Lumentum (NASDAQ:LITE) Price Target Raised to $76.00

Lumentum (NASDAQ:LITE) had its target price raised by Morgan Stanley from $61.00 to $76.00 in a research note released on Thursday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

A number of other analysts have also weighed in on the company. Jefferies Financial Group raised their target price on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC raised their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Bank of America upped their target price on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, August 15th. Barclays raised their price target on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Finally, Rosenblatt Securities upped their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $74.85.

Lumentum Stock Performance

NASDAQ LITE opened at $81.45 on Thursday. Lumentum has a 1-year low of $38.28 and a 1-year high of $89.70. The company has a 50 day moving average of $66.35 and a 200-day moving average of $55.48. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The business’s revenue was down 16.9% on a year-over-year basis. During the same period last year, the firm posted $0.12 EPS. As a group, analysts expect that Lumentum will post 0.17 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Harold L. Covert sold 15,000 shares of the 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 sale, the director now directly 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 legal filing with the SEC, which is available at this link. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the transaction, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP grew its stake in Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Lumentum in the 3rd quarter valued at approximately $33,000. Point72 DIFC Ltd bought a new stake in Lumentum during the 2nd quarter worth approximately $36,000. Nomura Asset Management Co. Ltd. raised its holdings in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after buying an additional 270 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

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.