Lumentum (NASDAQ:LITE) PT Raised to $80.00

Lumentum (NASDAQ:LITE) had its price objective upped by analysts at Susquehanna from $70.00 to $80.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “positive” rating on the technology company’s stock. Susquehanna’s target price indicates a potential upside of 20.23% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Rosenblatt Securities raised their price objective on Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Raymond James lifted their price target on shares of Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Northland Securities upped their price objective on shares of Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a report on Friday, August 16th. Jefferies Financial Group lifted their target price on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, JPMorgan Chase & Co. boosted their target price on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $60.77.

Lumentum Stock Up 1.5 %

LITE opened at $66.54 on Monday. The company has a market cap of $4.50 billion, a P/E ratio of -12.67, a P/E/G ratio of 5.78 and a beta of 0.89. Lumentum has a 12 month low of $35.35 and a 12 month high of $71.07. The business’s 50-day moving average price is $59.54 and its 200-day moving average price is $51.70. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.12 EPS. On average, equities analysts expect that Lumentum will post 0.2 EPS for the current year.

Institutional Investors Weigh In On Lumentum

Several hedge funds and other institutional investors have recently made changes to their positions in LITE. Swedbank AB bought a new stake in Lumentum during the first quarter valued at approximately $71,025,000. Vanguard Group Inc. grew its position in shares of Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after acquiring an additional 442,177 shares during the period. Van Lanschot Kempen Investment Management N.V. increased its stake in shares of Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares in the last quarter. Finally, Hodges Capital Management Inc. bought a new position in Lumentum in the 2nd quarter worth $5,642,000. 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.