Today: The Piper Jaffray Cos. Reiterates Overweight Rating for Oclaro Inc. (OCLR)

The Piper Jaffray Cos. Reiterates Overweight Rating for Oclaro Inc. (OCLR)

Piper Jaffray Cos. reaffirmed their overweight rating on shares of Oclaro Inc. (NASDAQ:OCLR) in a research note released on Friday. The firm currently has a $10.50 price objective on the stock, up from their previous price objective of $9.00.

OCLR has been the subject of several other research reports. Zacks Investment Research upgraded Oclaro from a hold rating to a strong-buy rating and set a $8.50 price target for the company in a report on Wednesday, August 17th. B. Riley reiterated a buy rating and set a $11.00 price target on shares of Oclaro in a report on Thursday, October 6th. Jefferies Group began coverage on Oclaro in a report on Monday, October 3rd. They set a buy rating and a $11.25 price target for the company. Needham & Company LLC reiterated a strong-buy rating and set a $8.00 price target (up previously from $7.50) on shares of Oclaro in a report on Wednesday, August 3rd. Finally, MKM Partners boosted their price objective on Oclaro from $7.00 to $8.00 and gave the stock a buy rating in a research report on Wednesday, August 3rd. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $8.86.

Oclaro (NASDAQ:OCLR) opened at 8.36 on Friday. The firm has a market cap of $1.24 billion, a P/E ratio of 107.18 and a beta of 1.82. The company’s 50-day moving average is $8.50 and its 200 day moving average is $6.10. Oclaro has a 12 month low of $2.37 and a 12 month high of $9.34.

Oclaro (NASDAQ:OCLR) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.05. Oclaro had a return on equity of 6.24% and a net margin of 2.10%. The business earned $125.20 million during the quarter, compared to the consensus estimate of $119.41 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. Oclaro’s revenue was up 52.3% compared to the same quarter last year. Equities research analysts expect that Oclaro will post $0.39 EPS for the current fiscal year.

In other news, insider Adam Carter sold 19,506 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was 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 of the company’s stock, valued at approximately $1,215,504. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa Paul sold 9,363 shares of the company’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $7.69, for a total value of $72,001.47. Following the transaction, the executive vice president now directly owns 218,264 shares in the company, valued at approximately $1,678,450.16. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of OCLR. Kopp Investment Advisors LLC boosted its position in shares of Oclaro by 4.4% in the second quarter. Kopp Investment Advisors LLC now owns 11,097,537 shares of the company’s stock worth $54,156,000 after buying an additional 467,170 shares in the last quarter. Hood River Capital Management LLC boosted its stake in shares of Oclaro by 8.1% in the second quarter. Hood River Capital Management LLC now owns 4,434,828 shares of the company’s stock worth $21,642,000 after buying an additional 330,850 shares during the period. Vanguard Group Inc. boosted its stake in shares of Oclaro by 13.1% in the second quarter. Vanguard Group Inc. now owns 3,839,748 shares of the company’s stock worth $18,738,000 after buying an additional 443,754 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Oclaro by 1,101.7% in the second quarter. Ameriprise Financial Inc. now owns 3,302,966 shares of the company’s stock worth $16,119,000 after buying an additional 3,028,107 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Oclaro by 2.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,572,055 shares of the company’s stock worth $12,552,000 after buying an additional 51,877 shares during the period. 62.49% of the stock is currently owned by hedge funds and other institutional investors.

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