Lumentum (NASDAQ:LITE) Shares Gap Up to $44.11

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $44.11, but opened at $47.41. Lumentum shares last traded at $46.01, with a volume of 532,487 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on LITE shares. Rosenblatt Securities boosted their price objective on Lumentum from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, February 9th. Barclays reduced their target price on shares of Lumentum from $40.00 to $38.00 and set an "underweight" rating for the company in a research note on Tuesday. JPMorgan Chase & Co. cut their price target on Lumentum from $62.00 to $57.00 and set an "overweight" rating on the stock in a report on Thursday, April 11th. Stifel Nicolaus reiterated a "buy" rating and set a $62.00 price objective on shares of Lumentum in a report on Monday, April 1st. Finally, StockNews.com raised Lumentum to a "sell" rating in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $52.08.

Lumentum Price Performance

The company's 50-day simple moving average is $46.22 and its 200-day simple moving average is $47.22. The stock has a market capitalization of $2.79 billion, a P/E ratio of -10.66 and a beta of 1.09. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The firm had revenue of $366.80 million during the quarter, compared to analyst estimates of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. As a group, sell-side analysts expect that Lumentum Holdings Inc. will post -0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the transaction, the chief accounting officer now directly owns 33,188 shares of the company's stock, valued at approximately $1,633,845.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in LITE. Raymond James Financial Services Advisors Inc. raised its stake in Lumentum by 12.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 40,302 shares of the technology company's stock worth $1,821,000 after purchasing an additional 4,342 shares in the last quarter. Washington Capital Management Inc. bought a new stake in shares of Lumentum in the third quarter valued at approximately $533,000. Park Avenue Securities LLC acquired a new stake in Lumentum during the third quarter worth approximately $382,000. Inspire Investing LLC increased its stake in Lumentum by 22.6% during the 3rd quarter. Inspire Investing LLC now owns 6,755 shares of the technology company's stock worth $305,000 after acquiring an additional 1,243 shares during the period. Finally, Mcdonald Partners LLC raised its holdings in Lumentum by 1.8% in the 3rd quarter. Mcdonald Partners LLC now owns 20,022 shares of the technology company's stock valued at $905,000 after acquiring an additional 350 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.