Lumentum (NASDAQ:LITE) Price Target Lowered to $81.00 at Morgan Stanley

Lumentum (NASDAQ:LITE) had its target price decreased by Morgan Stanley from $83.00 to $81.00 in a research note issued to investors on Friday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on the stock. Northland Securities upped their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Rosenblatt Securities increased their target price on shares of Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Raymond James lifted their price target 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. Needham & Company LLC reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Thursday, January 9th. Finally, Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.77.

Lumentum Price Performance

Lumentum stock opened at $85.06 on Friday. Lumentum has a 12-month low of $38.28 and a 12-month high of $104.00. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The firm has a 50 day simple moving average of $87.48 and a 200-day simple moving average of $70.40.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results 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). The firm had revenue of $336.90 million for the quarter, compared to analyst estimates of $326.94 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. During the same quarter last year, the business posted ($0.10) earnings per share. Equities analysts anticipate that Lumentum will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now directly owns 147,515 shares of the company’s stock, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of Lumentum stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the sale, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Quarry LP lifted its stake in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Lumentum in the 3rd quarter worth approximately $33,000. Point72 DIFC Ltd bought a new stake in Lumentum during the second quarter worth approximately $36,000. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

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 (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.