Lumentum Holdings Inc. (NASDAQ:LITE) Receives $81.92 Consensus Target Price from Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have received an average recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $81.92.

Several research analysts have recently weighed in on the stock. Susquehanna boosted their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Thursday, January 9th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Northland Securities boosted their target price on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, Raymond James lifted their price objective on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the transaction, the chief financial officer now owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the transaction, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % 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. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lumentum

Large investors have recently modified their holdings of the company. Atom Investors LP acquired a new position in shares of Lumentum during the 3rd quarter valued at $4,127,000. Two Sigma Advisers LP raised its holdings in shares of Lumentum by 24.7% during the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after purchasing an additional 37,000 shares during the period. West Tower Group LLC bought a new position in shares of Lumentum during the 3rd quarter worth about $444,000. Quest Partners LLC grew its stake in shares of Lumentum by 776,400.0% in the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock valued at $492,000 after buying an additional 7,764 shares during the period. Finally, Zweig DiMenna Associates LLC bought a new stake in Lumentum in the 4th quarter valued at about $7,052,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Stock Performance

Shares of NASDAQ LITE opened at $95.65 on Monday. 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 52-week low of $38.28 and a 52-week high of $104.00. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of -11.55 and a beta of 0.94. The stock’s fifty day simple moving average is $87.91 and its 200 day simple moving average is $69.62.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.48). Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The business had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $326.94 million. During the same period in the prior year, the company posted ($0.10) earnings per share. As a group, sell-side analysts forecast that Lumentum will post -0.02 earnings per share for the current fiscal 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.