Zacks Investment Research downgraded shares of Coherent, Inc. (NASDAQ:COHR) from a buy rating to a hold rating in a report released on Friday, Marketbeat reports.

According to Zacks, “COHERENT INC. designs, manufactures, and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. Co. integrates these technologies into a wide variety of products and systems designed to meet the productivity and performance needs of customers. Major markets include the scientific research community; medical institutions, clinics and private practices; lasers also support commercial applications, ranging from semiconductors and disk mastering to light shows and entertainment. “

Coherent (NASDAQ:COHR) opened at 77.27 on Friday. The firm has a market cap of $1.85 billion and a P/E ratio of 24.07. Coherent has a 1-year low of $52.15 and a 1-year high of $82.76. The stock has a 50 day moving average price of $63.54 and a 200 day moving average price of $60.12.

Coherent (NASDAQ:COHR) last posted its quarterly earnings results on Thursday, January 28th. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.10. During the same quarter in the previous year, the company posted $0.87 EPS. The firm had revenue of $190.30 million for the quarter, compared to the consensus estimate of $196.32 million. The firm’s revenue was down 5.1% compared to the same quarter last year. On average, analysts anticipate that Coherent will post $4.31 EPS for the current year.

In other news, VP Luis Spinelli sold 5,500 shares of Coherent stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $63.40, for a total transaction of $348,700.00. Following the completion of the sale, the vice president now owns 11,895 shares in the company, valued at approximately $754,143. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Other hedge funds have modified their holdings of the company. California State Teachers Retirement System increased its stake in shares of Coherent by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 44,181 shares of the company’s stock worth $2,877,000 after buying an additional 757 shares during the period. TFS Capital LLC acquired a new stake in shares of Coherent during the fourth quarter worth about $1,809,000. Louisiana State Employees Retirement System acquired a new stake in shares of Coherent during the fourth quarter worth about $697,000. Nationwide Fund Advisors increased its stake in shares of Coherent by 0.9% in the fourth quarter. Nationwide Fund Advisors now owns 18,112 shares of the company’s stock worth $1,179,000 after buying an additional 169 shares during the period. Finally, Russell Frank Co increased its stake in shares of Coherent by 1,226.2% in the fourth quarter. Russell Frank Co now owns 8,567 shares of the company’s stock worth $568,000 after buying an additional 7,921 shares during the period.

Several other research analysts also recently weighed in on COHR. B. Riley reiterated a neutral rating and set a $63.50 price target (up previously from $62.25) on shares of Coherent in a research note on Monday, November 2nd. TheStreet upgraded Coherent from a hold rating to a buy rating in a research note on Wednesday, November 18th. Stifel Nicolaus raised their target price on Coherent from $72.00 to $82.00 and gave the stock a buy rating in a research note on Friday. Finally, Needham & Company LLC restated a buy rating and issued a $85.00 target price (up previously from $68.00) on shares of Coherent in a research note on Friday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $78.40.

Coherent, Inc. is a supplier of photonics-based solutions for a range of commercial and scientific research applications. The Company designs, manufactures, services and markets lasers and related accessories to customers. The Company operates in two segments: Specialty Lasers and Systems (NASDAQ:COHR), and Commercial Lasers and Components (CLC). The SLS segment develops and manufactures configurable products serving the microelectronics, scientific research and government programs and original equipment manufacturer (OEM) components and instrumentation markets. The CLC segment’s primary markets include materials processing, OEM components and instrumentation, and microelectronics.

12 Month Chart for NASDAQ:COHR

Get a free copy of the Zacks research report on Coherent (COHR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Coherent Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coherent Inc. and related companies with MarketBeat.com's FREE daily email newsletter.