Lumentum (NASDAQ:LITE) Given New $105.00 Price Target at Rosenblatt Securities

Lumentum (NASDAQ:LITE - Get Free Report) had its price target lifted by equities research analysts at Rosenblatt Securities from $94.00 to $105.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' price target suggests a potential upside of 28.90% from the company's previous close.

A number of other equities analysts have also recently issued reports on the company. Raymond James decreased their target price on Lumentum from $82.00 to $80.00 and set a "strong-buy" rating on the stock in a report on Wednesday, May 7th. Stifel Nicolaus lifted their price target on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. JPMorgan Chase & Co. cut their price objective on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price for the company in a report on Tuesday, March 11th. Finally, Barclays set a $75.00 target price on shares of Lumentum and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $82.80.

Lumentum Price Performance

Shares of LITE traded down $0.18 during midday trading on Wednesday, reaching $81.46. The stock had a trading volume of 1,690,999 shares, compared to its average volume of 2,038,861. Lumentum has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company has a market capitalization of $5.65 billion, a P/E ratio of -10.59 and a beta of 1.18. The firm's 50 day moving average price is $64.68 and its 200-day moving average price is $75.09.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 36.98% and a negative return on equity of 7.25%. The business's revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.09 EPS. On average, analysts forecast that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Transactions at Lumentum

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

Institutional Investors Weigh In On Lumentum

Hedge funds and other institutional investors have recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ bought a new stake in Lumentum during the 1st quarter valued at approximately $25,000. Rakuten Securities Inc. boosted its position in shares of 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 acquiring an additional 296 shares during the period. Jones Financial Companies Lllp boosted its position in shares of 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 acquiring an additional 130 shares during the period. Golden State Wealth Management LLC grew its stake in shares of Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock worth $32,000 after acquiring an additional 260 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after acquiring an additional 380 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

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.