Rosenblatt Securities Boosts Lumentum (NASDAQ:LITE) Price Target to $65.00

Lumentum (NASDAQ:LITEFree Report) had its price target raised by Rosenblatt Securities from $60.00 to $65.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other brokerages have also weighed in on LITE. Needham & Company LLC restated a buy rating and issued a $50.00 price objective on shares of Lumentum in a report on Monday, November 13th. TheStreet downgraded shares of Lumentum from a c- rating to a d rating in a research report on Wednesday, November 8th. Craig Hallum raised shares of Lumentum from a hold rating to a buy rating in a research report on Friday, December 22nd. Raymond James lifted their target price on shares of Lumentum from $49.50 to $54.00 and gave the stock an outperform rating in a research report on Thursday, November 9th. Finally, Stifel Nicolaus lifted their target price on shares of Lumentum from $55.00 to $62.00 and gave the stock a buy rating in a research report on Tuesday, January 2nd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Lumentum currently has an average rating of Hold and a consensus price target of $51.86.

View Our Latest Stock Analysis on LITE

Lumentum Price Performance

Shares of NASDAQ LITE opened at $50.21 on Friday. Lumentum has a twelve month low of $35.35 and a twelve month high of $65.16. The firm has a market cap of $3.36 billion, a P/E ratio of -17.13 and a beta of 1.14. The company has a 50 day moving average of $51.36 and a 200 day moving average of $47.84. The company has a quick ratio of 3.81, a current ratio of 4.53 and a debt-to-equity ratio of 1.91.

Lumentum (NASDAQ:LITEGet Free Report) last announced its quarterly earnings data on Wednesday, November 8th. The technology company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.04. Lumentum had a negative net margin of 12.62% and a positive return on equity of 6.70%. The company had revenue of $317.60 million during the quarter, compared to analyst estimates of $313.98 million. As a group, research analysts expect that Lumentum will post -0.1 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Retirement Systems of Alabama boosted its holdings in Lumentum by 4.8% in the 2nd quarter. Retirement Systems of Alabama now owns 303,533 shares of the technology company’s stock worth $17,219,000 after buying an additional 14,032 shares during the period. Earnest Partners LLC lifted its stake in Lumentum by 31.0% in the 2nd quarter. Earnest Partners LLC now owns 1,287,418 shares of the technology company’s stock worth $73,035,000 after purchasing an additional 304,873 shares in the last quarter. Quantbot Technologies LP lifted its stake in Lumentum by 737.5% in the 3rd quarter. Quantbot Technologies LP now owns 63,010 shares of the technology company’s stock worth $2,847,000 after purchasing an additional 55,486 shares in the last quarter. Capital Advantage Inc. purchased a new stake in Lumentum in the 3rd quarter worth $930,000. Finally, ExodusPoint Capital Management LP lifted its stake in Lumentum by 298.9% in the 2nd quarter. ExodusPoint Capital Management LP now owns 39,733 shares of the technology company’s stock worth $2,254,000 after purchasing an additional 29,772 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

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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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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