Lumentum (NASDAQ:LITE) Shares Gap Up on Analyst Upgrade

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report)'s share price gapped up before the market opened on Wednesday after Stifel Nicolaus raised their price target on the stock from $85.00 to $100.00. The stock had previously closed at $77.65, but opened at $83.76. Stifel Nicolaus currently has a buy rating on the stock. Lumentum shares last traded at $82.13, with a volume of 819,238 shares trading hands.

LITE has been the subject of a number of other reports. UBS Group dropped their price target on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Needham & Company LLC decreased their price objective on Lumentum from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Rosenblatt Securities upped their price objective on Lumentum from $94.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday. B. Riley upped their price objective on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Barclays set a $75.00 price objective on Lumentum and gave the company an "overweight" rating in a research report on Wednesday, May 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $82.80.

Insider Transactions at Lumentum

In other Lumentum news, insider Yuen Wupen sold 4,426 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80. Following the transaction, the insider now directly owns 92,099 shares in the company, valued at $6,612,708.20. This trade represents a 4.59% 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 firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following 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 currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LITE. J.Safra Asset Management Corp boosted its position in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after purchasing an additional 122 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Lumentum by 54.2% in the 4th 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 last quarter. Quadrant Capital Group LLC raised its stake in Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after acquiring an additional 164 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Lumentum by 1.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock worth $881,000 after acquiring an additional 176 shares during the last quarter. Finally, Manchester Capital Management LLC raised its stake in Lumentum by 22.6% in the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after acquiring an additional 190 shares during the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Price Performance

The company has a market cap of $5.67 billion, a PE ratio of -10.62 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 stock has a 50 day moving average of $64.30 and a 200-day moving average of $75.08.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. The company had revenue of $425.20 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the business posted $0.09 EPS. Equities analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

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.