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Lumentum (NASDAQ:LITE) Earns Outperform Rating from Analysts at Wolfe Research

Lumentum logo with Computer and Technology background

Wolfe Research started coverage on shares of Lumentum (NASDAQ:LITE - Free Report) in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The brokerage issued an outperform rating on the technology company's stock.

LITE has been the topic of several other reports. BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a report on Tuesday, March 11th. Morgan Stanley increased their price target on shares of Lumentum from $70.00 to $76.00 and gave the company an "equal weight" rating in a report on Wednesday, June 4th. Rosenblatt Securities reissued a "buy" rating and issued a $105.00 price target on shares of Lumentum in a report on Thursday, June 12th. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Barclays set a $75.00 price target on shares of Lumentum and gave the company an "overweight" rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Lumentum has an average rating of "Moderate Buy" and a consensus target price of $85.53.

Get Our Latest Stock Report on Lumentum

Lumentum Stock Up 0.4%

NASDAQ LITE traded up $0.37 on Tuesday, reaching $92.99. The company had a trading volume of 1,403,087 shares, compared to its average volume of 2,146,445. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of -14.42 and a beta of 1.34. 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 1-year low of $38.29 and a 1-year high of $104.00. The company's fifty day moving average is $82.01 and its 200-day moving average is $75.40.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. The firm had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The company's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 EPS. On average, research analysts forecast that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In other Lumentum news, CFO Wajid Ali sold 2,222 shares of the business'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 transaction of $185,714.76. Following the completion of the transaction, the chief financial officer directly owned 47,460 shares in the company, valued at $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alan S. Lowe sold 20,000 shares of the business's stock in a transaction that occurred 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 owned 230,471 shares of the company's stock, valued at approximately $21,542,124.37. This 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 in the last three months. Company insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Lumentum by 0.6% during the first quarter. Vanguard Group Inc. now owns 7,430,185 shares of the technology company's stock worth $463,198,000 after buying an additional 47,811 shares in the last quarter. Capital World Investors increased its holdings in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock worth $302,231,000 after buying an additional 1,871,572 shares in the last quarter. PointState Capital LP acquired a new position in shares of Lumentum during the first quarter worth $213,503,000. Atreides Management LP increased its holdings in shares of Lumentum by 6.8% during the first quarter. Atreides Management LP now owns 1,875,257 shares of the technology company's stock worth $116,904,000 after buying an additional 119,938 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Lumentum by 1.1% during the first quarter. Alliancebernstein L.P. now owns 1,731,041 shares of the technology company's stock worth $107,913,000 after buying an additional 19,085 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Company Profile

(Get Free Report)

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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