Lumentum (NASDAQ:LITE) Announces Earnings Results, Misses Expectations By $0.41 EPS

Lumentum (NASDAQ:LITE) posted its earnings results on Thursday. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41), Zacks reports. Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%.

Lumentum Stock Performance

Shares of Lumentum stock opened at $78.13 on Friday. Lumentum has a 52-week low of $38.28 and a 52-week high of $104.00. The company has a fifty day moving average of $86.80 and a 200-day moving average of $72.24. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Insider Activity

In other Lumentum news, Director Penny Herscher sold 1,625 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the sale, the director now owns 6,852 shares of the company’s stock, valued at $555,628.68. This represents a 19.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Wajid Ali sold 29,887 shares of the stock in a transaction on Friday, November 29th. The shares were 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 of the company’s stock, valued at $4,805,209.52. The trade was a 34.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,625 shares of company stock valued at $6,858,010. Corporate insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. B. Riley upped their target price on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Stifel Nicolaus upped their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Finally, 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 research note on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Lumentum has a consensus rating of “Hold” and a consensus price target of $88.07.

About Lumentum

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.