Coherent (COHR) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Coherent (NASDAQ:COHR) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. Zacks Investment Research currently has $337.00 target price on the scientific and technical instruments company’s stock.

According to Zacks, “Coherent, Inc. is an American company, designs, manufactures and markets laser systems and components, laser measurement and control products, optics, and laser accessories, which are used both in industry and scientific research. Their markets are the microelectronics industry (e.g., flat panel display manufacturing, integrated circuit packaging, and integrated circuit inspection), scientific research, OEM components, and materials processing (e.g., CO2 lasers for cutting metals). “

A number of other equities analysts have also recently issued reports on the company. Barclays raised their target price on Coherent from $285.00 to $315.00 and gave the stock an overweight rating in a report on Wednesday, November 8th. Stifel Nicolaus raised their target price on Coherent from $290.00 to $330.00 and gave the stock a buy rating in a report on Wednesday, November 8th. Benchmark raised their target price on Coherent from $290.00 to $310.00 and gave the stock a buy rating in a report on Wednesday, November 8th. Needham & Company LLC raised their target price on Coherent from $270.00 to $330.00 and gave the stock a buy rating in a report on Wednesday, November 8th. Finally, Summit Redstone reiterated a buy rating and set a $320.00 price objective on shares of Coherent in a report on Saturday, September 23rd. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Coherent presently has an average rating of Buy and a consensus target price of $319.22.

Coherent (NASDAQ COHR) opened at $301.57 on Wednesday. The company has a current ratio of 3.13, a quick ratio of 2.14 and a debt-to-equity ratio of 0.51. Coherent has a 1-year low of $143.74 and a 1-year high of $320.73. The stock has a market capitalization of $7,484.67, a PE ratio of 25.36 and a beta of 0.82.

Coherent (NASDAQ:COHR) last issued its earnings results on Tuesday, November 7th. The scientific and technical instruments company reported $3.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.48 by $0.24. Coherent had a return on equity of 28.53% and a net margin of 12.02%. The firm had revenue of $490.00 million for the quarter, compared to analysts’ expectations of $475.24 million. During the same quarter last year, the business earned $1.65 earnings per share. The company’s revenue was up 97.2% compared to the same quarter last year. sell-side analysts expect that Coherent will post 15.56 EPS for the current year.

In other news, VP Bret Dimarco sold 5,819 shares of Coherent stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $294.75, for a total transaction of $1,715,150.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Stephen A. Skaggs sold 500 shares of Coherent stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $308.97, for a total value of $154,485.00. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $3,398,670. The disclosure for this sale can be found here. Insiders have sold a total of 19,788 shares of company stock worth $5,901,628 in the last quarter. 1.40% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in COHR. Legal & General Group Plc raised its position in Coherent by 21.2% in the 2nd quarter. Legal & General Group Plc now owns 19,264 shares of the scientific and technical instruments company’s stock valued at $4,334,000 after buying an additional 3,364 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Coherent by 10.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,206 shares of the scientific and technical instruments company’s stock valued at $271,000 after buying an additional 117 shares during the last quarter. Swiss National Bank raised its position in Coherent by 0.7% in the 2nd quarter. Swiss National Bank now owns 40,988 shares of the scientific and technical instruments company’s stock valued at $9,222,000 after buying an additional 300 shares during the last quarter. Kennedy Capital Management Inc. raised its position in Coherent by 52.4% in the 2nd quarter. Kennedy Capital Management Inc. now owns 26,693 shares of the scientific and technical instruments company’s stock valued at $6,006,000 after buying an additional 9,182 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in Coherent by 22.4% in the 2nd quarter. Franklin Resources Inc. now owns 86,900 shares of the scientific and technical instruments company’s stock valued at $19,552,000 after buying an additional 15,900 shares during the last quarter. Institutional investors and hedge funds own 96.90% of the company’s stock.

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About Coherent

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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