Lumentum (NASDAQ:LITE) Earns Buy Rating from Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Lumentum (NASDAQ:LITE - Free Report) in a research report released on Thursday morning,Benzinga reports. They currently have a $105.00 price objective on the technology company's stock.

LITE has been the topic of a number of other research reports. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Northland Securities set a $80.00 price target on shares of Lumentum in a research report on Wednesday, May 7th. Barclays set a $75.00 price target on shares of Lumentum and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on shares of Lumentum in a research report on Friday, February 21st. They set a "buy" rating on the stock. Finally, JPMorgan Chase & Co. cut their price target on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $84.93.

Lumentum Price Performance

LITE traded down $3.04 during trading on Thursday, hitting $82.46. 1,667,264 shares of the stock traded hands, compared to its average volume of 2,070,749. Lumentum has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a market cap of $5.72 billion, a price-to-earnings ratio of -10.72 and a beta of 1.28. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The business has a 50 day moving average price of $67.88 and a 200 day moving average price of $74.91.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating 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 business had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same period in the previous year, the business earned $0.09 earnings per share. The company's revenue was up 16.0% on a year-over-year basis. Equities research analysts forecast that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Alan S. Lowe sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $835,800.00. Following the sale, the director now owns 270,471 shares in the company, valued at $22,605,966.18. This represents a 3.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Yuen Wupen sold 4,716 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the sale, the insider now owns 82,957 shares in the company, valued at $6,376,904.59. This represents a 5.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,520 shares of company stock worth $2,103,278 in the last quarter. 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. Jones Financial Companies Lllp raised 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 worth $31,000 after acquiring an additional 130 shares during the last quarter. CoreCap Advisors LLC increased its stake in Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after buying an additional 380 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in Lumentum in the 1st quarter valued at about $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 valued at $30,000 after buying an additional 296 shares during the last quarter. Finally, Golden State Wealth Management LLC increased its stake in Lumentum by 103.2% in the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after buying an additional 260 shares during the last quarter. Institutional investors and hedge funds 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.