Lumentum (NASDAQ:LITE) Price Target Raised to $60.00 at Northland Securities

Lumentum (NASDAQ:LITE) had its price objective increased by equities researchers at Northland Securities from $45.00 to $60.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “market perform” rating on the technology company’s stock. Northland Securities’ target price suggests a potential downside of 28.38% from the stock’s previous close.

Several other brokerages have also recently weighed in on LITE. Craig Hallum boosted their target price on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. raised their target price on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Jefferies Financial Group lifted their target price on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC boosted their target price on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Barclays increased their price objective on shares of Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $66.92.

Lumentum Stock Performance

NASDAQ LITE traded up $10.14 during trading hours on Friday, reaching $83.78. The stock had a trading volume of 5,846,105 shares, compared to its average volume of 1,451,922. The stock has a market cap of $5.75 billion, a P/E ratio of -10.40, a price-to-earnings-growth ratio of 5.48 and a beta of 0.88. Lumentum has a 52-week low of $38.28 and a 52-week high of $88.00. The stock has a fifty day moving average of $62.73 and a 200 day moving average of $53.61. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping 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%. Lumentum’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.12 earnings per share. Sell-side analysts predict that Lumentum will post 0.2 earnings per share for the current year.

Institutional Trading of Lumentum

Institutional investors and hedge funds have recently made changes to their positions in the stock. Whalen Wealth Management Inc. lifted its holdings in Lumentum by 15.4% in the 3rd quarter. Whalen Wealth Management Inc. now owns 10,962 shares of the technology company’s stock valued at $695,000 after purchasing an additional 1,462 shares in the last quarter. Quest Partners LLC lifted its position in Lumentum by 776,400.0% during the third quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock worth $492,000 after buying an additional 7,764 shares during the period. Chesapeake Capital Corp IL acquired a new stake in shares of Lumentum in the third quarter worth approximately $335,000. Aigen Investment Management LP grew its stake in shares of Lumentum by 34.0% during the 3rd quarter. Aigen Investment Management LP now owns 10,086 shares of the technology company’s stock valued at $639,000 after buying an additional 2,559 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in shares of Lumentum in the 3rd quarter worth $230,000. 94.05% of the stock is currently owned by hedge funds and other 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.