Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Susquehanna Analyst Says

Lumentum (NASDAQ:LITE) had its price objective increased by equities researchers at Susquehanna from $80.00 to $115.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “positive” rating on the technology company’s stock. Susquehanna’s target price would suggest a potential upside of 33.94% from the stock’s current price.

A number of other brokerages have also weighed in on LITE. Raymond James upped their target price on Lumentum from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Jefferies Financial Group lifted their price objective on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Craig Hallum increased their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Rosenblatt Securities lifted their price target on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Needham & Company LLC increased their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $63.46.

Lumentum Stock Performance

LITE traded up $12.22 on Friday, hitting $85.86. The company’s stock had a trading volume of 2,914,858 shares, compared to its average volume of 1,438,414. Lumentum has a 12 month low of $38.28 and a 12 month high of $87.97. The company’s 50 day simple moving average is $62.73 and its 200-day simple moving average is $53.61. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The firm has a market cap of $5.89 billion, a P/E ratio of -10.61, a price-to-earnings-growth ratio of 5.48 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. During the same period in the prior year, the business posted $0.12 earnings per share. The company’s revenue was down 16.9% on a year-over-year basis. Analysts forecast that Lumentum will post 0.2 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LITE. Capital Performance Advisors LLP bought a new position in Lumentum in the 3rd quarter worth about $33,000. Point72 DIFC Ltd bought a new stake in shares of Lumentum in the second quarter worth approximately $36,000. GAMMA Investing LLC boosted its holdings in Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares during the last quarter. Signaturefd LLC raised its stake in Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new position in shares of Lumentum during the 1st quarter valued at $112,000. Hedge funds and other institutional investors own 94.05% 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 (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.