Raymond James Boosts Lumentum (NASDAQ:LITE) Price Target to $70.00

Lumentum (NASDAQ:LITE) had its price target hoisted by Raymond James from $55.00 to $70.00 in a research report report published on Friday, Benzinga reports. Raymond James currently has an outperform rating on the technology company’s stock.

A number of other equities research analysts also recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Lumentum from $57.00 to $65.00 and gave the company an overweight rating in a research report on Monday, August 12th. Craig Hallum boosted their price objective on Lumentum from $65.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, August 15th. Susquehanna boosted their price target on Lumentum from $60.00 to $70.00 and gave the stock a positive rating in a research report on Wednesday, July 17th. Bank of America boosted their price objective on shares of Lumentum from $45.00 to $50.00 and gave the stock an underperform rating in a report on Thursday, August 15th. Finally, Northland Securities raised their price target on shares of Lumentum from $40.00 to $45.00 and gave the stock a market perform rating in a research report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $60.00.

Lumentum Stock Performance

NASDAQ LITE opened at $68.80 on Friday. The business has a 50 day moving average price of $54.66 and a 200 day moving average price of $50.21. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The company has a market capitalization of $4.65 billion, a P/E ratio of -13.10, a PEG ratio of 4.83 and a beta of 0.89. Lumentum has a 1-year low of $35.35 and a 1-year high of $68.81.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. Sell-side analysts expect that Lumentum will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bridge City Capital LLC lifted its stake in shares of Lumentum by 0.7% in the 1st quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock worth $1,544,000 after acquiring an additional 242 shares during the period. Janney Montgomery Scott LLC grew its position in Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after purchasing an additional 260 shares in the last quarter. Mcdonald Partners LLC lifted its holdings in shares of Lumentum by 1.6% in the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after purchasing an additional 318 shares in the last quarter. Arizona State Retirement System lifted its stake in Lumentum by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after acquiring an additional 455 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its stake in Lumentum by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after acquiring an additional 496 shares in the last quarter. Institutional investors 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.