Raymond James Raises Lumentum (NASDAQ:LITE) Price Target to $100.00

Lumentum (NASDAQ:LITE) had its price target increased by analysts at Raymond James from $70.00 to $100.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Raymond James’ price objective indicates a potential upside of 19.26% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Jefferies Financial Group boosted their target price on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Rosenblatt Securities increased their price objective on shares of Lumentum from $65.00 to $69.00 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 stock an “underperform” rating in a research report on Thursday, August 15th. Morgan Stanley raised their target price on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. upped their price objective 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 issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $70.08.

Lumentum Stock Performance

Shares of Lumentum stock traded up $10.21 during midday trading on Friday, hitting $83.85. The company had a trading volume of 7,369,004 shares, compared to its average volume of 1,490,137. Lumentum has a 1-year low of $38.28 and a 1-year high of $88.00. The business’s 50 day simple moving average is $63.25 and its two-hundred day simple moving average is $53.98. The stock has a market cap of $5.75 billion, a PE ratio of -10.13, a P/E/G ratio of 7.34 and a beta of 0.88. 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 (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company’s revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 EPS. As a group, equities analysts predict that Lumentum will post 0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently bought and sold shares of LITE. Vanguard Group Inc. lifted its holdings in shares of Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after acquiring an additional 22,088 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Lumentum by 8.3% during 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 purchasing an additional 130,838 shares in the last quarter. Earnest Partners LLC lifted its stake in Lumentum by 6.0% during the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after purchasing an additional 95,428 shares during the last quarter. Swedbank AB purchased a new position in shares of Lumentum in the 1st quarter worth about $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. increased its position in shares of Lumentum by 17.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

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.