Craig Hallum reiterated their buy rating on shares of Lumentum (NASDAQ:LITE) in a research note published on Tuesday, February 6th. The brokerage currently has a $90.00 price target on the technology company’s stock, up from their prior price target of $85.00.
Other analysts also recently issued research reports about the stock. Barclays upgraded shares of Lumentum from an equal weight rating to an overweight rating and increased their target price for the company from $65.00 to $67.00 in a report on Wednesday, January 10th. Loop Capital began coverage on shares of Lumentum in a report on Monday, January 29th. They set a buy rating and a $65.00 price objective for the company. B. Riley reiterated a buy rating and set a $85.00 target price (up previously from $81.00) on shares of Lumentum in a research report on Wednesday, January 31st. BidaskClub upgraded shares of Lumentum from a sell rating to a hold rating in a research report on Wednesday, January 31st. Finally, UBS Group started coverage on shares of Lumentum in a research report on Wednesday, January 31st. They issued a buy rating and a $57.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $72.31.
Lumentum (LITE) traded up $0.65 during trading hours on Tuesday, hitting $57.55. 2,135,700 shares of the stock were exchanged, compared to its average volume of 2,773,264. The company has a market cap of $3,530.00 and a price-to-earnings ratio of 39.62. Lumentum has a 12 month low of $40.35 and a 12 month high of $68.63. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.16 and a current ratio of 4.84.
Lumentum (NASDAQ:LITE) last issued its earnings results on Tuesday, February 6th. The technology company reported $1.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The business had revenue of $404.60 million for the quarter, compared to analyst estimates of $357.03 million. During the same period in the prior year, the firm earned $0.57 earnings per share. Lumentum’s revenue was up 52.7% on a year-over-year basis. equities analysts expect that Lumentum will post 2.85 EPS for the current year.
In related news, CEO Alan S. Lowe sold 6,025 shares of the company’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $57.13, for a total value of $344,208.25. Following the transaction, the chief executive officer now owns 250,593 shares in the company, valued at approximately $14,316,378.09. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jason Reinhardt sold 9,308 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $56.82, for a total transaction of $528,880.56. Following the completion of the transaction, the executive vice president now owns 59,635 shares in the company, valued at approximately $3,388,460.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,515 shares of company stock worth $1,907,356. Company insiders own 0.76% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in LITE. SeaCrest Wealth Management LLC purchased a new stake in Lumentum in the 4th quarter worth approximately $128,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Lumentum by 42.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after purchasing an additional 1,135 shares during the period. Virtu KCG Holdings LLC bought a new position in Lumentum in the 2nd quarter worth approximately $226,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Lumentum during the 3rd quarter valued at approximately $234,000. Finally, CIBC Asset Management Inc bought a new position in shares of Lumentum during the 4th quarter valued at approximately $236,000.
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Lumentum Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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