Lumentum (NASDAQ:LITE) Price Target Raised to $75.00

Lumentum (NASDAQ:LITE) had its price objective boosted by B. Riley from $62.00 to $75.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

A number of other research analysts have also issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $110.00 target price on shares of Lumentum in a research note on Friday. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research report on Friday. Susquehanna raised their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. UBS Group raised their target price on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Stifel Nicolaus raised their price target on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” 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. Based on data from MarketBeat.com, Lumentum currently has a consensus rating of “Hold” and an average price target of $88.07.

Lumentum Stock Performance

NASDAQ LITE opened at $85.90 on Friday. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00. The company has a market capitalization of $5.90 billion, a PE ratio of -11.17 and a beta of 0.94. The company has a fifty day moving average of $87.68 and a two-hundred day moving average of $71.74. 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 (EPS) 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%. As a group, analysts expect that Lumentum will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the transaction, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently modified their holdings of the business. Atom Investors LP acquired a new position in shares of Lumentum in the third quarter valued at about $4,127,000. Robeco Institutional Asset Management B.V. acquired a new position in shares of Lumentum in the fourth quarter valued at about $646,000. Two Sigma Advisers LP grew its stake in shares of Lumentum by 24.7% in the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after acquiring an additional 37,000 shares in the last quarter. West Tower Group LLC acquired a new position in shares of Lumentum in the third quarter valued at about $444,000. Finally, Zweig DiMenna Associates LLC acquired a new stake in Lumentum during the fourth quarter worth about $7,052,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.