Rosenblatt Securities Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its price target raised by Rosenblatt Securities from $69.00 to $110.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other research analysts have also issued reports about the stock. Jefferies Financial Group raised their target price on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Northland Securities boosted their price target on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday. Craig Hallum upped their price objective 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 increased their price objective on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Susquehanna boosted their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $70.08.

Lumentum Price Performance

Shares of NASDAQ:LITE traded up $10.21 during mid-day trading on Friday, reaching $83.85. The stock had a trading volume of 7,369,004 shares, compared to its average volume of 1,490,137. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. The company has a market cap of $5.75 billion, a P/E ratio of -10.36, a price-to-earnings-growth ratio of 7.34 and a beta of 0.88. Lumentum has a 1 year low of $38.28 and a 1 year high of $88.00. The business’s 50 day moving average price is $63.25 and its 200 day moving average price is $53.90.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm 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. Lumentum’s quarterly revenue was down 16.9% on a year-over-year basis. Research analysts expect that Lumentum will post 0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumentum

Several large investors have recently added to or reduced their stakes in LITE. Signaturefd LLC increased its position in shares of 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 purchasing an additional 158 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Lumentum by 1.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after acquiring an additional 260 shares during the last quarter. Mcdonald Partners LLC raised its holdings in Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after acquiring an additional 318 shares during the last quarter. Arizona State Retirement System raised its holdings in Lumentum by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock valued at $961,000 after acquiring an additional 455 shares during the last quarter. Finally, Texas Permanent School Fund Corp raised its holdings in Lumentum by 0.9% in 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 during the last quarter. 94.05% of the stock is owned by institutional investors.

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.