Lumentum (NASDAQ:LITE) Trading 3.8% Higher – What’s Next?

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price shot up 3.8% on Thursday . The company traded as high as $70.06 and last traded at $69.74. 786,252 shares traded hands during trading, a decline of 53% from the average session volume of 1,680,354 shares. The stock had previously closed at $67.17.

Analyst Ratings Changes

A number of research analysts have recently issued reports on LITE shares. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Raymond James boosted their price target on Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Jefferies Financial Group started coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a “buy” rating for the company. Finally, Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Lumentum presently has an average rating of “Moderate Buy” and an average price target of $88.33.

Lumentum Stock Performance

The company has a 50-day moving average of $78.04 and a 200-day moving average of $75.46. The company has a market cap of $4.80 billion, a PE ratio of -9.03 and a beta of 1.03. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

A number of hedge funds have recently made changes to their positions in LITE. Quarry LP grew its position in Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares during the period. UMB Bank n.a. boosted its stake in Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after acquiring an additional 130 shares during the period. CoreCap Advisors LLC raised its holdings in shares of Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock worth $33,000 after purchasing an additional 380 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its stake in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.