Jefferies Financial Group began coverage on shares of Lumentum (NASDAQ:LITE - Get Free Report) in a research report issued on Friday. The brokerage set a "buy" rating on the technology company's stock.
Several other equities research analysts have also commented on the stock. Susquehanna boosted their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research report on Friday, November 8th. Stifel Nicolaus increased their price objective on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. Northland Securities raised their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a "market perform" rating in a report on Friday, February 7th. Finally, Raymond James upped their target price on Lumentum from $94.00 to $96.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Lumentum currently has an average rating of "Hold" and an average price target of $88.07.
Get Our Latest Stock Analysis on LITE
NASDAQ:LITE traded up $2.37 during mid-day trading on Friday, hitting $78.71. The stock had a trading volume of 82,653 shares, compared to its average volume of 2,346,691. Lumentum has a twelve month low of $38.28 and a twelve month high of $104.00. The stock has a 50-day simple moving average of $85.61 and a two-hundred day simple moving average of $73.24. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a market capitalization of $5.45 billion, a PE ratio of -10.26 and a beta of 0.94.
Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities research analysts anticipate that Lumentum will post 0.03 EPS for the current year.
In other news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,769 shares of company stock worth $6,446,222 in the last 90 days. Insiders own 0.19% of the company's stock.
Several institutional investors have recently made changes to their positions in LITE. Creative Planning increased its stake in Lumentum by 36.0% during the 3rd quarter. Creative Planning now owns 6,914 shares of the technology company's stock valued at $438,000 after purchasing an additional 1,831 shares in the last quarter. Signaturefd LLC raised its position in Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company's stock worth $83,000 after acquiring an additional 158 shares during the period. International Assets Investment Management LLC increased its position in shares of Lumentum by 6,238.0% during the third quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company's stock worth $1,342,000 after purchasing an additional 20,835 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in Lumentum during the third quarter worth about $237,000. Finally, State of Alaska Department of Revenue grew its position in shares of Lumentum by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 7,848 shares of the technology company's stock valued at $497,000 after purchasing an additional 535 shares in the last quarter. Institutional investors own 94.05% of the company's stock.
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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