Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) Target Price at $88.07

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been given a consensus rating of “Moderate Buy” by the fourteen ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $88.07.

LITE has been the subject of a number of recent analyst reports. Susquehanna upped their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Morgan Stanley reduced their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Raymond James lifted their price objective on Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, B. Riley upped their target price on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th.

Insider Transactions at Lumentum

In other Lumentum news, Director Julia Suzanne Johnson sold 2,058 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $85.82, for a total value of $176,617.56. Following the completion of the sale, the director now directly owns 23,287 shares of the company’s stock, valued at $1,998,490.34. The trade was a 8.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,655 shares of company stock valued at $6,452,685. 0.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lumentum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in shares of Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares during the last quarter. Creative Planning lifted its stake in Lumentum by 36.0% during the 3rd quarter. Creative Planning now owns 6,914 shares of the technology company’s stock valued at $438,000 after acquiring an additional 1,831 shares during the period. nVerses Capital LLC boosted its position in Lumentum by 54.8% during the third quarter. nVerses Capital LLC now owns 4,800 shares of the technology company’s stock worth $304,000 after purchasing an additional 1,700 shares in the last quarter. First Citizens Bank & Trust Co. acquired a new position in Lumentum during the third quarter worth $259,000. Finally, Signaturefd LLC boosted its stake in Lumentum by 13.8% during the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after purchasing an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

Lumentum stock opened at $80.18 on Friday. The firm’s 50 day simple moving average is $86.12 and its 200 day simple moving average is $73.19. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. Lumentum has a 1-year low of $38.28 and a 1-year high of $104.00. The firm has a market capitalization of $5.51 billion, a PE ratio of -10.43 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. As a group, analysts expect that Lumentum will post -0.04 earnings per share for the current fiscal year.

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.