Lumentum’s (LITE) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Lumentum (NASDAQ:LITE) in a research report report published on Friday morning,Benzinga reports. The firm currently has a $110.00 target price on the technology company’s stock.

A number of other research analysts also recently commented on the company. Raymond James increased their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and increased their price target for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Susquehanna increased their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Northland Securities raised their price objective on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Friday. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $110.00 price target on shares of Lumentum in a report on Friday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.07.

Lumentum Stock Performance

Shares of NASDAQ:LITE opened at $85.90 on Friday. Lumentum has a 12 month low of $38.28 and a 12 month high of $104.00. The business has a 50-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. The firm has a market capitalization of $5.90 billion, a PE ratio of -11.17 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) 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, research analysts forecast that Lumentum will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Vincent Retort sold 41,710 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was 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 in the company, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total value of $131,771.25. Following the transaction, the director now directly owns 6,852 shares in the company, valued at approximately $555,628.68. This represents a 19.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,797 shares of company stock valued at $8,881,428. Insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

Several hedge funds have recently added to or reduced their stakes in LITE. Quarry LP raised its stake in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after buying an additional 201 shares during the period. UMB Bank n.a. lifted its stake in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Lumentum by 54.2% in the 4th 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 last quarter. Capital Performance Advisors LLP acquired a new stake in Lumentum during the third quarter worth approximately $33,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the last quarter. Institutional investors and hedge funds 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.