Lumentum Holdings Inc. (LITE) Stock Rating Reaffirmed by Craig Hallum
Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “buy” rating reiterated by research analysts at Craig Hallum in a research note issued to investors on Wednesday. They currently have a $85.00 price objective on the technology company’s stock, up from their prior price objective of $75.00. Craig Hallum’s price target suggests a potential upside of 34.60% from the company’s previous close.
Several other analysts have also recently commented on the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $75.00 target price on shares of Lumentum Holdings in a research report on Wednesday. Rosenblatt Securities set a $75.00 target price on Lumentum Holdings and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Zacks Investment Research cut Lumentum Holdings from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 target price on shares of Lumentum Holdings in a research report on Thursday, October 12th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $68.00 target price on shares of Lumentum Holdings in a research report on Monday, October 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $66.94.
Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. The business had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. Lumentum Holdings’s revenue was down 7.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 earnings per share.
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In related news, COO Vincent Retort sold 30,706 shares of Lumentum Holdings stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $54.46, for a total transaction of $1,672,248.76. Following the completion of the sale, the chief operating officer now owns 110,770 shares of the company’s stock, valued at $6,032,534.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Alan S. Lowe sold 4,364 shares of Lumentum Holdings stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $54.59, for a total value of $238,230.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,269 shares of company stock valued at $4,602,526. Insiders own 0.76% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LITE. JPMorgan Chase & Co. boosted its position in Lumentum Holdings by 69.2% during the first quarter. JPMorgan Chase & Co. now owns 78,078 shares of the technology company’s stock valued at $4,166,000 after purchasing an additional 31,944 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in Lumentum Holdings by 19.9% during the first quarter. OppenheimerFunds Inc. now owns 17,115 shares of the technology company’s stock valued at $913,000 after buying an additional 2,844 shares in the last quarter. FMR LLC raised its holdings in Lumentum Holdings by 29.0% during the first quarter. FMR LLC now owns 900,069 shares of the technology company’s stock valued at $48,019,000 after buying an additional 202,283 shares in the last quarter. Vanguard Group Inc. raised its holdings in Lumentum Holdings by 10.4% during the first quarter. Vanguard Group Inc. now owns 5,208,003 shares of the technology company’s stock valued at $277,848,000 after buying an additional 491,391 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Lumentum Holdings by 4.6% during the first quarter. Geode Capital Management LLC now owns 451,590 shares of the technology company’s stock valued at $24,092,000 after buying an additional 19,940 shares in the last quarter. 95.74% of the stock is owned by hedge funds and other institutional investors.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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