Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Susquehanna Analyst Says

Lumentum (NASDAQ:LITE - Get Free Report) had its price target lifted by investment analysts at Susquehanna from $95.00 to $125.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "positive" rating on the technology company's stock. Susquehanna's price objective suggests a potential upside of 22.39% from the company's previous close.

LITE has been the subject of several other research reports. Needham & Company LLC upped their price target on shares of Lumentum from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. Wolfe Research assumed coverage on shares of Lumentum in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. Barclays set a $75.00 target price on shares of Lumentum and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Morgan Stanley upped their price target on shares of Lumentum from $76.00 to $85.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, UBS Group cut their price target on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.73.

Lumentum Trading Up 2.5%

NASDAQ:LITE traded up $2.50 during mid-day trading on Tuesday, hitting $102.13. 2,827,245 shares of the stock traded hands, compared to its average volume of 2,190,395. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of -15.83 and a beta of 1.34. Lumentum has a 52 week low of $38.29 and a 52 week high of $105.47. The firm's 50 day moving average is $86.56 and its two-hundred day moving average is $76.04. The company has a quick ratio of 3.53, a current ratio of 4.72 and a debt-to-equity ratio of 2.91.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. The company had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The firm's quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 EPS. On average, equities research analysts predict that Lumentum will post 0.03 earnings per share for the current year.

Insider Activity at Lumentum

In other Lumentum news, Director Alan S. Lowe sold 20,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the transaction, the director directly owned 230,471 shares of the company's stock, valued at $21,542,124.37. This trade represents a 7.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Yuen Wupen sold 4,716 shares of the firm'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 transaction, the insider directly owned 82,957 shares in the company, valued at approximately $6,376,904.59. This represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 66,784 shares of company stock valued at $5,769,065. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lumentum

Several hedge funds and other institutional investors have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. increased its position in Lumentum by 14.5% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,383 shares of the technology company's stock worth $368,000 after purchasing an additional 556 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of Lumentum by 1.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company's stock valued at $1,357,000 after acquiring an additional 213 shares during the last quarter. Xponance Inc. increased its position in shares of Lumentum by 10.7% during the fourth quarter. Xponance Inc. now owns 8,064 shares of the technology company's stock valued at $677,000 after acquiring an additional 779 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Lumentum by 1.4% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock valued at $1,274,000 after acquiring an additional 206 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Lumentum during the fourth quarter valued at about $1,173,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.