Needham & Company LLC Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE - Get Free Report) had its target price boosted by investment analysts at Needham & Company LLC from $100.00 to $105.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Needham & Company LLC's price objective points to a potential upside of 27.33% from the company's previous close.

A number of other equities analysts also recently weighed in on LITE. UBS Group cut their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price on the stock in a research note on Tuesday, March 11th. JPMorgan Chase & Co. cut their target price on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Rosenblatt Securities upped their price objective on Lumentum from $94.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Finally, Jefferies Financial Group started coverage on Lumentum in a report on Friday, February 21st. They set a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Lumentum currently has an average rating of "Moderate Buy" and a consensus target price of $84.93.

Lumentum Stock Down 3.6%

LITE traded down $3.04 during midday trading on Wednesday, reaching $82.46. 1,667,264 shares of the company were exchanged, compared to its average volume of 2,070,749. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The company's fifty day moving average price is $67.88 and its 200 day moving average price is $74.91. The company has a market cap of $5.72 billion, a price-to-earnings ratio of -10.72 and a beta of 1.28. Lumentum has a one year low of $38.29 and a one year high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. The firm had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The company's revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 EPS. As a group, analysts expect that Lumentum will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,222 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $185,714.76. Following the sale, the chief financial officer now owns 47,460 shares in the company, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alan S. Lowe sold 10,000 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $835,800.00. Following the completion of the sale, the director now owns 270,471 shares in the company, valued at $22,605,966.18. This trade represents a 3.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,520 shares of company stock valued at $2,103,278 over the last three months. Company insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Lumentum

Institutional investors and hedge funds have recently made changes to their positions in the business. Crestline Management LP purchased a new stake in shares of Lumentum in the fourth quarter worth $4,435,000. SBI Securities Co. Ltd. purchased a new position in shares of Lumentum during the 4th quarter valued at about $739,000. M&T Bank Corp raised its holdings in shares of Lumentum by 54.2% during the 4th quarter. M&T Bank Corp now owns 18,104 shares of the technology company's stock valued at $1,520,000 after buying an additional 6,361 shares in the last quarter. Aigen Investment Management LP raised its holdings in shares of Lumentum by 72.9% during the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock valued at $1,464,000 after buying an additional 7,354 shares in the last quarter. Finally, Versor Investments LP purchased a new position in shares of Lumentum during the 4th quarter valued at about $336,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

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.