Lumentum (NASDAQ:LITE) Price Target Raised to $105.00

Lumentum (NASDAQ:LITE - Get Free Report) had its price target boosted by investment analysts at Needham & Company LLC from $100.00 to $105.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Needham & Company LLC's price target suggests a potential upside of 21.82% from the stock's previous close.

A number of other research firms have also commented on LITE. JPMorgan Chase & Co. lowered their price target on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Jefferies Financial Group initiated coverage on Lumentum in a research note on Friday, February 21st. They issued a "buy" rating on the stock. Raymond James raised their price target on Lumentum from $80.00 to $90.00 and gave the company a "strong-buy" rating in a report on Wednesday, June 4th. Northland Securities set a $80.00 price objective on shares of Lumentum in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus increased their price target on shares of Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $84.93.

Lumentum Stock Performance

Shares of NASDAQ LITE traded up $3.83 during midday trading on Wednesday, reaching $86.19. The company's stock had a trading volume of 837,732 shares, compared to its average volume of 2,051,589. Lumentum has a 12-month low of $38.29 and a 12-month high of $104.00. The stock has a market capitalization of $5.98 billion, a P/E ratio of -11.21 and a beta of 1.28. The firm has a 50 day moving average price of $66.57 and a 200-day moving average price of $75.01. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60.

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. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same quarter last year, the company earned $0.09 earnings per share. The company's revenue was up 16.0% on a year-over-year basis. As a group, equities analysts predict that Lumentum will post 0.03 earnings per share for the current year.

Insider Activity at Lumentum

In related news, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction on Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the transaction, the senior vice president now directly owns 31,534 shares in the company, valued at approximately $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Yuen Wupen sold 4,426 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the sale, the insider now directly owns 92,099 shares of the company's stock, valued at $6,612,708.20. This represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,520 shares of company stock worth $2,103,278. 0.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Lumentum in the first quarter worth approximately $25,000. Rakuten Securities Inc. increased its stake in Lumentum by 164.4% in the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after buying an additional 296 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after acquiring an additional 130 shares during the period. Golden State Wealth Management LLC lifted its position in shares of Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after acquiring an additional 260 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its stake in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after acquiring an additional 380 shares during the period. 94.05% of the stock is currently 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.