Lumentum (NASDAQ:LITE) Shares Gap Up on Analyst Upgrade

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price gapped up before the market opened on Friday after Susquehanna raised their price target on the stock from $80.00 to $115.00. The stock had previously closed at $73.64, but opened at $86.50. Susquehanna currently has a positive rating on the stock. Lumentum shares last traded at $85.92, with a volume of 2,155,661 shares.

A number of other analysts also recently weighed in on LITE. Northland Securities raised their price target on shares of Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Friday, August 16th. Rosenblatt Securities upped their target price on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC lifted their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Bank of America upped their price objective on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note 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 report on Friday, October 4th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $63.46.

Hedge Funds Weigh In On Lumentum

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC raised its position in shares of Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after buying an additional 260 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings 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 purchasing an additional 496 shares in the last quarter. Duality Advisers LP acquired a new stake in Lumentum in the first quarter worth approximately $1,307,000. Envestnet Portfolio Solutions Inc. lifted its position in Lumentum by 11.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock worth $429,000 after purchasing an additional 901 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in Lumentum during the 1st quarter valued at $687,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Trading Up 15.4 %

The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. The firm has a 50-day moving average price of $62.73 and a 200-day moving average price of $53.61. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of -10.61, a PEG ratio of 5.48 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last issued its 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 business had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.12 EPS. As a group, sell-side analysts predict that Lumentum Holdings Inc. will post 0.2 EPS for the current year.

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.