Needham & Company LLC Lowers Lumentum (NASDAQ:LITE) Price Target to $100.00

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

A number of other research firms have also weighed in on LITE. Morgan Stanley lowered their price target on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. UBS Group boosted their price target on shares of Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Raymond James upgraded shares of Lumentum from an "outperform" rating to a "strong-buy" rating and decreased their target price for the company from $96.00 to $82.00 in a report on Monday, March 24th. Finally, Barclays decreased their target price on shares of Lumentum from $125.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.20.

Lumentum Price Performance

Shares of NASDAQ LITE traded up $5.99 during trading on Wednesday, hitting $70.86. The company had a trading volume of 1,911,027 shares, compared to its average volume of 1,938,688. The stock has a fifty day simple moving average of $60.21 and a two-hundred day simple moving average of $74.74. Lumentum has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of -9.20 and a beta of 1.18. 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 results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. The firm had revenue of $425.20 million for the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Lumentum's quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 earnings per share. On average, research analysts expect that Lumentum will post 0.03 earnings per share 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 shares were 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 $4,071,799.84. This represents a 4.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Lumentum

Several large investors have recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Lumentum in the 1st quarter valued at approximately $25,000. UMB Bank n.a. increased its holdings in Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after buying an additional 253 shares during the last quarter. Rakuten Securities Inc. increased its holdings in Lumentum by 164.4% in the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock valued at $30,000 after buying an additional 296 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after buying an additional 130 shares during the last quarter. Finally, Golden State Wealth Management LLC increased its holdings in Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after buying an additional 260 shares during the last quarter. 94.05% of the stock is 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.