Raymond James Raises Lumentum (NASDAQ:LITE) Price Target to $90.00

Lumentum (NASDAQ:LITE - Free Report) had its price target hoisted by Raymond James from $80.00 to $90.00 in a research note published on Wednesday,Benzinga reports. They currently have a strong-buy rating on the technology company's stock.

A number of other research firms have also recently commented on LITE. Barclays set a $75.00 target price on shares of Lumentum and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Stifel Nicolaus boosted their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price for the company in a research note on Tuesday, March 11th. Morgan Stanley boosted their target price on shares of Lumentum from $70.00 to $76.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Jefferies Financial Group initiated coverage on shares of Lumentum in a research note on Friday, February 21st. They set a "buy" rating for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $82.80.

Lumentum Stock Performance

LITE traded up $1.36 on Wednesday, reaching $81.64. The stock had a trading volume of 3,461,849 shares, compared to its average volume of 2,040,251. Lumentum has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The business's 50-day moving average price is $64.68 and its two-hundred day moving average price is $75.09. The company has a market cap of $5.67 billion, a P/E ratio of -10.62 and a beta of 1.18.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same quarter in the previous year, the company earned $0.09 earnings per share. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. Sell-side analysts forecast that Lumentum will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other Lumentum news, insider Yuen Wupen sold 4,716 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $76.87, for a total value of $362,518.92. Following the transaction, the insider now directly owns 82,957 shares in the company, valued at $6,376,904.59. The trade was a 5.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jae Kim sold 4,577 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the transaction, the senior vice president now owns 31,534 shares in the company, valued at $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,298 shares of company stock worth $1,081,764. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumentum

Several institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio acquired a new position in Lumentum in the 1st quarter valued at about $819,000. Empowered Funds LLC raised its stake in shares of Lumentum by 9.1% in the 1st quarter. Empowered Funds LLC now owns 8,139 shares of the technology company's stock valued at $507,000 after acquiring an additional 680 shares during the period. United Services Automobile Association purchased a new stake in shares of Lumentum in the 1st quarter valued at approximately $279,000. Scientech Research LLC raised its stake in shares of Lumentum by 37.4% in the 1st quarter. Scientech Research LLC now owns 13,266 shares of the technology company's stock valued at $827,000 after acquiring an additional 3,613 shares during the period. Finally, Petrus Trust Company LTA purchased a new stake in shares of Lumentum in the 1st quarter valued at approximately $428,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.