Lumentum Holdings Inc. (NASDAQ:LITE) Receives $52.69 Consensus Target Price from Analysts

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been assigned an average recommendation of “Hold” from the twelve research firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $52.69.

A number of equities analysts recently weighed in on LITE shares. Raymond James upped their price target on Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a report on Monday, April 1st. Stifel Nicolaus reissued a “buy” rating and set a $62.00 target price on shares of Lumentum in a report on Monday, April 1st. B. Riley reduced their target price on Lumentum from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, February 9th. Barclays increased their target price on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Tuesday, January 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price target on shares of Lumentum in a report on Friday, February 9th.

Insider Buying and Selling

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the transaction, the chief accounting officer now directly owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Lumentum by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after acquiring an additional 442,177 shares during the period. Earnest Partners LLC boosted its position in shares of Lumentum by 26.2% during the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock worth $73,396,000 after buying an additional 337,096 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Lumentum by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock worth $78,187,000 after buying an additional 44,291 shares during the period. Norges Bank purchased a new position in shares of Lumentum during the fourth quarter worth $53,785,000. Finally, Robeco Schweiz AG boosted its position in shares of Lumentum by 28.1% during the first quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company’s stock worth $39,916,000 after buying an additional 185,000 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Stock Up 3.4 %

Shares of LITE opened at $43.42 on Friday. Lumentum has a 52 week low of $35.35 and a 52 week high of $65.16. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of -11.02 and a beta of 1.09. The stock’s 50-day moving average price is $46.98 and its 200-day moving average price is $47.01.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The company had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $363.44 million. On average, sell-side analysts predict that Lumentum will post -0.64 EPS for the current year.

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.