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

Lumentum (NASDAQ:LITE) had its price target boosted by Raymond James from $70.00 to $100.00 in a research note released on Friday,Benzinga reports. Raymond James currently has an outperform rating on the technology company’s stock.

A number of other equities analysts also recently weighed in on LITE. Needham & Company LLC boosted their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Morgan Stanley boosted their target price on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Susquehanna raised their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday. B. Riley upped their price objective on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group increased their price objective on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $70.08.

Lumentum Stock Performance

NASDAQ:LITE opened at $83.85 on Friday. Lumentum has a 52 week low of $38.28 and a 52 week high of $88.00. The firm has a 50-day moving average price of $63.25 and a two-hundred day moving average price of $54.07. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 6.43% and a negative net margin of 40.70%. Lumentum’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. Analysts forecast that Lumentum will post 0.17 earnings per share for the current year.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently made changes to their positions in LITE. Capital Performance Advisors LLP bought a new stake in Lumentum during the 3rd quarter worth approximately $33,000. Point72 DIFC Ltd purchased a new position in shares of Lumentum during the 2nd quarter valued at $36,000. GAMMA Investing LLC increased its holdings in shares of Lumentum by 141.6% in the third 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. Signaturefd LLC raised its position in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after buying an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new stake in Lumentum during the first quarter valued at $112,000. 94.05% of the stock is currently owned by institutional investors.

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.