Lumentum (NASDAQ:LITE) Rating Increased to Strong-Buy at Raymond James

Raymond James upgraded shares of Lumentum (NASDAQ:LITE) from an outperform rating to a strong-buy rating in a report issued on Monday morning, MarketBeat Ratings reports. The firm currently has $82.00 price objective on the technology company’s stock, down from their previous price objective of $96.00.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley decreased their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Northland Securities lifted their target price on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday, February 7th. Rosenblatt Securities restated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Needham & Company LLC reiterated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Finally, B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $87.40.

Lumentum Stock Down 7.0 %

LITE stock opened at $66.11 on Monday. The business’s 50-day moving average price is $76.43 and its 200-day moving average price is $75.97. The stock has a market cap of $4.57 billion, a P/E ratio of -8.60 and a beta of 1.03. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. Lumentum has a twelve month low of $38.29 and a twelve month high of $104.00.

Lumentum (NASDAQ:LITE) last issued its quarterly 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 forecast 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 that occurred on Tuesday, February 18th. The stock was 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 $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP increased its position in Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares during the period. Jones Financial Companies Lllp grew its holdings in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. CoreCap Advisors LLC grew its holdings in Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after purchasing an additional 380 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after purchasing an additional 270 shares during the period. 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.