Barclays Lowers Lumentum (NASDAQ:LITE) Price Target to $70.00

Lumentum (NASDAQ:LITE - Free Report) had its target price decreased by Barclays from $125.00 to $70.00 in a research report sent to investors on Tuesday,Benzinga reports. Barclays currently has an overweight rating on the technology company's stock.

A number of other research firms also recently issued reports on LITE. Needham & Company LLC reissued a "buy" rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective for the company in a research report on Tuesday, March 11th. Rosenblatt Securities restated a "buy" rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Finally, Jefferies Financial Group initiated coverage on Lumentum in a research report on Friday, February 21st. They issued a "buy" rating on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Lumentum currently has an average rating of "Moderate Buy" and a consensus target price of $82.60.

Lumentum Trading Up 2.1 %

Shares of NASDAQ:LITE traded up $1.23 during midday trading on Tuesday, reaching $60.00. The company's stock had a trading volume of 1,466,852 shares, compared to its average volume of 1,900,380. The business has a 50 day moving average price of $61.91 and a 200 day moving average price of $74.99. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of -7.80 and a beta of 1.14. 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 - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Research analysts forecast that Lumentum will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.19% of the company's stock.

Institutional Trading of Lumentum

Several institutional investors have recently added to or reduced their stakes in the business. Capital World Investors boosted its holdings in shares of Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after buying an additional 1,871,572 shares during the period. Alliancebernstein L.P. lifted its holdings in Lumentum by 1.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company's stock worth $143,719,000 after acquiring an additional 23,136 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in Lumentum by 98.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock valued at $103,122,000 after acquiring an additional 610,938 shares during the period. Geode Capital Management LLC grew its holdings in shares of Lumentum by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company's stock valued at $100,402,000 after purchasing an additional 9,442 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its position in shares of Lumentum by 8.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company's stock worth $70,374,000 after purchasing an additional 62,937 shares during the period. Institutional investors own 94.05% of the company's stock.

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.