Lumentum (NASDAQ:LITE) Price Target Raised to $110.00

Lumentum (NASDAQ:LITE) had its price target raised by Rosenblatt Securities from $69.00 to $110.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group boosted their target price on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. B. Riley upped their price objective on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Susquehanna upped their price objective on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday. Northland Securities upped their price objective on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and a consensus price target of $70.08.

Lumentum Price Performance

Shares of Lumentum stock opened at $83.85 on Friday. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The firm’s 50 day moving average is $63.25 and its 200 day moving average is $54.07. Lumentum has a 1 year low of $38.28 and a 1 year high of $88.00.

Lumentum (NASDAQ:LITE) last posted its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.43%. The firm had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same period in the previous year, the firm posted $0.12 EPS. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. Sell-side analysts expect that Lumentum will post 0.17 earnings per share for the current fiscal year.

Institutional Trading of Lumentum

Several institutional investors have recently made changes to their positions in the company. Signaturefd LLC grew its stake in shares of Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after acquiring an additional 158 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Lumentum by 1.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after acquiring an additional 260 shares in the last quarter. Mcdonald Partners LLC grew its stake in shares of Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after acquiring an additional 318 shares in the last quarter. Arizona State Retirement System grew its position in Lumentum by 2.5% during the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock valued at $961,000 after buying an additional 455 shares during the period. Finally, Texas Permanent School Fund Corp grew its position in Lumentum by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after buying an additional 496 shares during the period. Institutional investors own 94.05% of the company’s stock.

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.