Zacks Investment Research Downgrades NeoPhotonics Corporation (NPTN) to Sell

NeoPhotonics Corporation (NYSE:NPTN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

According to Zacks, “NeoPhotonics Corporation is engaged in the design and manufacture of photonic integrated circuit, or PIC, based modules and subsystems for bandwidth-intensive, high-speed communications networks. Products offered by the Company includes high-speed products that enable data transmission at 10Gbps, 40Gbps and 100Gbps, agility products such as ROADMs that dynamically allocate bandwidth to adjust for volatile traffic patterns, and access products that provide high-bandwidth connections to more devices and people over fixed and wireless networks. “

Other research analysts also recently issued reports about the stock. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $8.50 target price on shares of NeoPhotonics Corporation in a research report on Friday, August 4th. Northland Securities reaffirmed a “buy” rating and issued a $10.00 target price on shares of NeoPhotonics Corporation in a research report on Friday, June 23rd. Cowen and Company reaffirmed a “buy” rating and issued a $11.00 target price on shares of NeoPhotonics Corporation in a research report on Sunday, October 1st. Craig Hallum reaffirmed a “buy” rating and issued a $8.50 target price on shares of NeoPhotonics Corporation in a research report on Friday, October 6th. Finally, B. Riley reaffirmed a “hold” rating and issued a $5.25 target price on shares of NeoPhotonics Corporation in a research report on Friday, October 6th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. NeoPhotonics Corporation presently has an average rating of “Hold” and a consensus target price of $8.92.

NeoPhotonics Corporation (NYSE:NPTN) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported ($0.15) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.10. The firm had revenue of $73.20 million for the quarter, compared to the consensus estimate of $71.11 million. NeoPhotonics Corporation had a negative net margin of 7.28% and a negative return on equity of 9.43%. The company’s revenue was down 26.1% on a year-over-year basis. During the same period last year, the firm posted $0.15 EPS.

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In other NeoPhotonics Corporation news, Director Michael J. Sophie sold 4,000 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $8.45, for a total transaction of $33,800.00. Following the transaction, the director now directly owns 18,318 shares of the company’s stock, valued at approximately $154,787.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Benjamin Lee Sitler sold 33,400 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $8.44, for a total transaction of $281,896.00. Following the transaction, the senior vice president now directly owns 84,711 shares in the company, valued at $714,960.84. The disclosure for this sale can be found here. Company insiders own 17.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in NPTN. Quentec Asset Management LLC lifted its stake in shares of NeoPhotonics Corporation by 78.9% in the 2nd quarter. Quentec Asset Management LLC now owns 1,934,017 shares of the semiconductor company’s stock worth $14,931,000 after acquiring an additional 853,181 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of NeoPhotonics Corporation by 26.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,590,387 shares of the semiconductor company’s stock worth $27,719,000 after acquiring an additional 760,110 shares during the period. Kennedy Capital Management Inc. acquired a new stake in shares of NeoPhotonics Corporation in the 2nd quarter worth $4,630,000. Marshall Wace North America L.P. lifted its stake in shares of NeoPhotonics Corporation by 1,394.9% in the 2nd quarter. Marshall Wace North America L.P. now owns 613,493 shares of the semiconductor company’s stock worth $4,908,000 after acquiring an additional 572,453 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of NeoPhotonics Corporation by 18.9% in the 1st quarter. Wellington Management Group LLP now owns 2,767,194 shares of the semiconductor company’s stock worth $24,933,000 after acquiring an additional 440,640 shares during the period. Institutional investors own 85.34% of the company’s stock.

About NeoPhotonics Corporation

NeoPhotonics Corporation develops, manufactures and markets optoelectronic products that transmit, receive and switch digital optical signals for communications networks. The Company develops and manufactures Transmitter Products, Receiver Products and Switch Products that are used in ultra-high speed digital optical communications, high speed switching and provisioning, and access connections for wireless and fiber-to-the-home communications networks.

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