buy” rating and issued a $15.50 price target on shares of Oclaro in a report on Thursday, January 19th. Jefferies Group LLC boosted their target price on shares of Oclaro from $11.25 to $13.25 and gave the stock a “buy” rating in a report on Thursday, January 19th. Zacks Investment Research upgraded shares of Oclaro from a “hold” rating to a “strong-buy” rating and set a $11.00 target price on the stock in a report on Saturday, January 21st. Finally, Stifel Nicolaus restated a “buy” rating and issued a $12.00 target price on shares of Oclaro in a report on Monday, January 23rd. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $11.68.
Shares of Oclaro (NASDAQ:OCLR) traded up 1.92% on Wednesday, hitting $8.50. The stock had a trading volume of 2,519,461 shares. Oclaro has a 52 week low of $4.29 and a 52 week high of $11.30. The firm has a 50 day moving average price of $8.74 and a 200-day moving average price of $9.03. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 15.45 and a beta of 1.80.
Oclaro (NASDAQ:OCLR) last announced its quarterly earnings results on Tuesday, May 2nd. The semiconductor company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. The company had revenue of $162.18 million for the quarter, compared to the consensus estimate of $160.06 million. Oclaro had a net margin of 8.83% and a return on equity of 23.12%. During the same period in the previous year, the firm posted $0.03 EPS. Analysts anticipate that Oclaro will post $0.76 EPS for the current year.
In related news, insider Thomas Gordon Beck Mason sold 62,563 shares of the company’s stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $9.24, for a total transaction of $578,082.12. Following the transaction, the insider now directly owns 182,426 shares in the company, valued at approximately $1,685,616.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the insider now owns 61,292 shares in the company, valued at $537,530.84. The disclosure for this sale can be found here. Insiders have sold a total of 181,594 shares of company stock worth $1,647,085 over the last quarter. 2.30% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the stock. State Street Corp increased its position in shares of Oclaro by 15.4% in the fourth quarter. State Street Corp now owns 2,182,508 shares of the semiconductor company’s stock valued at $19,530,000 after buying an additional 291,667 shares during the last quarter. Hudson Bay Capital Management LP bought a new stake in Oclaro during the fourth quarter valued at about $3,133,000. Emerald Advisers Inc. PA bought a new stake in Oclaro during the first quarter valued at about $13,079,000. Russell Investments Group Ltd. bought a new stake in Oclaro during the fourth quarter valued at about $2,156,000. Finally, TIAA CREF Investment Management LLC boosted its stake in Oclaro by 683.7% in the third quarter. TIAA CREF Investment Management LLC now owns 2,431,683 shares of the semiconductor company’s stock valued at $20,791,000 after buying an additional 2,121,413 shares during the period. Institutional investors own 63.47% 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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