Susquehanna Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE - Get Free Report) had its target price hoisted by equities researchers at Susquehanna from $95.00 to $125.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "positive" rating on the technology company's stock. Susquehanna's price objective points to a potential upside of 26.63% from the company's current price.

LITE has been the subject of a number of other research reports. Northland Securities set a $80.00 target price on Lumentum in a report on Wednesday, May 7th. Rosenblatt Securities restated a "buy" rating and set a $105.00 target price on shares of Lumentum in a report on Thursday, June 12th. UBS Group lowered their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Morgan Stanley upped their target price on Lumentum from $76.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $87.73.

Lumentum Price Performance

Shares of NASDAQ:LITE traded down $5.13 during mid-day trading on Tuesday, reaching $98.71. The stock had a trading volume of 2,019,010 shares, compared to its average volume of 2,174,519. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. The company has a market cap of $6.85 billion, a P/E ratio of -15.27 and a beta of 1.34. Lumentum has a 1 year low of $38.29 and a 1 year high of $105.47. The business's 50 day moving average price is $85.42 and its 200 day moving average price is $75.77.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data 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 return on equity of 8.69% and a negative net margin of 29.87%. The company had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. Research analysts expect that Lumentum will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,222 shares of the firm'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 $185,714.76. Following the transaction, the chief financial officer directly owned 47,460 shares of the company's stock, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alan S. Lowe sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the completion of the transaction, the director directly owned 230,471 shares in the company, valued at $21,542,124.37. This trade represents a 7.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,520 shares of company stock valued at $5,742,078 over the last quarter. Insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. WT Asset Management Ltd acquired a new stake in Lumentum in the 2nd quarter valued at approximately $25,001,000. Lecap Asset Management Ltd. increased its holdings in Lumentum by 36.4% in the 2nd quarter. Lecap Asset Management Ltd. now owns 10,825 shares of the technology company's stock valued at $1,029,000 after purchasing an additional 2,890 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Lumentum by 50.2% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 16,609 shares of the technology company's stock valued at $1,579,000 after purchasing an additional 5,550 shares during the last quarter. Greenleaf Trust increased its holdings in Lumentum by 21.8% in the 2nd quarter. Greenleaf Trust now owns 5,945 shares of the technology company's stock valued at $565,000 after purchasing an additional 1,063 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Lumentum by 14.1% in the 2nd quarter. Janney Montgomery Scott LLC now owns 19,538 shares of the technology company's stock valued at $1,857,000 after purchasing an additional 2,409 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.

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