Lumentum (NASDAQ:LITE) Stock Price Up 2.3%

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) rose 2.3% during trading on Tuesday . The company traded as high as $43.01 and last traded at $42.77. Approximately 207,078 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,434,735 shares. The stock had previously closed at $41.81.

Analyst Upgrades and Downgrades

Several analysts have recently commented on LITE shares. Susquehanna dropped their price objective on shares of Lumentum from $65.00 to $60.00 and set a "positive" rating on the stock in a report on Friday, February 9th. 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 research report on Thursday, April 11th. Craig Hallum raised Lumentum from a "hold" rating to a "buy" rating in a report on Friday, December 22nd. Rosenblatt Securities upped their target price on Lumentum from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, February 9th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Three 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $51.79.

Lumentum Trading Up 3.6 %

The company has a market capitalization of $2.92 billion, a PE ratio of -10.99 and a beta of 1.09. The company has a 50 day simple moving average of $48.44 and a 200 day simple moving average of $47.14. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The firm had revenue of $366.80 million during the quarter, compared to analysts' expectations of $363.44 million. Analysts anticipate that Lumentum Holdings Inc. will post -0.61 earnings per share for the current year.

Insiders Place Their Bets

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of Lumentum stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the transaction, the chief accounting officer now directly owns 33,188 shares of the company's stock, valued at $1,633,845.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of LITE. FengHe Fund Management Pte. Ltd. acquired a new position in Lumentum in the 4th quarter valued at about $19,547,000. Pathstone Family Office LLC increased its stake in Lumentum by 46.3% during the 3rd quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company's stock worth $606,000 after buying an additional 4,207 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Lumentum by 52.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company's stock worth $9,564,000 after buying an additional 73,047 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Lumentum in the 3rd quarter valued at approximately $32,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Lumentum by 336.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,244 shares of the technology company's stock worth $3,174,000 after acquiring an additional 54,164 shares in the last quarter. Institutional investors and hedge funds 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.