Needham & Company LLC Downgrades Oclaro, Inc. (OCLR) to Buy
Needham & Company LLC downgraded shares of Oclaro, Inc. (NASDAQ:OCLR) from a strong-buy rating to a buy rating in a report issued on Thursday, MarketBeat Ratings reports. They currently have $9.00 price objective on the semiconductor company’s stock, down from their prior price objective of $14.00.
A number of other equities research analysts have also recently issued reports on OCLR. ValuEngine cut shares of Oclaro from a strong-buy rating to a buy rating in a report on Saturday, July 8th. Stifel Nicolaus reiterated a buy rating and issued a $12.00 price objective (up from $10.00) on shares of Oclaro in a report on Monday, July 10th. Cantor Fitzgerald reiterated an overweight rating and issued a $21.00 price objective (down from $35.00) on shares of Oclaro in a report on Thursday, July 13th. MKM Partners reiterated a buy rating and issued a $12.00 price objective (up from $10.50) on shares of Oclaro in a report on Wednesday, July 26th. Finally, BidaskClub cut shares of Oclaro from a hold rating to a sell rating in a report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Oclaro presently has a consensus rating of Buy and an average price target of $12.67.
Oclaro (OCLR) opened at $6.19 on Thursday. Oclaro has a fifty-two week low of $5.86 and a fifty-two week high of $11.30. The company has a market cap of $1,044.01, a price-to-earnings ratio of 7.94, a PEG ratio of 0.70 and a beta of 1.41.
Oclaro (NASDAQ:OCLR) last issued its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.02. The firm had revenue of $155.60 million during the quarter, compared to analysts’ expectations of $154.51 million. Oclaro had a net margin of 24.31% and a return on equity of 28.11%. Oclaro’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 earnings per share. sell-side analysts forecast that Oclaro will post 0.65 EPS for the current year.
In other Oclaro news, CEO Greg Dougherty sold 40,000 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $9.12, for a total transaction of $364,800.00. Following the completion of the transaction, the chief executive officer now owns 1,441,386 shares of the company’s stock, valued at approximately $13,145,440.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael H. Fernicola sold 12,869 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $8.62, for a total transaction of $110,930.78. Following the transaction, the insider now directly owns 106,225 shares of the company’s stock, valued at approximately $915,659.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,183 shares of company stock valued at $747,174. Company insiders own 2.00% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Shelton Capital Management acquired a new position in shares of Oclaro during the second quarter valued at about $117,000. Everence Capital Management Inc. acquired a new position in shares of Oclaro during the third quarter valued at about $110,000. LS Investment Advisors LLC acquired a new position in shares of Oclaro during the second quarter valued at about $122,000. Ameritas Investment Partners Inc. raised its position in shares of Oclaro by 53.3% during the second quarter. Ameritas Investment Partners Inc. now owns 14,542 shares of the semiconductor company’s stock valued at $136,000 after buying an additional 5,057 shares during the last quarter. Finally, GLG Partners LP acquired a new position in shares of Oclaro during the second quarter valued at about $140,000. 70.18% of the stock is owned by institutional investors and hedge funds.
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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