Lumentum (NASDAQ:LITE) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Lumentum (NASDAQ:LITE) in a research report released on Friday. The brokerage issued a buy rating on the technology company’s stock.

A number of other brokerages have also recently weighed in on LITE. 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, February 7th. B. Riley upped their price objective on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. UBS Group upped their price objective on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Northland Securities upped their target price on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research report on Friday, February 7th. Finally, Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and upped their target price for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $88.07.

Lumentum Price Performance

Shares of LITE stock opened at $73.35 on Friday. Lumentum has a twelve month low of $38.28 and a twelve month high of $104.00. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of -9.54 and a beta of 0.94. The stock has a fifty day simple moving average of $85.22 and a two-hundred day simple moving average of $73.92. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.

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 the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, analysts predict that Lumentum will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lumentum

Several institutional investors have recently modified their holdings of LITE. Quarry LP lifted its position in Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the last quarter. UMB Bank n.a. lifted its position in Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares during the last quarter. Jones Financial Companies Lllp lifted its position in 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 acquiring an additional 130 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Lumentum in the third quarter valued at $33,000. Finally, CoreCap Advisors LLC lifted its position in Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after acquiring an additional 380 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other 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.