Lumentum (NASDAQ:LITE - Free Report) had its price target lifted by Morgan Stanley from $70.00 to $76.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the technology company's stock.
LITE has been the topic of a number of other research reports. Rosenblatt Securities upped their price target on Lumentum from $94.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective on the stock in a report on Tuesday, March 11th. UBS Group dropped their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. B. Riley raised their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Finally, Needham & Company LLC dropped their price target on Lumentum from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $82.80.
View Our Latest Stock Report on LITE
Lumentum Price Performance
Shares of LITE stock traded down $0.18 on Wednesday, hitting $81.46. 1,692,307 shares of the company's stock were exchanged, compared to its average volume of 2,050,148. The stock has a market cap of $5.65 billion, a P/E ratio of -10.59 and a beta of 1.28. 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 12 month low of $38.29 and a 12 month high of $104.00. The company has a 50 day moving average of $65.04 and a 200 day moving average of $75.03.
Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating 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 return on equity of 7.25% and a negative net margin of 36.98%. Lumentum's revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 EPS. On average, equities research analysts predict that Lumentum will post 0.03 EPS for the current year.
Insider Transactions at Lumentum
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 transaction of $835,800.00. Following the sale, the director now owns 270,471 shares in the company, valued at approximately $22,605,966.18. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Wajid Ali sold 2,222 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $185,714.76. Following the sale, the chief financial officer now owns 47,460 shares in the company, valued at $3,966,706.80. The trade was a 4.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,520 shares of company stock valued at $2,103,278 over the last three months. Company insiders own 0.19% of the company's stock.
Institutional Trading of Lumentum
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. bought a new stake in shares of Lumentum in the 4th quarter valued at about $646,000. Advisors Preferred LLC purchased a new position in shares of Lumentum in the fourth quarter worth $865,000. Empowered Funds LLC bought a new stake in Lumentum during the 4th quarter valued at $626,000. Lightrock Netherlands B.V. bought a new stake in Lumentum during the 4th quarter valued at $12,668,000. Finally, Louisiana State Employees Retirement System boosted its position in Lumentum by 1.6% during the 4th quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the technology company's stock valued at $1,603,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 94.05% of the company's stock.
Lumentum Company Profile
(
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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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