Lumentum (NASDAQ:LITE) Price Target Raised to $80.00

Lumentum (NASDAQ:LITE) had its target price upped by Barclays from $40.00 to $80.00 in a research note published on Monday,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

Other equities analysts have also issued reports about the stock. Northland Securities increased their price objective on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Raymond James boosted their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Jefferies Financial Group lifted their price target on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Morgan Stanley increased their price target on shares of Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Finally, B. Riley lifted their price objective on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $73.15.

Lumentum Price Performance

Shares of LITE opened at $88.06 on Monday. The company has a 50 day moving average of $65.16 and a two-hundred day moving average of $54.92. The company has a market cap of $6.05 billion, a price-to-earnings ratio of -10.64, a price-to-earnings-growth ratio of 8.83 and a beta of 0.88. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. Lumentum has a twelve month low of $38.28 and a twelve month high of $89.70.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The firm had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. During the same period in the previous year, the business earned $0.12 EPS. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. As a group, analysts predict that Lumentum will post 0.17 earnings per share for the current fiscal year.

Institutional Trading of Lumentum

A number of institutional investors and hedge funds have recently made changes to their positions in LITE. Vanguard Group Inc. grew its stake in Lumentum by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after acquiring an additional 22,088 shares during the period. Dimensional Fund Advisors LP lifted its stake in Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after buying an additional 130,838 shares in the last quarter. Earnest Partners LLC boosted its holdings in Lumentum by 6.0% in the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after buying an additional 95,428 shares during the last quarter. Swedbank AB acquired a new position in shares of Lumentum during the first quarter valued at approximately $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. lifted its position in shares of Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after acquiring an additional 174,828 shares in the last quarter. 94.05% of the stock is currently owned by hedge funds and other 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.