B. Riley Raises Lumentum (NASDAQ:LITE) Price Target to $73.00

Lumentum (NASDAQ:LITE - Get Free Report) had its price objective raised by B. Riley from $65.00 to $73.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the technology company's stock. B. Riley's target price would indicate a potential downside of 10.39% from the company's current price.

Several other equities research analysts have also issued reports on the company. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target for the company in a research note on Tuesday, March 11th. Stifel Nicolaus lifted their price objective on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Needham & Company LLC decreased their price objective on Lumentum from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Raymond James decreased their price objective on Lumentum from $82.00 to $80.00 and set a "strong-buy" rating on the stock in a report on Wednesday, May 7th. Finally, Northland Securities set a $80.00 price objective on Lumentum in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $82.80.

Lumentum Stock Performance

Shares of Lumentum stock traded down $0.18 during trading hours on Wednesday, reaching $81.46. The company had a trading volume of 1,692,307 shares, compared to its average volume of 2,050,148. The firm has a market cap of $5.65 billion, a PE ratio of -10.59 and a beta of 1.28. Lumentum has a one year low of $38.29 and a one year high of $104.00. The business has a fifty day simple moving average of $65.04 and a 200 day simple moving average of $75.03. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. The company had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The firm's quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the company earned $0.09 earnings per share. On average, analysts anticipate that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 2,222 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total transaction of $185,714.76. Following the sale, the chief financial officer now directly owns 47,460 shares of the company's stock, valued at $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Yuen Wupen sold 4,426 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total transaction of $317,786.80. Following the sale, the insider now directly owns 92,099 shares in the company, valued at $6,612,708.20. This trade represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,520 shares of company stock valued at $2,103,278 over the last ninety days. 0.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. J.Safra Asset Management Corp lifted its position in Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares during the period. Jones Financial Companies Lllp lifted its position in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after purchasing an additional 130 shares during the period. Quadrant Capital Group LLC lifted its position in Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after purchasing an additional 164 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Lumentum by 1.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock valued at $881,000 after purchasing an additional 176 shares during the period. Finally, Manchester Capital Management LLC lifted its position in Lumentum by 22.6% during the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock valued at $86,000 after purchasing an additional 190 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.