Lumentum (NASDAQ:LITE) Price Target Raised to $76.00 at Morgan Stanley

Lumentum (NASDAQ:LITE) had its price target raised by Morgan Stanley from $61.00 to $76.00 in a research report released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

LITE has been the subject of several other reports. Rosenblatt Securities increased their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Raymond James lifted their price objective on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. B. Riley lifted their price target on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Northland Securities boosted their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Finally, Barclays lifted their target price on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $74.85.

Lumentum Price Performance

LITE stock traded down $4.04 during midday trading on Thursday, reaching $81.09. The company had a trading volume of 1,029,729 shares, compared to its average volume of 1,471,608. The stock has a 50 day moving average price of $65.76 and a 200-day moving average price of $55.13. Lumentum has a 1-year low of $38.28 and a 1-year high of $89.70. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 EPS. Equities research analysts anticipate that Lumentum will post 0.17 EPS for the current fiscal year.

Insider Activity

In other news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, the director now owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the transaction, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP boosted its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in Lumentum in the third quarter valued at approximately $33,000. Point72 DIFC Ltd acquired a new stake in Lumentum during the second quarter worth about $36,000. GAMMA Investing LLC grew its stake in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares during the period. Finally, Signaturefd LLC boosted its holdings in Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares during the period. Institutional investors and hedge funds 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.