Lumentum (NASDAQ:LITE) Price Target Raised to $105.00

Lumentum (NASDAQ:LITE) had its price objective lifted by Stifel Nicolaus from $95.00 to $105.00 in a report published on Friday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Other equities research analysts also recently issued research reports about the company. Rosenblatt Securities reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a report on Friday. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Raymond James raised their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley lowered their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Finally, Northland Securities raised their target price on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Lumentum has a consensus rating of “Hold” and a consensus target price of $88.07.

Lumentum Trading Down 7.3 %

Shares of NASDAQ:LITE opened at $85.90 on Friday. The business’s 50 day simple moving average is $87.68 and its 200 day simple moving average is $71.74. The company has a market capitalization of $5.90 billion, a P/E ratio of -11.17 and a beta of 0.94. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. On average, research analysts anticipate that Lumentum will post -0.04 EPS for the current fiscal year.

Insider Activity at Lumentum

In other Lumentum news, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the transaction, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of Lumentum stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the transaction, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 in the last three months. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Hedge funds and other institutional investors have recently modified their holdings of the business. UMB Bank n.a. boosted its stake in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after buying an additional 253 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after buying an additional 130 shares during the last quarter. Quarry LP boosted its stake in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after buying an additional 201 shares during the last quarter. J.Safra Asset Management Corp boosted its stake in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after buying an additional 122 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Lumentum in the 3rd quarter worth approximately $33,000. 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.