Research analysts at Barclays PLC initiated coverage on shares of Coherent, Inc. (NASDAQ:COHR) in a note issued to investors on Monday, August 7th, Marketbeat reports. The brokerage set an “overweight” rating and a $285.00 price target on the scientific and technical instruments company’s stock. Barclays PLC’s target price points to a potential upside of 30.52% from the company’s previous close.
Several other brokerages have also recently issued reports on COHR. BidaskClub upgraded shares of Coherent from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Zacks Investment Research lowered Coherent from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 price target (up previously from $265.00) on shares of Coherent in a research note on Wednesday, August 2nd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $290.00 price target (up previously from $270.00) on shares of Coherent in a research note on Friday, June 30th. Finally, Benchmark Co. reaffirmed a “buy” rating on shares of Coherent in a research note on Wednesday, May 10th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $268.88.
Coherent (NASDAQ:COHR) traded up 1.52% during midday trading on Monday, reaching $218.36. 488,742 shares of the company traded hands. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of 32.88 and a beta of 0.72. Coherent has a one year low of $100.01 and a one year high of $278.39. The stock’s 50 day moving average is $242.38 and its 200 day moving average is $219.85.
Coherent (NASDAQ:COHR) last issued its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.45 by $0.09. Coherent had a return on equity of 24.98% and a net margin of 11.08%. The firm had revenue of $464.10 million during the quarter, compared to the consensus estimate of $466.90 million. During the same quarter in the prior year, the business posted $1.07 EPS. The firm’s revenue for the quarter was up 112.1% on a year-over-year basis. On average, equities analysts anticipate that Coherent will post $12.27 earnings per share for the current year.
In other Coherent news, Director Stephen A. Skaggs sold 500 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $217.58, for a total transaction of $108,790.00. Following the completion of the transaction, the director now owns 11,500 shares of the company’s stock, valued at $2,502,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Ambroseo sold 24,970 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $248.08, for a total value of $6,194,557.60. The disclosure for this sale can be found here. Insiders have sold 30,374 shares of company stock valued at $7,495,118 in the last three months. Insiders own 1.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd purchased a new position in shares of Coherent during the second quarter valued at approximately $420,000. WINTON GROUP Ltd purchased a new position in shares of Coherent during the second quarter valued at approximately $744,000. Public Employees Retirement System of Ohio raised its position in shares of Coherent by 1,266.0% in the second quarter. Public Employees Retirement System of Ohio now owns 11,666 shares of the scientific and technical instruments company’s stock valued at $2,625,000 after buying an additional 10,812 shares in the last quarter. Koch Industries Inc. purchased a new position in shares of Coherent during the second quarter valued at approximately $354,000. Finally, Verition Fund Management LLC purchased a new position in shares of Coherent during the second quarter valued at approximately $825,000. 92.40% of the stock is owned by institutional investors and hedge funds.
Coherent Company Profile
Coherent, Inc is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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