Lumentum (NASDAQ:LITE) Given New $40.00 Price Target at Barclays

Lumentum (NASDAQ:LITE) had its price target lifted by stock analysts at Barclays from $38.00 to $40.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Barclays‘s target price indicates a potential downside of 22.56% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Susquehanna upped their price target on shares of Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. StockNews.com raised shares of Lumentum to a “sell” rating in a research note on Monday, May 6th. B. Riley raised their price target on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday. Craig Hallum increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday. Finally, Rosenblatt Securities upped their price objective on Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Lumentum has a consensus rating of “Hold” and an average target price of $58.50.

Lumentum Stock Performance

NASDAQ LITE opened at $51.65 on Thursday. The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20 and a quick ratio of 3.87. The company’s fifty day moving average is $50.26 and its two-hundred day moving average is $48.24. Lumentum has a 52-week low of $35.35 and a 52-week high of $60.99. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of -9.84, a P/E/G ratio of 39.11 and a beta of 0.88.

Hedge Funds Weigh In On Lumentum

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bridge City Capital LLC lifted its stake in Lumentum by 0.7% in the first quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock valued at $1,544,000 after acquiring an additional 242 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of 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 purchasing an additional 260 shares during the period. Mcdonald Partners LLC lifted its stake 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 purchasing an additional 318 shares during the last quarter. Arizona State Retirement System grew its holdings in Lumentum by 2.5% during the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after purchasing an additional 455 shares during the period. Finally, Texas Permanent School Fund Corp increased its position in Lumentum by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after buying an additional 496 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

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.