Lumentum Holdings Inc. (NASDAQ:LITE) Receives $60.00 Average PT from Analysts

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have received an average rating of “Hold” from the thirteen brokerages that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $60.00.

A number of equities research analysts have issued reports on LITE shares. Northland Securities lifted their target price on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a research note on Friday, August 16th. Morgan Stanley lifted their price objective on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Susquehanna upped their target price on Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Craig Hallum lifted their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Raymond James boosted their price target on Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, October 4th.

Institutional Trading of Lumentum

A number of institutional investors and hedge funds have recently modified their holdings of LITE. Point72 DIFC Ltd bought a new position in Lumentum in the 2nd quarter worth $36,000. GAMMA Investing LLC boosted its holdings in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after acquiring an additional 524 shares during the period. Signaturefd LLC grew its position in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after purchasing an additional 554 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Lumentum in the first quarter worth about $112,000. Finally, nVerses Capital LLC lifted its position in shares of Lumentum by 416.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after purchasing an additional 2,500 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Stock Up 3.3 %

NASDAQ:LITE opened at $68.78 on Friday. The business’s fifty day moving average price is $58.14 and its 200 day moving average price is $51.26. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of -13.10, a PEG ratio of 5.78 and a beta of 0.89. 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 has a 1-year low of $35.35 and a 1-year high of $70.09.

Lumentum (NASDAQ:LITE) last issued 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 company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS. On average, sell-side analysts forecast that Lumentum will post 0.2 earnings per share for the current fiscal year.

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.