Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) Price Target at $87.40

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have earned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, ten have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $87.40.

A number of equities analysts recently commented on the company. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and raised their target price for the company from $80.00 to $125.00 in a report on Friday, January 17th. Jefferies Financial Group started coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a “buy” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Raymond James upgraded Lumentum from an “outperform” rating to a “strong-buy” rating and reduced their price objective for the company from $96.00 to $82.00 in a research note on Monday, March 24th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $110.00 target price on shares of Lumentum in a research note on Friday, February 7th.

Lumentum Trading Up 19.6 %

NASDAQ LITE opened at $59.81 on Friday. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The stock has a market capitalization of $4.14 billion, a P/E ratio of -7.78 and a beta of 1.14. The firm’s 50-day moving average is $68.91 and its two-hundred day moving average is $75.93. Lumentum has a 12 month low of $38.29 and a 12 month high of $104.00.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, sell-side analysts anticipate that Lumentum will post 0.03 earnings per share for the current year.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LITE. GAMMA Investing LLC grew its position in shares of Lumentum by 10,626.4% during the first quarter. GAMMA Investing LLC now owns 127,859 shares of the technology company’s stock worth $7,971,000 after acquiring an additional 126,667 shares during the last quarter. California State Teachers Retirement System grew its position in Lumentum by 0.4% during the 4th quarter. California State Teachers Retirement System now owns 64,170 shares of the technology company’s stock worth $5,387,000 after purchasing an additional 251 shares during the last quarter. CWC Advisors LLC. acquired a new position in Lumentum in the fourth quarter valued at $201,000. Virtue Capital Management LLC acquired a new stake in shares of Lumentum during the fourth quarter worth about $899,000. Finally, Woodline Partners LP grew its holdings in shares of Lumentum by 377.7% during the fourth quarter. Woodline Partners LP now owns 282,055 shares of the technology company’s stock worth $23,679,000 after buying an additional 223,011 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Company Profile

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.