Stifel Nicolaus Issues Positive Forecast for Lumentum (NASDAQ:LITE) Stock Price

Lumentum (NASDAQ:LITE) had its price objective upped by Stifel Nicolaus from $95.00 to $105.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other research analysts also recently commented on the company. Susquehanna boosted their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Morgan Stanley cut their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Raymond James increased their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $110.00 target price on shares of Lumentum in a report on Friday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.07.

Lumentum Trading Down 7.3 %

Shares of Lumentum stock opened at $85.90 on Friday. The company has a 50-day simple moving average of $87.68 and a two-hundred day simple moving average of $71.49. Lumentum has a twelve month low of $38.28 and a twelve month high of $104.00. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. Equities research analysts predict that Lumentum will post -0.04 EPS for the current year.

Insider Activity

In related news, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now owns 8,761 shares in the company, valued at $763,696.37. This trade represents a 63.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Truist Financial Corp lifted its stake in shares of Lumentum by 5.8% in the second quarter. Truist Financial Corp now owns 11,054 shares of the technology company’s stock worth $563,000 after acquiring an additional 607 shares during the period. GAMMA Investing LLC lifted its position in shares of Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares during the period. Creative Planning lifted its position in shares of Lumentum by 36.0% in the 3rd quarter. Creative Planning now owns 6,914 shares of the technology company’s stock worth $438,000 after purchasing an additional 1,831 shares during the period. nVerses Capital LLC boosted its stake in shares of Lumentum by 54.8% in the 3rd quarter. nVerses Capital LLC now owns 4,800 shares of the technology company’s stock valued at $304,000 after purchasing an additional 1,700 shares during the last quarter. Finally, First Citizens Bank & Trust Co. acquired a new stake in shares of Lumentum during the third quarter worth $259,000. 94.05% of the stock is owned by institutional investors and hedge funds.

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.