Coherent Inc. (NASDAQ:COHR) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,055,227 shares, an increase of 36.2% from the October 31st total of 774,602 shares. Based on an average daily volume of 297,928 shares, the days-to-cover ratio is presently 3.5 days. Currently, 4.4% of the shares of the company are sold short.
COHR has been the topic of a number of recent analyst reports. Zacks Investment Research raised Coherent from a “hold” rating to a “strong-buy” rating and set a $123.00 price target on the stock in a report on Monday, August 1st. Benchmark Co. reissued a “buy” rating and set a $125.00 price target (up from $112.00) on shares of Coherent in a report on Thursday, November 10th. Needham & Company LLC raised their price target on Coherent from $115.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, November 3rd. Finally, Northcoast Research initiated coverage on Coherent in a report on Tuesday, October 25th. They set a “buy” rating and a $130.00 price target on the stock. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Coherent presently has a consensus rating of “Buy” and a consensus price target of $120.67.
Coherent (NASDAQ:COHR) opened at 131.88 on Tuesday. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 36.84 and a beta of 0.69. Coherent has a 12 month low of $56.72 and a 12 month high of $134.20. The stock’s 50 day moving average price is $115.12 and its 200-day moving average price is $103.93.
Coherent (NASDAQ:COHR) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.13. The firm had revenue of $248.50 million for the quarter, compared to analyst estimates of $241.76 million. Coherent had a net margin of 10.21% and a return on equity of 11.69%. The business’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.25 earnings per share. Equities analysts expect that Coherent will post $7.75 EPS for the current year.
In related news, VP Luis Spinelli sold 4,328 shares of the firm’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $126.02, for a total value of $545,414.56. Following the transaction, the vice president now directly owns 11,221 shares of the company’s stock, valued at approximately $1,414,070.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Bret Dimarco sold 953 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $109.75, for a total value of $104,591.75. Following the completion of the transaction, the vice president now directly owns 11,740 shares in the company, valued at $1,288,465. The disclosure for this sale can be found here. 1.83% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in COHR. Systematic Financial Management LP raised its stake in shares of Coherent by 79.8% in the second quarter. Systematic Financial Management LP now owns 663,537 shares of the company’s stock worth $60,899,000 after buying an additional 294,427 shares during the period. Eagle Asset Management Inc. raised its stake in Coherent by 13.6% in the third quarter. Eagle Asset Management Inc. now owns 1,613,812 shares of the company’s stock valued at $178,390,000 after buying an additional 193,103 shares during the last quarter. Westwood Management Corp IL acquired a new stake in Coherent during the third quarter valued at approximately $21,069,000. Citadel Advisors LLC acquired a new stake in Coherent during the third quarter valued at approximately $15,660,000. Finally, Elk Creek Partners LLC acquired a new stake in Coherent during the second quarter valued at approximately $12,616,000. 93.57% of the stock is currently owned by hedge funds and other institutional investors.
Coherent Company Profile