Lumentum (LITE) Upgraded by Goldman Sachs Group to “Buy”

Goldman Sachs Group upgraded shares of Lumentum (NASDAQ:LITE) from a neutral rating to a buy rating in a report released on Wednesday morning. The firm currently has $79.00 target price on the technology company’s stock.

Several other equities analysts also recently weighed in on LITE. Barclays increased their price target on shares of Lumentum from $67.00 to $68.00 and gave the stock an overweight rating in a report on Wednesday, May 2nd. Drexel Hamilton set a $85.00 price target on shares of Lumentum and gave the stock a buy rating in a report on Thursday, May 3rd. BidaskClub downgraded shares of Lumentum from a buy rating to a hold rating in a report on Wednesday, May 23rd. Rosenblatt Securities set a $80.00 price target on shares of Lumentum and gave the stock a buy rating in a report on Wednesday, May 2nd. Finally, UBS Group increased their price target on shares of Lumentum from $75.00 to $80.00 in a report on Wednesday, May 2nd. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Lumentum currently has an average rating of Buy and a consensus target price of $81.39.

Shares of Lumentum opened at $57.70 on Wednesday, MarketBeat reports. Lumentum has a twelve month low of $41.95 and a twelve month high of $74.40. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.81 and a current ratio of 5.56. The company has a market capitalization of $3.63 billion, a P/E ratio of 36.29, a price-to-earnings-growth ratio of 1.08 and a beta of 0.06.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, May 2nd. The technology company reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.07. Lumentum had a net margin of 13.63% and a return on equity of 23.35%. The company had revenue of $299.00 million for the quarter, compared to the consensus estimate of $292.30 million. During the same quarter in the prior year, the company earned $0.49 EPS. Lumentum’s quarterly revenue was up 16.8% on a year-over-year basis. analysts forecast that Lumentum will post 2.9 earnings per share for the current year.

In other news, SVP Judy G. Hamel sold 541 shares of the firm’s stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $63.34, for a total transaction of $34,266.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Alan S. Lowe sold 11,672 shares of the firm’s stock in a transaction that occurred on Monday, May 21st. The stock was sold at an average price of $63.02, for a total transaction of $735,569.44. Following the sale, the chief executive officer now directly owns 208,062 shares in the company, valued at approximately $13,112,067.24. The disclosure for this sale can be found here. Insiders have sold a total of 29,440 shares of company stock worth $1,863,478 in the last ninety days. Corporate insiders own 0.76% of the company’s stock.

Large investors have recently made changes to their positions in the company. Summit Trail Advisors LLC lifted its position in shares of Lumentum by 4,901.2% during the 1st quarter. Summit Trail Advisors LLC now owns 161,989 shares of the technology company’s stock valued at $162,000 after buying an additional 158,750 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Lumentum by 1,164.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,653 shares of the technology company’s stock valued at $178,000 after buying an additional 3,364 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Lumentum by 42.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock valued at $186,000 after buying an additional 1,135 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Lumentum by 106.7% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,864 shares of the technology company’s stock valued at $189,000 after buying an additional 1,995 shares in the last quarter. Finally, KBC Group NV purchased a new position in shares of Lumentum during the 1st quarter valued at approximately $191,000.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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