Rosenblatt Securities Reaffirms Buy Rating for Lumentum (NASDAQ:LITE)

Lumentum (NASDAQ:LITEGet Free Report)‘s stock had its “buy” rating restated by equities researchers at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They currently have a $105.00 price objective on the technology company’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 27.33% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley lifted their target price on Lumentum from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 4th. B. Riley boosted their price objective on Lumentum from $65.00 to $73.00 and gave the company a “neutral” rating in a research note on Wednesday, June 4th. UBS Group dropped their price objective on shares of Lumentum from $96.00 to $78.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. Raymond James lifted their target price on shares of Lumentum from $80.00 to $90.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, June 4th. Finally, Jefferies Financial Group initiated coverage on Lumentum in a report on Friday, February 21st. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Lumentum currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.93.

View Our Latest Analysis on Lumentum

Lumentum Stock Down 3.6%

LITE stock opened at $82.46 on Thursday. Lumentum has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The stock’s 50 day simple moving average is $67.88 and its 200 day simple moving average is $74.97. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The company has a market cap of $5.72 billion, a P/E ratio of -10.72 and a beta of 1.28.

Lumentum (NASDAQ:LITEGet Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The firm had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same period in the prior year, the business posted $0.09 earnings per share. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, research analysts expect that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Alan S. Lowe sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $835,800.00. Following the transaction, the director now directly owns 270,471 shares in the company, valued at $22,605,966.18. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yuen Wupen sold 4,426 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the completion of the sale, the insider now owns 92,099 shares of the company’s stock, valued at $6,612,708.20. The trade was a 4.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,520 shares of company stock valued at $2,103,278 over the last 90 days. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio bought a new stake in Lumentum during the 1st quarter valued at approximately $819,000. Empowered Funds LLC increased its position in Lumentum by 9.1% during the 1st quarter. Empowered Funds LLC now owns 8,139 shares of the technology company’s stock valued at $507,000 after buying an additional 680 shares in the last quarter. United Services Automobile Association bought a new position in Lumentum during the 1st quarter valued at approximately $279,000. Scientech Research LLC raised its position in shares of Lumentum by 37.4% in the 1st quarter. Scientech Research LLC now owns 13,266 shares of the technology company’s stock worth $827,000 after purchasing an additional 3,613 shares during the last quarter. Finally, Petrus Trust Company LTA purchased a new stake in shares of Lumentum during the first quarter valued at approximately $428,000. 94.05% of the stock is currently owned by institutional investors.

About Lumentum

(Get Free Report)

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.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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