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

Lumentum (NASDAQ:LITE - Get Free Report) had its price target increased by research analysts at Rosenblatt Securities from $85.00 to $94.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' target price suggests a potential upside of 45.92% from the stock's current price.

LITE has been the subject of a number of other reports. Stifel Nicolaus increased their price target on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Morgan Stanley decreased their target price on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday, January 31st. JPMorgan Chase & Co. lowered their target price on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. UBS Group increased their price target on shares of Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Finally, Barclays lowered their price objective on shares of Lumentum from $125.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $82.53.

Lumentum Price Performance

LITE opened at $64.42 on Wednesday. The firm's fifty day moving average price is $60.29 and its two-hundred day moving average price is $74.68. The company has a market capitalization of $4.46 billion, a price-to-earnings ratio of -8.38 and a beta of 1.18. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, analysts anticipate that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Activity at Lumentum

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

Institutional Investors Weigh In On Lumentum

A number of institutional investors and hedge funds have recently modified their holdings of the company. Neo Ivy Capital Management purchased a new position in Lumentum during the first quarter valued at approximately $1,560,000. Cetera Investment Advisers boosted its holdings in Lumentum by 91.2% in the 1st quarter. Cetera Investment Advisers now owns 14,681 shares of the technology company's stock valued at $915,000 after purchasing an additional 7,002 shares during the period. Pinnacle Associates Ltd. grew its position in shares of Lumentum by 2.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 339,689 shares of the technology company's stock valued at $21,176,000 after purchasing an additional 6,582 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Lumentum during the 1st quarter valued at $1,236,000. Finally, Allianz Asset Management GmbH bought a new position in shares of Lumentum in the first quarter worth $3,411,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.