Lumentum (NASDAQ:LITE) Price Target Raised to $125.00

Lumentum (NASDAQ:LITE - Get Free Report) had its target price raised by equities researchers at Susquehanna from $95.00 to $125.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "positive" rating on the technology company's stock. Susquehanna's target price suggests a potential upside of 21.54% from the company's previous close.

Several other equities research analysts have also commented on the stock. Rosenblatt Securities restated a "buy" rating and issued a $105.00 price target on shares of Lumentum in a research note on Thursday, June 12th. UBS Group lowered their price objective 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. Stifel Nicolaus raised their price objective on shares of Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. JPMorgan Chase & Co. raised their price objective on shares of Lumentum from $100.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Northland Securities set a $80.00 price objective on shares of Lumentum in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $87.73.

Lumentum Stock Up 0.7%

Shares of LITE stock traded up $0.72 during trading hours on Tuesday, hitting $102.85. 1,186,593 shares of the company were exchanged, compared to its average volume of 2,254,280. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.53 and a current ratio of 4.72. Lumentum has a one year low of $38.28 and a one year high of $105.47. The business's 50-day simple moving average is $87.04 and its two-hundred day simple moving average is $76.22. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of -15.95 and a beta of 1.34.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The firm had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same quarter last year, the company posted $0.09 earnings per share. Lumentum's revenue was up 16.0% on a year-over-year basis. Sell-side analysts predict that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 2,222 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $185,714.76. Following the completion of the transaction, the chief financial officer 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 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 that occurred on 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 of the company's stock, valued at $6,376,904.59. This represents a 5.38% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,784 shares of company stock worth $5,769,065. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its stake in Lumentum by 0.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 19,500 shares of the technology company's stock worth $1,854,000 after purchasing an additional 100 shares during the period. Quadrant Capital Group LLC boosted its stake in Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after purchasing an additional 164 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Lumentum by 1.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock worth $881,000 after purchasing an additional 176 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Lumentum by 1.4% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock worth $1,274,000 after purchasing an additional 206 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in Lumentum by 1.3% in the 4th quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company's stock worth $1,357,000 after purchasing an additional 213 shares during the period. 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.