Lumentum (NASDAQ:LITE) Price Target Raised to $80.00

Lumentum (NASDAQ:LITE) had its price target upped by Susquehanna from $70.00 to $80.00 in a research report released on Monday, Benzinga reports. They currently have a positive rating on the technology company’s stock.

Other analysts have also issued reports about the stock. Needham & Company LLC boosted their target price on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Raymond James upped their target price on shares of Lumentum from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Jefferies Financial Group lifted their price target on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Morgan Stanley increased their price objective on Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. Finally, Barclays upped their target price on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.77.

Lumentum Price Performance

Lumentum stock opened at $64.64 on Monday. The firm has a market capitalization of $4.37 billion, a PE ratio of -12.31, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. Lumentum has a 12-month low of $35.35 and a 12-month high of $71.07. The firm has a 50-day moving average price of $60.60 and a 200-day moving average price of $52.03. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61.

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, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The business had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. As a group, equities research analysts forecast that Lumentum will post 0.2 EPS for the current year.

Institutional Trading of Lumentum

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue increased its position in Lumentum by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 7,848 shares of the technology company’s stock valued at $497,000 after buying an additional 535 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in shares of Lumentum during the third quarter worth about $237,000. International Assets Investment Management LLC increased its holdings 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 valued at $1,342,000 after acquiring an additional 20,835 shares in the last quarter. Lecap Asset Management Ltd. purchased a new position in shares of Lumentum in the 3rd quarter valued at approximately $1,632,000. Finally, Signaturefd LLC boosted its stake in Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after purchasing an additional 158 shares in the last quarter. Hedge funds and other 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.