Lumentum Holdings Inc. (NASDAQ:LITE) Receives $82.60 Consensus Price Target from Brokerages

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the sixteen research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $82.60.

A number of equities research analysts recently commented on the stock. Barclays reduced their price objective on shares of Lumentum from $125.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Morgan Stanley cut their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday, January 31st. Raymond James upgraded Lumentum from an "outperform" rating to a "strong-buy" rating and lowered their target price for the company from $96.00 to $82.00 in a report on Monday, March 24th. Finally, B. Riley boosted their price target on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, February 7th.

Lumentum Stock Performance

NASDAQ:LITE traded up $0.60 during mid-day trading on Wednesday, reaching $63.46. 157,436 shares of the stock were exchanged, compared to its average volume of 1,908,125. The stock has a market capitalization of $4.39 billion, a P/E ratio of -8.25 and a beta of 1.18. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a 50 day simple moving average of $60.59 and a 200-day simple moving average of $74.77. 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%. Analysts anticipate that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Transactions at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $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 available through this link. Corporate insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently modified their holdings of the company. UMB Bank n.a. increased its position in 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 acquiring an additional 253 shares during the period. Rakuten Securities Inc. lifted its position in Lumentum by 164.4% in the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after purchasing an additional 296 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after buying an additional 130 shares in the last quarter. Golden State Wealth Management LLC grew its stake in shares of Lumentum by 103.2% in the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock worth $32,000 after purchasing an additional 260 shares during the last quarter. Finally, CoreCap Advisors LLC lifted its stake in Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after purchasing an additional 380 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

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.