Lumentum (NASDAQ:LITE) Price Target Raised to $70.00

Lumentum (NASDAQ:LITE) had its price objective increased by Northland Securities from $60.00 to $70.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has a market perform rating on the technology company’s stock.

Several other equities analysts have also commented on LITE. Susquehanna increased their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Morgan Stanley reduced their price objective 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. Needham & Company LLC reiterated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Thursday, January 9th. Rosenblatt Securities restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Friday. Finally, Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and increased their target price for the company from $80.00 to $125.00 in a report on Friday, January 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.07.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $85.90 on Friday. The firm has a market capitalization of $5.90 billion, a P/E ratio of -11.17 and a beta of 0.94. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock’s 50-day simple moving average is $87.68 and its two-hundred day simple moving average is $71.74. Lumentum has a twelve month low of $38.28 and a twelve month high of $104.00.

Lumentum (NASDAQ:LITE) last announced its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. As a group, equities analysts anticipate that Lumentum will post -0.04 EPS for the current fiscal year.

Insider Transactions at Lumentum

In related news, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the transaction, the director now owns 6,852 shares of the company’s stock, valued at $555,628.68. This trade represents a 19.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,797 shares of company stock valued at $8,881,428. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LITE. Truist Financial Corp increased its position in Lumentum by 5.8% during the 2nd quarter. Truist Financial Corp now owns 11,054 shares of the technology company’s stock valued at $563,000 after buying an additional 607 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares in the last quarter. Creative Planning increased its holdings in shares of Lumentum by 36.0% in the 3rd quarter. Creative Planning now owns 6,914 shares of the technology company’s stock worth $438,000 after purchasing an additional 1,831 shares in the last quarter. nVerses Capital LLC increased its holdings in shares of Lumentum by 54.8% in the 3rd quarter. nVerses Capital LLC now owns 4,800 shares of the technology company’s stock worth $304,000 after purchasing an additional 1,700 shares in the last quarter. Finally, First Citizens Bank & Trust Co. bought a new stake in shares of Lumentum in the 3rd quarter worth $259,000. 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.