Lumentum (NASDAQ:LITE) PT Raised to $80.00

Lumentum (NASDAQ:LITE) had its price target hoisted by research analysts at Susquehanna from $70.00 to $80.00 in a report issued on Monday, Benzinga reports. The firm currently has a “positive” rating on the technology company’s stock. Susquehanna’s price target would indicate a potential upside of 23.92% from the company’s current price.

A number of other equities research analysts also recently weighed in on the stock. Rosenblatt Securities boosted their price objective on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC increased their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Bank of America raised their price target on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Barclays upped their price objective on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. raised their target price on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $60.77.

Lumentum Trading Down 2.5 %

NASDAQ LITE opened at $64.56 on Monday. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of -12.30, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. Lumentum has a 12 month low of $35.35 and a 12 month high of $71.07. The company’s fifty day moving average price is $59.13 and its two-hundred day moving average price is $51.54.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping 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 business had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. During the same period last year, the firm earned $0.12 earnings per share. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. As a group, research analysts predict that Lumentum will post 0.2 earnings per share for the current fiscal year.

Institutional Trading of Lumentum

Institutional investors have recently made changes to their positions in the stock. Swedbank AB bought a new stake in Lumentum during the first quarter worth approximately $71,025,000. Vanguard Group Inc. increased its position in shares of Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after purchasing an additional 442,177 shares during the period. Van Lanschot Kempen Investment Management N.V. raised its stake in shares of Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after buying an additional 174,828 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after buying an additional 130,838 shares during the period. Finally, Hodges Capital Management Inc. bought a new position in Lumentum during the second quarter valued at about $5,642,000. 94.05% of the stock is owned by institutional investors and hedge funds.

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.