UBS Group Issues Positive Forecast for Lumentum (NASDAQ:LITE) Stock Price

Lumentum (NASDAQ:LITE) had its price target boosted by UBS Group from $93.00 to $96.00 in a research report released on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the technology company’s stock.

Several other equities analysts have also recently weighed in on the company. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $80.00 to $125.00 in a report on Friday, January 17th. Northland Securities boosted their price target on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday. Morgan Stanley reduced their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Rosenblatt Securities restated a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research report on Friday. Finally, Raymond James increased 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $88.07.

Lumentum Trading Down 7.3 %

Shares of Lumentum stock opened at $85.90 on Friday. The business has a fifty day simple moving average of $87.68 and a two-hundred day simple moving average of $71.49. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. On average, research analysts anticipate that Lumentum will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Lumentum news, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares in the company, valued at approximately $555,628.68. This represents a 19.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the transaction, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at $4,805,209.52. The trade was a 34.60 % decrease in their position. 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 90 days. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

A number of hedge funds have recently made changes to their positions in LITE. Quarry LP increased its position in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the period. UMB Bank n.a. boosted its stake in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after buying an additional 130 shares during the period. Capital Performance Advisors LLP bought a new position in Lumentum during the third quarter worth $33,000. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of Lumentum by 67.5% in the 3rd 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 period. 94.05% of the stock is currently 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.