B. Riley Cuts Lumentum (NASDAQ:LITE) Price Target to $40.00

Lumentum (NASDAQ:LITE - Free Report) had its price objective trimmed by B. Riley from $41.00 to $40.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a neutral rating on the technology company's stock.

Several other brokerages have also recently weighed in on LITE. Stifel Nicolaus reiterated a buy rating and issued a $62.00 price objective on shares of Lumentum in a research note on Monday, April 1st. Barclays cut their price target on Lumentum from $40.00 to $38.00 and set an underweight rating for the company in a research note on Tuesday. Susquehanna lowered their price objective on Lumentum from $65.00 to $60.00 and set a positive rating on the stock in a research note on Friday, February 9th. StockNews.com upgraded Lumentum to a sell rating in a research report on Monday. Finally, Needham & Company LLC restated a buy rating and issued a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Lumentum currently has an average rating of Hold and a consensus target price of $52.08.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded down $2.71 during trading on Tuesday, reaching $41.40. 4,235,531 shares of the stock were exchanged, compared to its average volume of 1,443,679. The firm has a market cap of $2.79 billion, a PE ratio of -10.66 and a beta of 1.09. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96. Lumentum has a 12 month low of $35.35 and a 12 month high of $65.16. The stock has a 50-day moving average price of $46.22 and a 200-day moving average price of $47.22.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly 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 the consensus estimate of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. Research analysts expect that Lumentum will post -0.64 EPS for the current fiscal year.

Insider Transactions at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the sale, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.60% of the company's stock.

Institutional Trading of Lumentum

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Lumentum during the 4th quarter worth $53,785,000. Westfield Capital Management Co. LP bought a new position in shares of Lumentum during the fourth quarter worth about $29,675,000. Vanguard Group Inc. lifted its stake in shares of Lumentum by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company's stock worth $377,225,000 after acquiring an additional 442,177 shares during the period. FengHe Fund Management Pte. Ltd. bought a new stake in Lumentum in the fourth quarter valued at approximately $19,547,000. Finally, Earnest Partners LLC increased its position in Lumentum by 26.2% during the 3rd quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company's stock valued at $73,396,000 after purchasing an additional 337,096 shares during the period. 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.