Oclaro, Inc. (NASDAQ:OCLR) released its earnings results on Wednesday. The semiconductor company reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02, Bloomberg Earnings reports. The company had revenue of $155.60 million during the quarter, compared to analysts’ expectations of $154.51 million. Oclaro had a return on equity of 29.43% and a net margin of 24.31%. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 EPS.
A number of research analysts have issued reports on OCLR shares. Piper Jaffray Companies reiterated a “buy” rating and set a $12.00 price objective on shares of Oclaro in a research note on Thursday, August 3rd. B. Riley reissued a “buy” rating and issued a $11.75 target price on shares of Oclaro in a report on Tuesday, August 8th. Raymond James Financial, Inc. began coverage on Oclaro in a report on Thursday, September 14th. They issued a “strong-buy” rating and a $12.00 target price for the company. Stifel Nicolaus reissued a “buy” rating and issued a $12.00 target price (up previously from $10.00) on shares of Oclaro in a report on Monday, July 10th. Finally, ValuEngine lowered Oclaro from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $12.67.
In other news, insider Michael H. Fernicola sold 12,869 shares of Oclaro stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $8.62, for a total transaction of $110,930.78. Following the sale, the insider now owns 106,225 shares of the company’s stock, valued at approximately $915,659.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Greg Dougherty sold 40,000 shares of Oclaro stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 1,441,386 shares in the company, valued at approximately $13,145,440.32. The disclosure for this sale can be found here. Insiders sold a total of 85,183 shares of company stock worth $747,174 over the last three months. Corporate insiders own 2.00% of the company’s stock.
Oclaro Company Profile
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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