Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Raymond James Analyst Says

Lumentum (NASDAQ:LITE) had its price objective lifted by Raymond James from $70.00 to $100.00 in a research report report published on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the technology company’s stock.

Several other equities analysts also recently commented on LITE. Barclays boosted their price target on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Bank of America lifted their target price on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. B. Riley upped their price objective on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Susquehanna increased their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday. Finally, Craig Hallum lifted their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $73.15.

Lumentum Stock Up 3.4 %

LITE stock opened at $86.72 on Friday. The firm’s fifty day simple moving average is $63.84 and its 200-day simple moving average is $54.38. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The company has a market capitalization of $5.95 billion, a P/E ratio of -10.47, a price-to-earnings-growth ratio of 8.55 and a beta of 0.88. Lumentum has a 12 month low of $38.28 and a 12 month high of $89.70.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results 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. Lumentum had a negative return on equity of 6.43% and a negative net margin of 40.70%. The business had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same period in the prior year, the business earned $0.12 earnings per share. The business’s revenue was down 16.9% compared to the same quarter last year. As a group, equities research analysts forecast that Lumentum will post 0.17 earnings per share for the current year.

Hedge Funds Weigh In On Lumentum

A number of large investors have recently bought and sold shares of LITE. John G Ullman & Associates Inc. increased its holdings in shares of Lumentum by 1.7% during the 3rd quarter. John G Ullman & Associates Inc. now owns 87,670 shares of the technology company’s stock worth $5,557,000 after buying an additional 1,432 shares during the last quarter. King Luther Capital Management Corp raised its holdings in shares of Lumentum by 6.2% in the 3rd quarter. King Luther Capital Management Corp now owns 82,331 shares of the technology company’s stock worth $5,218,000 after purchasing an additional 4,809 shares during the period. Whalen Wealth Management Inc. lifted its stake in shares of Lumentum by 15.4% in the 3rd quarter. Whalen Wealth Management Inc. now owns 10,962 shares of the technology company’s stock valued at $695,000 after purchasing an additional 1,462 shares in the last quarter. Quest Partners LLC increased its position in Lumentum by 776,400.0% during the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock worth $492,000 after purchasing an additional 7,764 shares in the last quarter. Finally, Chesapeake Capital Corp IL purchased a new position in Lumentum in the third quarter valued at approximately $335,000. Hedge funds and other institutional investors 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.