Lumentum (NASDAQ:LITE) has been given a $80.00 target price by investment analysts at Rosenblatt Securities in a research note issued on Tuesday, February 5th. The brokerage presently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 59.97% from the company’s current price.
Several other research firms have also weighed in on LITE. Zacks Investment Research lowered Lumentum from a “buy” rating to a “hold” rating in a research report on Friday, November 16th. ValuEngine downgraded Lumentum from a “hold” rating to a “sell” rating in a research note on Friday, December 7th. BidaskClub upgraded Lumentum from a “hold” rating to a “buy” rating in a research report on Friday, November 23rd. Northland Securities reiterated an “outperform” rating and issued a $60.00 price objective on shares of Lumentum in a research report on Tuesday, November 13th. Finally, UBS Group dropped their target price on Lumentum from $80.00 to $53.00 and set a “buy” rating for the company in a report on Wednesday, November 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $67.95.
Shares of NASDAQ LITE traded up $0.26 during trading on Tuesday, reaching $50.01. The stock had a trading volume of 1,187,254 shares, compared to its average volume of 1,855,799. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 0.94 and a beta of 0.65. The company has a current ratio of 4.17, a quick ratio of 3.24 and a debt-to-equity ratio of 0.53. Lumentum has a one year low of $37.00 and a one year high of $74.40.
Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, February 5th. The technology company reported $1.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.15. The company had revenue of $373.70 million during the quarter, compared to analyst estimates of $365.08 million. Lumentum had a return on equity of 20.24% and a net margin of 7.50%. The firm’s quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.67 EPS. As a group, equities analysts predict that Lumentum will post 3.37 earnings per share for the current year.
In other Lumentum news, Director Martin A. Kaplan sold 3,025 shares of the stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $48.72, for a total transaction of $147,378.00. Following the sale, the director now owns 18,902 shares in the company, valued at $920,905.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jason Reinhardt sold 9,575 shares of the company’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $50.38, for a total transaction of $482,388.50. Following the completion of the transaction, the executive vice president now directly owns 63,877 shares in the company, valued at approximately $3,218,123.26. The disclosure for this sale can be found here. Insiders have sold a total of 15,617 shares of company stock worth $768,579 in the last three months. Insiders own 0.55% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. bought a new position in shares of Lumentum during the fourth quarter valued at about $25,000. Sapphire Star Partners LP purchased a new stake in Lumentum in the fourth quarter worth about $28,000. SevenBridge Financial Group LLC purchased a new position in shares of Lumentum during the fourth quarter valued at approximately $39,000. IFP Advisors Inc lifted its holdings in shares of Lumentum by 121.7% during the fourth quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock valued at $39,000 after purchasing an additional 521 shares during the last quarter. Finally, Intellectus Partners LLC lifted its holdings in shares of Lumentum by 4,000.0% during the fourth quarter. Intellectus Partners LLC now owns 1,025 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,000 shares during the last quarter. 88.21% of the stock is currently owned by institutional investors and hedge funds.
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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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