Lumentum (NASDAQ:LITE) Given New $145.00 Price Target at Raymond James Financial

Key Points

• Investment analysts at Raymond James Financial raised Lumentum's price target from $125.00 to $145.00, suggesting a potential upside of 21.18% from its current price.
• Lumentum reported earnings of $0.88 EPS for the last quarter, exceeding the consensus estimate of $0.79 EPS and showing a revenue increase of 55.9% year-over-year.
• Currently, the stock has a consensus rating of "Moderate Buy" from analysts, with a mix of buy, hold, and strong buy ratings in recent assessments.

Lumentum (NASDAQ:LITE - Free Report) had its price objective boosted by Raymond James Financial from $125.00 to $145.00 in a report issued on Wednesday morning,Benzinga reports. Raymond James Financial currently has a strong-buy rating on the technology company's stock.

Other analysts have also recently issued reports about the company. Wolfe Research began coverage on Lumentum in a research note on Tuesday. They issued an "outperform" rating on the stock. Morgan Stanley reiterated an "equal weight" rating on shares of Lumentum in a research note on Tuesday. Needham & Company LLC increased their price objective on Lumentum from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on Lumentum from $100.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Barclays increased their price objective on Lumentum from $75.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $124.00.

Lumentum Trading Up 1.1%

Shares of LITE traded up $1.24 during midday trading on Wednesday, hitting $115.86. 3,164,639 shares of the stock were exchanged, compared to its average volume of 2,892,331. Lumentum has a 52-week low of $45.65 and a 52-week high of $129.98. The stock has a fifty day simple moving average of $98.59 and a 200 day simple moving average of $78.85. The firm has a market cap of $8.04 billion, a P/E ratio of 503.74 and a beta of 1.33. The company has a debt-to-equity ratio of 2.26, a quick ratio of 3.53 and a current ratio of 4.37.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The technology company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.09. The business had revenue of $480.70 million for the quarter, compared to analysts' expectations of $465.27 million. Lumentum had a negative return on equity of 3.02% and a net margin of 1.57%. The company's revenue for the quarter was up 55.9% compared to the same quarter last year. During the same period last year, the firm earned $0.06 earnings per share. On average, research analysts anticipate that Lumentum will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the sale, the chief financial officer owned 47,460 shares in the company, valued at approximately $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yuen Wupen sold 241 shares of Lumentum stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $108.34, for a total value of $26,109.94. Following the sale, the insider owned 78,597 shares in the company, valued at $8,515,198.98. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,000 shares of company stock valued at $7,260,909 in the last three months. Corporate insiders own 0.19% 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. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Lumentum during the first quarter worth about $25,000. Rakuten Securities Inc. increased its position in shares of Lumentum by 164.4% during the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after purchasing an additional 296 shares in the last quarter. Golden State Wealth Management LLC increased its position in shares of Lumentum by 103.2% during the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock worth $32,000 after purchasing an additional 260 shares in the last quarter. CoreCap Advisors LLC increased its position in shares of Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after purchasing an additional 380 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Lumentum during the second quarter worth about $38,000. 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.