Barclays Cuts Lumentum (NASDAQ:LITE) Price Target to $70.00

Lumentum (NASDAQ:LITE) had its price target cut by Barclays from $125.00 to $70.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other research analysts also recently commented on LITE. BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target for the company in a report on Tuesday, March 11th. JPMorgan Chase & Co. reduced their target price on Lumentum from $105.00 to $73.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. UBS Group boosted their price objective on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, Jefferies Financial Group began coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $82.60.

Lumentum Price Performance

Lumentum stock opened at $58.77 on Tuesday. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum has a one year low of $38.29 and a one year high of $104.00. The firm has a market capitalization of $4.07 billion, a P/E ratio of -7.64 and a beta of 1.14. The business has a fifty day moving average price of $62.32 and a 200-day moving average price of $74.99.

Lumentum (NASDAQ:LITE) last posted 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 net margin of 36.98% and a negative return on equity of 7.25%. As a group, equities research analysts forecast that Lumentum will post 0.03 EPS for the current year.

Insider Activity

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors grew its position in shares of Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after buying an additional 1,871,572 shares during the period. Alliancebernstein L.P. boosted its stake in Lumentum by 1.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company’s stock worth $143,719,000 after acquiring an additional 23,136 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Lumentum by 98.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock valued at $103,122,000 after purchasing an additional 610,938 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Lumentum by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company’s stock valued at $100,402,000 after purchasing an additional 9,442 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Lumentum by 8.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company’s stock valued at $70,374,000 after purchasing an additional 62,937 shares during the last quarter. Hedge funds and other 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.