Lumentum (NASDAQ:LITE) Price Target Raised to $100.00

Lumentum (NASDAQ:LITEGet Free Report) had its price target upped by research analysts at Stifel Nicolaus from $85.00 to $100.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 22.76% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. B. Riley upped their target price on Lumentum from $65.00 to $73.00 and gave the company a “neutral” rating in a research note on Wednesday. Needham & Company LLC cut their price target on Lumentum from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Rosenblatt Securities increased their price objective on Lumentum from $94.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group dropped their price objective on Lumentum from $96.00 to $78.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. Finally, Morgan Stanley upped their target price on shares of Lumentum from $70.00 to $76.00 and gave the company an “equal weight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $82.80.

Read Our Latest Research Report on Lumentum

Lumentum Trading Down 0.2%

NASDAQ:LITE opened at $81.46 on Thursday. The company has a market capitalization of $5.65 billion, a PE ratio of -10.59 and a beta of 1.18. Lumentum has a 52-week low of $38.29 and a 52-week high of $104.00. The stock has a fifty day simple moving average of $65.04 and a 200-day simple moving average of $75.08. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

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

Insider Activity

In other news, Director Alan S. Lowe sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $835,800.00. Following the transaction, the director now owns 270,471 shares of the company’s stock, valued at approximately $22,605,966.18. This trade represents a 3.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jae Kim sold 4,577 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the sale, the senior vice president now directly owns 31,534 shares of the company’s stock, valued at approximately $2,459,021.32. This trade represents a 12.67% decrease in their ownership of the stock. 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 in the last 90 days. 0.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LITE. Crestline Management LP purchased a new position in Lumentum in the 4th quarter worth approximately $4,435,000. SBI Securities Co. Ltd. acquired a new position in shares of Lumentum during the fourth quarter worth $739,000. M&T Bank Corp lifted its position in shares of Lumentum by 54.2% during the fourth quarter. M&T Bank Corp now owns 18,104 shares of the technology company’s stock worth $1,520,000 after purchasing an additional 6,361 shares in the last quarter. Aigen Investment Management LP grew its holdings in Lumentum by 72.9% during the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock valued at $1,464,000 after purchasing an additional 7,354 shares in the last quarter. Finally, Versor Investments LP purchased a new stake in Lumentum during the 4th quarter worth $336,000. 94.05% of the stock is owned by hedge funds and other 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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