Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Northland Securities Analyst Says

Lumentum (NASDAQ:LITE) had its price objective raised by investment analysts at Northland Securities from $45.00 to $60.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “market perform” rating on the technology company’s stock. Northland Securities’ target price would indicate a potential downside of 28.44% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Jefferies Financial Group lifted their price objective on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Morgan Stanley increased their price objective on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Barclays boosted their target price on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research report on Thursday, August 15th. Needham & Company LLC boosted their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Rosenblatt Securities increased their target price on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $70.08.

Lumentum Stock Up 13.9 %

Shares of NASDAQ LITE opened at $83.85 on Friday. The stock has a fifty day moving average price of $63.25 and a 200 day moving average price of $53.98. The company has a market cap of $5.75 billion, a P/E ratio of -10.13, a P/E/G ratio of 7.34 and a beta of 0.88. Lumentum has a 12-month low of $38.28 and a 12-month high of $88.00. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 earnings per share. Research analysts anticipate that Lumentum will post 0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LITE. Signaturefd LLC raised its stake in shares of Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after purchasing an additional 158 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Lumentum by 1.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after acquiring an additional 260 shares during the period. Mcdonald Partners LLC boosted its holdings in shares of Lumentum by 1.6% in the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after acquiring an additional 318 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Lumentum by 2.5% during the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock valued at $961,000 after acquiring an additional 455 shares during the period. Finally, Texas Permanent School Fund Corp raised its holdings in Lumentum by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after purchasing an additional 496 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.