B. Riley Increases Lumentum (NASDAQ:LITE) Price Target to $93.00

Lumentum (NASDAQ:LITE) had its target price boosted by equities research analysts at B. Riley from $75.00 to $93.00 in a note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “buy” rating on the technology company’s stock. B. Riley’s price target suggests a potential upside of 22.55% from the company’s previous close.

Several other brokerages also recently weighed in on LITE. Raymond James downgraded Lumentum from a “strong-buy” rating to an “outperform” rating and set a $88.00 price target for the company. in a report on Friday, January 10th. They noted that the move was a valuation call. MKM Partners lifted their price target on Lumentum from $75.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. Morgan Stanley lowered Lumentum from an “overweight” rating to an “equal” rating and lifted their price target for the stock from $65.00 to $68.00 in a research note on Monday, November 11th. ValuEngine lowered Lumentum from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Zacks Investment Research raised Lumentum from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have issued a buy rating to the company’s stock. Lumentum has a consensus rating of “Buy” and a consensus target price of $79.71.

Shares of NASDAQ:LITE opened at $75.89 on Thursday. Lumentum has a fifty-two week low of $40.28 and a fifty-two week high of $84.49. The business has a 50-day simple moving average of $76.92 and a two-hundred day simple moving average of $62.49. The company has a debt-to-equity ratio of 0.58, a quick ratio of 3.85 and a current ratio of 4.49. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 23.00, a price-to-earnings-growth ratio of 1.41 and a beta of 1.42.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, October 31st. The technology company reported $1.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.24. Lumentum had a positive return on equity of 17.81% and a negative net margin of 2.18%. The business had revenue of $449.90 million during the quarter, compared to analyst estimates of $448.16 million. During the same quarter in the previous year, the firm earned $1.31 EPS. Lumentum’s revenue was up 27.1% on a year-over-year basis. As a group, research analysts predict that Lumentum will post 4.05 earnings per share for the current year.

In related news, CFO Wajid Ali sold 8,862 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $76.30, for a total value of $676,170.60. Following the sale, the chief financial officer now owns 151,197 shares in the company, valued at approximately $11,536,331.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Judy G. Hamel sold 3,113 shares of the business’s stock in a transaction on Friday, December 27th. The shares were sold at an average price of $80.00, for a total value of $249,040.00. Following the completion of the sale, the senior vice president now owns 43,778 shares in the company, valued at approximately $3,502,240. The disclosure for this sale can be found here. Insiders sold 157,970 shares of company stock worth $10,399,043 in the last 90 days. Company insiders own 0.48% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nuveen Asset Management LLC boosted its position in shares of Lumentum by 2,178.5% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,372,183 shares of the technology company’s stock worth $73,289,000 after acquiring an additional 1,311,961 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Lumentum by 10.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 910,174 shares of the technology company’s stock worth $48,749,000 after acquiring an additional 84,774 shares in the last quarter. Neumeier Poma Investment Counsel LLC boosted its position in shares of Lumentum by 18.7% during the 2nd quarter. Neumeier Poma Investment Counsel LLC now owns 755,935 shares of the technology company’s stock worth $40,374,000 after acquiring an additional 119,255 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Lumentum by 771.4% during the 2nd quarter. Victory Capital Management Inc. now owns 431,043 shares of the technology company’s stock worth $23,022,000 after acquiring an additional 381,575 shares in the last quarter. Finally, United Services Automobile Association boosted its position in shares of Lumentum by 165.7% during the 2nd quarter. United Services Automobile Association now owns 302,032 shares of the technology company’s stock worth $16,132,000 after acquiring an additional 188,354 shares in the last quarter. Institutional investors own 90.66% of the company’s stock.

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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