Lumentum Holdings Inc. (NASDAQ:LITE) Receives $84.93 Consensus Price Target from Analysts

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the sixteen research firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, ten have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $84.93.

LITE has been the topic of a number of analyst reports. Stifel Nicolaus lifted their price objective on Lumentum from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Barclays set a $75.00 price target on Lumentum and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Rosenblatt Securities reaffirmed a "buy" rating and set a $105.00 target price on shares of Lumentum in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Lumentum from $87.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, June 12th.

Lumentum Price Performance

Lumentum stock traded up $1.20 during midday trading on Thursday, reaching $89.66. The company had a trading volume of 2,104,938 shares, compared to its average volume of 2,089,189. The company has a market capitalization of $6.22 billion, a P/E ratio of -13.90 and a beta of 1.27. The firm's fifty day simple moving average is $71.15 and its 200-day simple moving average is $74.77. Lumentum has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The business's quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 earnings per share. As a group, equities analysts anticipate that Lumentum will post 0.03 EPS for the current year.

Insider Buying and Selling

In other Lumentum news, CFO Wajid Ali sold 2,222 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the sale, the chief financial officer now owns 47,460 shares in the company, valued at $3,966,706.80. This represents a 4.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Yuen Wupen sold 4,426 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total value of $317,786.80. Following the sale, the insider now owns 92,099 shares in the company, valued at approximately $6,612,708.20. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,520 shares of company stock valued at $3,872,678 in the last ninety days. Company insiders own 0.19% of the company's stock.

Institutional Trading of Lumentum

Large investors have recently made changes to their positions in the company. J.Safra Asset Management Corp increased its holdings in Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after buying an additional 122 shares during the last quarter. Jones Financial Companies Lllp increased its holdings 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 valued at $31,000 after acquiring an additional 130 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after acquiring an additional 164 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Lumentum by 1.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock valued at $881,000 after acquiring an additional 176 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Lumentum by 1.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock valued at $1,274,000 after purchasing an additional 206 shares during the last quarter. 94.05% of the stock is currently owned by hedge funds and other 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.