Lumentum (NASDAQ:LITE) Given New $85.00 Price Target at Morgan Stanley

Lumentum (NASDAQ:LITE - Free Report) had its target price upped by Morgan Stanley from $76.00 to $85.00 in a report released on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the technology company's stock.

Several other equities research analysts have also recently issued reports on LITE. Rosenblatt Securities reiterated a "buy" rating and set a $105.00 price objective on shares of Lumentum in a research report on Thursday, June 12th. B. Riley raised their target price on shares of Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Stifel Nicolaus increased their price objective on shares of Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, June 5th. Finally, Wolfe Research began coverage on Lumentum in a report on Tuesday. They issued an "outperform" rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.53.

Lumentum Stock Performance

NASDAQ LITE traded up $0.37 on Tuesday, hitting $92.99. 1,403,087 shares of the company traded hands, compared to its average volume of 2,146,445. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. The business's 50 day moving average price is $82.01 and its 200-day moving average price is $75.40. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of -14.42 and a beta of 1.34. Lumentum has a 52-week low of $38.29 and a 52-week high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 8.69% and a negative net margin of 29.87%. The business's quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.09 EPS. Equities analysts expect that Lumentum will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other Lumentum news, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $77.98, for a total value of $356,914.46. Following the transaction, the senior vice president directly owned 31,534 shares in the company, valued at $2,459,021.32. This represents a 12.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total transaction of $185,714.76. Following the sale, the chief financial officer directly owned 47,460 shares of the company's stock, valued at $3,966,706.80. This represents a 4.47% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,520 shares of company stock worth $5,742,078. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LITE. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Lumentum in the 1st quarter worth $25,000. Rakuten Securities Inc. lifted its stake in Lumentum by 164.4% in the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after acquiring an additional 296 shares during the period. Jones Financial Companies Lllp grew its holdings in Lumentum by 54.2% during 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 in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Lumentum by 103.2% in the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after purchasing an additional 260 shares in the last quarter. Finally, CoreCap Advisors LLC raised its holdings in shares of Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after purchasing an additional 380 shares in the last quarter. Institutional investors own 94.05% of the company's stock.

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.