Lumentum’s (LITE) Buy Rating Reiterated at Needham & Company LLC

Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $110.00 target price on the technology company’s stock. Needham & Company LLC’s target price points to a potential upside of 18.70% from the company’s previous close.

Several other research analysts also recently issued reports on LITE. Susquehanna upped their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Northland Securities upped their price target on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Raymond James upped their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $82.54.

Lumentum Stock Up 3.9 %

Shares of NASDAQ:LITE opened at $92.67 on Friday. Lumentum has a 52 week low of $38.28 and a 52 week high of $104.00. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The company’s fifty day moving average is $87.70 and its 200-day moving average is $71.27. The company has a market capitalization of $6.37 billion, a PE ratio of -11.19 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. Equities research analysts predict that Lumentum will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Wajid Ali sold 29,887 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,797 shares of company stock valued at $8,881,428 in the last ninety days. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumentum

Several hedge funds have recently made changes to their positions in LITE. Atreides Management LP grew its stake in shares of Lumentum by 28.5% during the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after acquiring an additional 375,389 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Lumentum in the 3rd quarter valued at approximately $17,981,000. Proficio Capital Partners LLC acquired a new stake in shares of Lumentum in the 4th quarter valued at approximately $13,421,000. Lightrock Netherlands B.V. acquired a new stake in shares of Lumentum in the 4th quarter valued at approximately $12,668,000. Finally, Pinnacle Associates Ltd. lifted its holdings in Lumentum by 50.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after purchasing an additional 136,659 shares during the last quarter. 94.05% of the stock is owned by 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.