Raymond James Raises Lumentum (NASDAQ:LITE) Price Target to $96.00

Lumentum (NASDAQ:LITE) had its target price upped by equities researchers at Raymond James from $94.00 to $96.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Raymond James’ target price points to a potential upside of 12.65% from the stock’s previous close.

A number of other equities analysts also recently issued reports on LITE. Morgan Stanley cut their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday. Susquehanna lifted their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Finally, B. Riley boosted their price target on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and an average target price of $88.07.

Lumentum Trading Down 8.0 %

Shares of LITE stock traded down $7.45 on Friday, hitting $85.22. The stock had a trading volume of 3,616,112 shares, compared to its average volume of 2,334,500. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The firm has a market capitalization of $5.85 billion, a P/E ratio of -10.37 and a beta of 0.94. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00. The company’s 50 day moving average price is $87.70 and its 200-day moving average price is $71.27.

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

Insider Activity

In other news, Director Julia Suzanne Johnson sold 2,058 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $85.82, for a total value of $176,617.56. Following the completion of the transaction, the director now directly owns 23,287 shares in the company, valued at approximately $1,998,490.34. The trade was a 8.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the company’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 owns 8,761 shares of the company’s stock, valued at approximately $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 101,797 shares of company stock valued at $8,881,428 in the last quarter. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Institutional investors have recently modified their holdings of the company. Atom Investors LP acquired a new position in Lumentum during the third quarter worth $4,127,000. Two Sigma Advisers LP lifted its holdings in shares of Lumentum by 24.7% in the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after acquiring an additional 37,000 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in Lumentum during the 4th quarter valued at $646,000. West Tower Group LLC purchased a new stake in shares of Lumentum in the 3rd quarter worth about $444,000. Finally, Zweig DiMenna Associates LLC bought a new position in Lumentum during the 4th quarter valued at about $7,052,000. 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.