Lumentum (NASDAQ:LITE) Now Covered by Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Lumentum (NASDAQ:LITE) in a research report issued on Friday. The brokerage set a “buy” rating on the technology company’s stock.

Several other equities research analysts have also commented on the stock. Susquehanna boosted their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Stifel Nicolaus increased their price objective on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. Northland Securities raised their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a report on Friday, February 7th. Finally, Raymond James upped their target price on Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Lumentum currently has an average rating of “Hold” and an average price target of $88.07.

Lumentum Stock Up 3.1 %

NASDAQ:LITE traded up $2.37 during mid-day trading on Friday, hitting $78.71. The stock had a trading volume of 82,653 shares, compared to its average volume of 2,346,691. Lumentum has a twelve month low of $38.28 and a twelve month high of $104.00. The stock has a 50-day simple moving average of $85.61 and a two-hundred day simple moving average of $73.24. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a market capitalization of $5.45 billion, a PE ratio of -10.26 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last posted its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities research analysts anticipate that Lumentum will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,769 shares of company stock worth $6,446,222 in the last 90 days. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Several institutional investors have recently made changes to their positions in LITE. Creative Planning increased its stake in Lumentum by 36.0% during the 3rd quarter. Creative Planning now owns 6,914 shares of the technology company’s stock valued at $438,000 after purchasing an additional 1,831 shares in the last quarter. Signaturefd LLC raised its position in Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after acquiring an additional 158 shares during the period. International Assets Investment Management LLC increased its position in shares of Lumentum by 6,238.0% during the third quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company’s stock worth $1,342,000 after purchasing an additional 20,835 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in Lumentum during the third quarter worth about $237,000. Finally, State of Alaska Department of Revenue grew its position in shares of Lumentum by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 7,848 shares of the technology company’s stock valued at $497,000 after purchasing an additional 535 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.