Lumentum (NASDAQ:LITE) Price Target Increased to $109.00 by Analysts at B. Riley

Lumentum (NASDAQ:LITE) had its price objective boosted by B. Riley from $99.00 to $109.00 in a report released on Wednesday, The Fly reports.

A number of other research firms have also recently issued reports on LITE. MKM Partners increased their target price on Lumentum from $107.00 to $114.00 and gave the stock a buy rating in a report on Wednesday. Susquehanna Bancshares restated a buy rating and set a $115.00 price objective on shares of Lumentum in a research note on Tuesday. Goldman Sachs Group downgraded shares of Lumentum from a neutral rating to a sell rating and reduced their price objective for the stock from $102.00 to $87.00 in a research note on Friday, April 17th. ValuEngine upgraded shares of Lumentum from a sell rating to a hold rating in a research note on Monday, August 3rd. Finally, Morgan Stanley increased their price objective on shares of Lumentum from $75.00 to $84.00 and gave the stock an equal weight rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $102.56.

LITE stock traded down $1.31 during trading hours on Wednesday, reaching $92.99. 909,827 shares of the stock were exchanged, compared to its average volume of 1,573,414. The firm’s 50-day moving average is $85.47 and its 200-day moving average is $79.03. The company has a market cap of $6.90 billion, a price-to-earnings ratio of 63.69 and a beta of 1.03. The company has a debt-to-equity ratio of 0.67, a current ratio of 6.85 and a quick ratio of 6.24. Lumentum has a 12 month low of $48.44 and a 12 month high of $96.74.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, August 11th. The technology company reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.35. The firm had revenue of $368.10 million during the quarter, compared to analysts’ expectations of $349.73 million. Lumentum had a return on equity of 20.47% and a net margin of 6.66%. The company’s revenue was down 9.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 EPS. As a group, equities research analysts forecast that Lumentum will post 4.14 earnings per share for the current year.

In other Lumentum news, CEO Alan S. Lowe sold 15,573 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $83.32, for a total value of $1,297,542.36. Following the transaction, the chief executive officer now directly owns 138,802 shares of the company’s stock, valued at approximately $11,564,982.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Wajid Ali sold 4,808 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $91.82, for a total transaction of $441,470.56. Over the last three months, insiders sold 41,322 shares of company stock worth $3,564,706. Insiders own 0.48% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in LITE. Guggenheim Capital LLC raised its holdings in Lumentum by 8.1% in the 4th quarter. Guggenheim Capital LLC now owns 87,436 shares of the technology company’s stock valued at $6,934,000 after acquiring an additional 6,584 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of Lumentum by 4.8% during the first quarter. State of Alaska Department of Revenue now owns 13,302 shares of the technology company’s stock worth $980,000 after purchasing an additional 610 shares during the period. Scout Investments Inc. bought a new position in shares of Lumentum during the first quarter worth approximately $27,725,000. Perigon Wealth Management LLC increased its holdings in shares of Lumentum by 17.4% during the first quarter. Perigon Wealth Management LLC now owns 3,193 shares of the technology company’s stock worth $253,000 after purchasing an additional 474 shares during the period. Finally, Golden State Wealth Management LLC bought a new position in shares of Lumentum during the first quarter worth approximately $47,000. 93.58% of the stock is currently owned by hedge funds and other institutional investors.

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 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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