Lumentum (NASDAQ:LITE) Price Target Lowered to $60.00 at Susquehanna

Lumentum (NASDAQ:LITEFree Report) had its price objective reduced by Susquehanna from $65.00 to $60.00 in a report issued on Friday, Benzinga reports. Susquehanna currently has a positive rating on the technology company’s stock.

Several other equities research analysts also recently issued reports on the stock. Barclays raised their price objective on shares of Lumentum from $40.00 to $45.00 and gave the stock an underweight rating in a research report on Tuesday, January 16th. Craig Hallum upgraded shares of Lumentum from a hold rating to a buy rating in a research report on Friday, December 22nd. StockNews.com downgraded shares of Lumentum from a hold rating to a sell rating in a research report on Saturday, October 21st. Needham & Company LLC reiterated a buy rating and issued a $50.00 price target on shares of Lumentum in a research report on Friday. Finally, Rosenblatt Securities lifted their price target on shares of Lumentum from $60.00 to $65.00 and gave the company a buy rating in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $51.86.

Read Our Latest Research Report on LITE

Lumentum Price Performance

Shares of LITE stock opened at $50.21 on Friday. The firm has a 50 day moving average price of $51.36 and a two-hundred day moving average price of $47.84. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.81 and a current ratio of 3.13. Lumentum has a 12-month low of $35.35 and a 12-month high of $65.16.

Lumentum (NASDAQ:LITEGet Free Report) last issued its quarterly earnings data on Wednesday, November 8th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.04. The firm had revenue of $317.60 million during the quarter, compared to the consensus estimate of $313.98 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. Research analysts predict that Lumentum will post -0.1 earnings per share for the current year.

Insiders Place Their Bets

In other Lumentum news, Director Julia Suzanne Johnson sold 1,163 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $44.17, for a total transaction of $51,369.71. Following the sale, the director now owns 22,032 shares of the company’s stock, valued at $973,153.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.60% of the company’s stock.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. IMA Wealth Inc. grew its stake in shares of Lumentum by 1.0% during the second quarter. IMA Wealth Inc. now owns 25,682 shares of the technology company’s stock worth $1,457,000 after buying an additional 266 shares during the last quarter. First Manhattan CO. LLC. grew its stake in shares of Lumentum by 3.4% in the first quarter. First Manhattan CO. LLC. now owns 9,020 shares of the technology company’s stock worth $487,000 after purchasing an additional 300 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Lumentum by 3.3% in the first quarter. Prudential Financial Inc. now owns 9,561 shares of the technology company’s stock worth $516,000 after purchasing an additional 306 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Lumentum by 1.7% in the third quarter. Arizona State Retirement System now owns 19,561 shares of the technology company’s stock worth $884,000 after purchasing an additional 321 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Lumentum by 0.9% in the third quarter. Public Employees Retirement System of Ohio now owns 35,911 shares of the technology company’s stock worth $2,462,000 after purchasing an additional 323 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

About Lumentum

(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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