Lumentum (NASDAQ:LITE) Price Target Raised to $76.00 at Morgan Stanley

Lumentum (NASDAQ:LITE - Free Report) had its price objective raised by Morgan Stanley from $70.00 to $76.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the technology company's stock.

Several other equities research analysts have also recently weighed in on the stock. Stifel Nicolaus boosted their price target on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Rosenblatt Securities boosted their price target on shares of Lumentum from $94.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday. B. Riley boosted their price target on shares of Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a research report on Tuesday, March 11th. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $82.80.

Lumentum Price Performance

NASDAQ:LITE traded up $1.36 during trading hours on Wednesday, hitting $81.64. 3,461,849 shares of the stock traded hands, compared to its average volume of 2,040,251. The company has a market cap of $5.67 billion, a price-to-earnings ratio of -10.62 and a beta of 1.18. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The stock has a 50 day moving average price of $64.30 and a 200 day moving average price of $75.08.

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 (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. The firm had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The company'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 earnings per share. Sell-side analysts forecast that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Activity

In related news, insider Yuen Wupen sold 4,426 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the completion of the sale, the insider now directly owns 92,099 shares of the company's stock, valued at $6,612,708.20. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the sale, the senior vice president now directly owns 31,534 shares of the company's stock, valued at approximately $2,459,021.32. This trade represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,298 shares of company stock valued at $1,081,764. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Lumentum

A number of institutional investors have recently modified their holdings of LITE. Robeco Institutional Asset Management B.V. bought a new stake in shares of Lumentum in the 4th quarter valued at about $646,000. Advisors Preferred LLC bought a new stake in shares of Lumentum in the 4th quarter valued at about $865,000. Empowered Funds LLC bought a new stake in shares of Lumentum in the 4th quarter valued at about $626,000. Lightrock Netherlands B.V. bought a new stake in shares of Lumentum in the 4th quarter valued at about $12,668,000. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of Lumentum by 1.6% in the 4th quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the technology company's stock valued at $1,603,000 after buying an additional 300 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.