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

Lumentum (NASDAQ:LITE) had its price objective hoisted by Raymond James from $94.00 to $96.00 in a report published on Friday morning,Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

A number of other analysts have also recently issued reports on LITE. Susquehanna boosted their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Morgan Stanley cut their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. B. Riley upped their price target on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday. Rosenblatt Securities restated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday. Finally, Stifel Nicolaus upped their price objective on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Lumentum presently has a consensus rating of “Hold” and a consensus price target of $88.07.

Lumentum Stock Down 7.3 %

Shares of NASDAQ:LITE opened at $85.90 on Friday. The company has a market capitalization of $5.90 billion, a P/E ratio of -11.17 and a beta of 0.94. The stock’s fifty day simple moving average is $87.68 and its 200-day simple moving average is $71.74. Lumentum has a 52-week low of $38.28 and a 52-week high of $104.00. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last posted 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%. As a group, equities research analysts forecast that Lumentum will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the sale, the director now directly owns 8,761 shares in the company, valued at $763,696.37. The trade was a 63.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,797 shares of company stock valued at $8,881,428 over the last three months. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LITE. Atreides Management LP increased its position in Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after buying an additional 375,389 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Lumentum in the 3rd quarter valued at $17,981,000. Proficio Capital Partners LLC acquired a new stake in Lumentum in the 4th quarter valued at $13,421,000. Lightrock Netherlands B.V. acquired a new position in Lumentum in the fourth quarter worth $12,668,000. Finally, Pinnacle Associates Ltd. boosted its stake in Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after purchasing an additional 136,659 shares in the last quarter. 94.05% of the stock is owned by institutional investors.

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.