Lumentum (NASDAQ:LITE) Given New $70.00 Price Target at Northland Securities

Lumentum (NASDAQ:LITE) had its price objective lifted by Northland Securities from $60.00 to $70.00 in a research note released on Friday morning,Benzinga reports. Northland Securities currently has a market perform rating on the technology company’s stock.

Several other equities analysts also recently weighed in on LITE. Morgan Stanley dropped their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Needham & Company LLC restated a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a report on Thursday, January 9th. Susquehanna increased their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Rosenblatt Securities restated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday. Finally, Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Lumentum presently has an average rating of “Hold” and a consensus price target of $88.07.

Lumentum Price Performance

Shares of LITE stock opened at $85.90 on Friday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm’s 50 day moving average price is $87.68 and its 200-day moving average price is $71.49. Lumentum has a one year low of $38.28 and a one year high of $104.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. On average, research analysts forecast that Lumentum will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares in the company, valued at $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Penny Herscher sold 1,625 shares of Lumentum stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the sale, the director now directly owns 6,852 shares in the company, valued at approximately $555,628.68. The trade was a 19.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock valued at $8,881,428 over the last quarter. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LITE. King Luther Capital Management Corp boosted its position in Lumentum by 21.3% during the fourth quarter. King Luther Capital Management Corp now owns 99,882 shares of the technology company’s stock worth $8,385,000 after acquiring an additional 17,551 shares during the last quarter. Net Worth Advisory Group purchased a new position in shares of Lumentum during the 4th quarter worth about $207,000. Marvin & Palmer Associates Inc. acquired a new stake in shares of Lumentum in the fourth quarter worth approximately $1,930,000. Daiwa Securities Group Inc. purchased a new stake in Lumentum in the fourth quarter valued at approximately $67,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Lumentum during the fourth quarter worth approximately $317,000. Hedge funds and other 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.