Lumentum (NASDAQ:LITE) Price Target Raised to $96.00

Lumentum (NASDAQ:LITE) had its price target raised by UBS Group from $93.00 to $96.00 in a report issued on Friday,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

A number of other brokerages also recently commented on LITE. Northland Securities upped their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Friday. Morgan Stanley dropped their target price on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Rosenblatt Securities restated a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research note on Friday. Needham & Company LLC restated a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research note on Friday. Finally, Raymond James upped their target price on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Lumentum currently has an average rating of “Hold” and a consensus price target of $88.07.

Lumentum Stock Performance

Shares of NASDAQ:LITE opened at $85.90 on Friday. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of -11.17 and a beta of 0.94. Lumentum has a 12 month low of $38.28 and a 12 month high of $104.00. The firm’s 50-day moving average is $87.68 and its 200 day moving average is $71.74. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

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

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares of the company’s stock, valued at $13,205,542.80. The trade was a 22.04 % 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 over the last 90 days. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LITE. Quarry LP raised its holdings in shares of Lumentum by 85.5% in the third 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. UMB Bank n.a. grew its position in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after buying an additional 253 shares during the period. Jones Financial Companies Lllp grew its position in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Lumentum in the third quarter valued at about $33,000. Finally, Nomura Asset Management Co. Ltd. grew its position in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

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.