Morgan Stanley Issues Positive Forecast for Lumentum (NASDAQ:LITE) Stock Price

Lumentum (NASDAQ:LITE - Get Free Report) had its target price lifted by analysts at Morgan Stanley from $76.00 to $85.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the technology company's stock. Morgan Stanley's price objective would suggest a potential downside of 8.03% from the company's current price.

Other research analysts also recently issued reports about the company. Raymond James Financial increased their price objective on Lumentum from $80.00 to $90.00 and gave the stock a "strong-buy" rating in a report on Wednesday, June 4th. Northland Securities set a $80.00 target price on Lumentum in a research note on Wednesday, May 7th. Needham & Company LLC lifted their target price on Lumentum from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, Barclays set a $75.00 target price on Lumentum and gave the company 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, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $85.53.

Lumentum Stock Up 1.5%

NASDAQ:LITE traded up $1.34 during trading hours on Tuesday, hitting $92.42. 643,260 shares of the company's stock traded hands, compared to its average volume of 2,128,259. The firm has a market cap of $6.41 billion, a P/E ratio of -14.33 and a beta of 1.34. Lumentum has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.53 and a current ratio of 4.72. The stock's fifty day moving average price is $79.53 and its two-hundred day moving average price is $75.05.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.07. The firm 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 8.69% and a negative net margin of 29.87%. The company's revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 EPS. On average, research analysts expect that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Yuen Wupen sold 4,716 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92. Following the sale, the insider owned 82,957 shares in the company, valued at $6,376,904.59. This represents a 5.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan S. Lowe sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $93.47, for a total value of $1,869,400.00. Following the transaction, the director directly owned 230,471 shares in the company, valued at approximately $21,542,124.37. This trade represents a 7.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,520 shares of company stock worth $5,742,078 in the last quarter. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lumentum

A number of large investors have recently made changes to their positions in the stock. Strs Ohio bought a new position in shares of Lumentum in the first quarter worth $819,000. Empowered Funds LLC boosted its stake in Lumentum by 9.1% during the first quarter. Empowered Funds LLC now owns 8,139 shares of the technology company's stock valued at $507,000 after buying an additional 680 shares during the period. United Services Automobile Association bought a new stake in Lumentum during the first quarter valued at $279,000. Scientech Research LLC boosted its stake in Lumentum by 37.4% during the first quarter. Scientech Research LLC now owns 13,266 shares of the technology company's stock valued at $827,000 after buying an additional 3,613 shares during the period. Finally, Petrus Trust Company LTA purchased a new stake in Lumentum during the first quarter valued at about $428,000. 94.05% of the stock is owned by 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.