Lumentum (NASDAQ:LITE) Price Target Cut to $85.00 by Analysts at Rosenblatt Securities

Lumentum (NASDAQ:LITE - Free Report) had its price objective decreased by Rosenblatt Securities from $110.00 to $85.00 in a research note released on Tuesday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the technology company's stock.

Other analysts have also recently issued reports about the company. B. Riley raised their target price on Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Stifel Nicolaus raised their price target on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a report on Friday, February 7th. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Barclays lowered their target price on shares of Lumentum from $125.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. reduced their price target on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and an average price target of $82.60.

Lumentum Stock Performance

NASDAQ LITE traded up $1.23 during trading hours on Tuesday, hitting $60.00. The company had a trading volume of 1,466,852 shares, compared to its average volume of 1,900,380. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The firm has a market cap of $4.15 billion, a P/E ratio of -7.80 and a beta of 1.14. Lumentum has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The business has a fifty day simple moving average of $61.91 and a 200-day simple moving average of $74.99.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Equities analysts predict that Lumentum will post 0.03 EPS for the current year.

Insider Activity

In related news, CFO Wajid Ali sold 2,172 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Lumentum

Several large investors have recently added to or reduced their stakes in the company. J.Safra Asset Management Corp grew its holdings in shares of Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after buying an additional 122 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after purchasing an additional 130 shares during the period. Quadrant Capital Group LLC lifted its position in shares of Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after purchasing an additional 164 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after purchasing an additional 168 shares during the period. Finally, Manchester Capital Management LLC grew its position in Lumentum by 22.6% during the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock valued at $86,000 after purchasing an additional 190 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

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.