Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, B. Riley Analyst Says

Lumentum (NASDAQ:LITE) had its price target boosted by B. Riley from $62.00 to $75.00 in a research note released on Friday,Benzinga reports. B. Riley currently has a neutral rating on the technology company’s stock.

Several other equities research analysts also recently commented on the company. UBS Group increased their price objective on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a report on Friday. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday. Northland Securities boosted their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Friday. Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday. Finally, Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $88.07.

Lumentum Price Performance

NASDAQ LITE opened at $85.90 on Friday. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. Lumentum has a 52-week low of $38.28 and a 52-week high of $104.00. The business has a 50 day simple moving average of $87.68 and a 200 day simple moving average of $71.49.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. As a group, analysts forecast that Lumentum will post -0.04 EPS for the current fiscal year.

Insider Activity

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the sale, the chief financial officer now owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the sale, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,797 shares of company stock valued at $8,881,428. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UMB Bank n.a. grew its stake in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after buying an additional 253 shares during the period. Jones Financial Companies Lllp grew its stake in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after acquiring an additional 130 shares during the period. Quarry LP increased its holdings in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares in the last quarter. J.Safra Asset Management Corp raised its position in shares of Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after purchasing an additional 122 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Lumentum in the 3rd quarter worth $33,000. 94.05% of the stock is owned by institutional investors.

About Lumentum

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.