Lumentum (NASDAQ:LITE) Given New $110.00 Price Target at Rosenblatt Securities

Lumentum (NASDAQ:LITE) had its target price increased by Rosenblatt Securities from $69.00 to $110.00 in a report released on Friday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the technology company’s stock.

A number of other equities research analysts have also recently commented on LITE. Raymond James increased their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday. Morgan Stanley increased their target price on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Craig Hallum boosted their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Susquehanna upped their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday. Finally, Northland Securities lifted their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $73.15.

Lumentum Trading Up 3.4 %

Shares of LITE opened at $86.72 on Friday. Lumentum has a twelve month low of $38.28 and a twelve month high of $89.70. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. The firm has a market capitalization of $5.95 billion, a P/E ratio of -10.47, a PEG ratio of 8.55 and a beta of 0.88. The firm’s 50-day moving average is $63.84 and its two-hundred day moving average is $54.38.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data 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. The firm had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 6.43% and a negative net margin of 40.70%. Lumentum’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period last year, the business posted $0.12 EPS. On average, research analysts predict that Lumentum will post 0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LITE. Janney Montgomery Scott LLC boosted its stake in shares of Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after buying an additional 260 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Lumentum by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after purchasing an additional 496 shares during the last quarter. Duality Advisers LP acquired a new position in Lumentum in the first quarter worth about $1,307,000. Envestnet Portfolio Solutions Inc. increased its holdings in Lumentum by 11.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock valued at $429,000 after buying an additional 901 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Lumentum during the first quarter valued at approximately $687,000. Institutional investors and hedge funds 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.