Lumentum (NASDAQ:LITE) Price Target Raised to $94.00

Lumentum (NASDAQ:LITE - Free Report) had its target price lifted by Rosenblatt Securities from $85.00 to $94.00 in a report released on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the technology company's stock.

Several other research firms also recently commented on LITE. Needham & Company LLC dropped their target price on Lumentum from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. B. Riley boosted their target price on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. BNP Paribas raised 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. Raymond James raised Lumentum from an "outperform" rating to a "strong-buy" rating and dropped their target price for the stock from $96.00 to $82.00 in a report on Monday, March 24th. Finally, Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Lumentum currently has a consensus rating of "Moderate Buy" and an average price target of $82.20.

Lumentum Stock Up 9.2%

Shares of LITE traded up $5.99 on Wednesday, reaching $70.86. The stock had a trading volume of 1,911,027 shares, compared to its average volume of 1,938,688. 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 debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The company has a 50-day simple moving average of $60.21 and a 200-day simple moving average of $74.74. Lumentum has a 12-month low of $38.29 and a 12-month high of $104.00.

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, beating analysts' consensus estimates of $0.50 by $0.07. The company had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 EPS. Sell-side analysts predict that Lumentum will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. The trade was a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumentum

Several hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. boosted its stake in shares of Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after acquiring an additional 253 shares during the period. Jones Financial Companies Lllp boosted its stake 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 worth $31,000 after acquiring an additional 130 shares during the period. CoreCap Advisors LLC boosted its stake in shares of Lumentum by 2,235.3% in 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. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Lumentum in the first quarter worth about $25,000. Finally, Rakuten Securities Inc. increased its holdings in Lumentum by 164.4% in the 1st 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 last quarter. Institutional investors own 94.05% of the company's stock.

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.