Needham & Company LLC Has Lowered Expectations for Lumentum (NASDAQ:LITE) Stock Price

Lumentum (NASDAQ:LITE - Free Report) had its price objective cut by Needham & Company LLC from $110.00 to $100.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the technology company's stock.

A number of other research analysts have also recently commented on the company. Raymond James raised Lumentum from an "outperform" rating to a "strong-buy" rating and lowered their price target for the stock from $96.00 to $82.00 in a report on Monday, March 24th. BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price on the stock in a report on Tuesday, March 11th. Northland Securities raised shares of Lumentum from a "market perform" rating to an "outperform" rating in a research note on Monday, April 7th. Jefferies Financial Group started coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a "buy" rating on the stock. Finally, JPMorgan Chase & Co. reduced their target price on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. One investment analyst has 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 stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $82.20.

Lumentum Stock Performance

NASDAQ LITE traded down $0.79 on Wednesday, reaching $64.87. 2,324,278 shares of the stock were exchanged, compared to its average volume of 1,934,147. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum has a one year low of $38.29 and a one year high of $104.00. The firm has a market capitalization of $4.49 billion, a PE ratio of -8.44 and a beta of 1.18. The company's 50-day simple moving average is $60.21 and its two-hundred day simple moving average is $74.61.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Capital World Investors grew its stake in Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock worth $302,231,000 after acquiring an additional 1,871,572 shares in the last quarter. Norges Bank purchased a new stake in shares of Lumentum in the fourth quarter valued at approximately $68,962,000. Nuveen Asset Management LLC grew 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 worth $103,122,000 after purchasing an additional 610,938 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in Lumentum by 419.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company's stock worth $37,286,000 after purchasing an additional 583,330 shares during the period. Finally, Capital Research Global Investors bought a new stake in Lumentum during the 4th quarter valued at $42,415,000. 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.